Non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized finance (DeFi) are redefining how charities raise donations and distribute funds to those most in need.
Through ever-evolving crypto and blockchain-related technology, crypto philanthropists told Cointelegraph that they've witnessed “new wealth distribution mechanisms" never seen before.
“Philanthropy has traditionally been seen as a high-cost-of-entry, individualistic activity but with web3, collective decision-making bodies like DAOs can use tools that streamline financial coordination and encourage more participation,” explained Omar Antila, Product Lead at Crypto for Charity.
“Crypto enables new innovative fundraising strategies, like charitable NFT-drop campaigns, or allowing people to pool their crypto funds in decentralized finance (DeFi) protocols that earn interest for a specific cause,” he added.
In October, a number of breast cancer-focused organizations started implementing NFTs to highlight Breast Cancer Awareness Month.

