There are wildly different views on NFTs. Some call it a revolution, others call it the biggest bubble ever. No matter which side of the spectrum you are on, there’s no denying the fact that NFTs have become pervasive in popular culture. More importantly, certain use cases of NFTs have established themselves. Many people also look at NFTs as a medium to make Web 3 mainstream. One of the areas where NFT is dominating is blockchain-based gaming and metaverse games. But charitable organizations and artists are increasingly taking to NFTs, and for good reasons.
When it comes to artistic freedom and autonomy, there’s nothing more empowering than NFTs. They give artists exclusive rights to the fruits of their hard work. Many artists have taken to NFTs to earn more and stop big labels from taking most of their earnings as commission. When it comes to the world of charity, things are a bit more twisted. First, NFTs cater to the human desire of showing off that you are a virtuous person. Through NFTs, charitable organizations can raise money and the donors also get a badge of honor to show off their charitable actions. From a moral standpoint, this is not something worth being proud of. However, this also opens doors for charities to raise money for legitimate causes. At present, it seems like a trade-off that’s genuinely benefiting nonprofits and giving an ego boost to donors.
Technology is used for both good and evil, and NFTs are yet another example of it. The future of NFTs will depend on how we use them for a large part.