Web3 software company Lucky Friday introduces Teddy DAO, a groundbreaking perpetual non-fungible token (NFT) collection partnered with global fundraising organization JustGiving that aims to utilize cryptocurrency for promoting social impact worldwide. The collaboration of Teddy DAO and JustGiving represents a novel approach to fundraising, with potential to revolutionize the way people contribute to charitable causes.
Starting June 23, Teddy DAO will hold daily auctions featuring artistically crafted teddy bear NFTs, created by digital artist Yumi and minted on the cross-chain smart contract platform Moonbeam. Auction winners have the opportunity to donate their proceeds to one of the 400 charities supported by JustGiving. The organization then converts the cryptocurrency to fiat and donates it through their platform. Plans to expand the collaboration to leverage 450,000 charities supported by JustGiving demonstrates a strong commitment to solving real-world problems through cryptocurrency donations.
David Chapman, the founder of Teddy DAO, was inspired by a successful event last year where he auctioned an NFT, raising $15,000 for humanitarian aid organization UNICEF. The success of this event encouraged Chapman to create a constant revenue stream for supporting charitable organizations. Teddy DAO, a decentralized autonomous organization, is registered as a 501(c)(3) organization, aiming to build a community that collectively contributes to social good.
The unique aspect of the Teddy DAO model is the potential to onboard people unfamiliar with Web3 technology, showcasing a new use for NFTs beyond traditional for-profit applications. Instead of one-time donations, Teddy DAO focuses on regularly minted collectibles generating an ongoing source of funding for partnered charities within JustGiving’s network.
As the Teddy DAO model develops, the organization plans to eventually allow NFT holders to vote on social good initiatives to deploy their treasuries, such as building schools or wells in areas of need. This democratic process offers an innovative way for donors to actively engage in the decision-making about where their funds will be allocated.
Although the bear market has largely dampened NFT sales, cryptocurrency-based charity donations have gained traction as a means to leverage blockchain-based currencies and NFTs for social impact. Earlier this month, Ethereum-founder Vitalik Buterin donated $10 million in funds from the sale of memecoin Shiba Inu to an India-based COVID relief organization. Additionally, in May, crypto funding platform Endaoment partnered with nonprofit Global Giving to expand its roster of organizations that accept crypto donations.
In conclusion, the launch of Teddy DAO represents an innovative model that has the potential to revolutionize charitable fundraising by leveraging cryptocurrency and NFTs for social good. While sparking interest with light skepticism, the collaboration with JustGiving demonstrates a strong commitment to transforming the way people contribute to causes they care about. As the project evolves, the possibilities for further expansion and real-world impact are limitless.
Source: Coindesk
