NFT has gained notoriety for selling things at a price that is out of the people’s reach, but humanitarian use is also now coming to the spotlight. BAS (Blockchain Association of Singapore) and the NTUC (Singapore’s National Trades Union Congress) hosted the first NFT charity event in the country.
The charity was supported by a large number of companies, including Singapore Airlines, Drew & Napier and even Amazon Web Services. They aim to raise $186,000 to help the lower-income families that are part of the union.
The auction is scheduled for October 4 and will last till October 10. Many public figures and influencers will be attending the event and even members of the royal family of Brunei are rumored to be attendees. People can contribute by giving their NFTs at Singporenft.org.
NFTs have come as a boon for many artists as they felt out of place in this fast-moving world. NFTs are unique pieces of art that cannot be reproduced and are rare to find. Their inherent scarcity and exclusivity make them a great prospect for artists. Any artist from any medium can now make NFTs and earn money.
Many people have compared this to having rare cards or in-game skins. But NFTs are much more transparent and the proceeds go directly to the artists. With the pandemic wreaking havoc in artist’s lives, NFTs are a novel way of earning some money.
The charity event does two things- it raises money for low-income families but also makes people aware of the different applications of cryptocurrency. This is also part of a PR plan to make crypto a part of people’s daily lives.