Connect with us

Blockchain

NFTs are a goddamn disaster right now

Digital art and collectibles are a rich vein of opportunity, but this isn’t the way.

Avatar

Published

on

Ben Zotto

Digital art and collectibles are a rich vein of opportunity, but this isn’t the way.

I don’t live under a rock, but I’d never even heard of “NFTs” until about a month ago, and now they are absolutely everywhere. Mainstream artists and pop acts are “minting” digital collectibles, artists are auctioning off image files for tens of millions of dollars. Very few trends emerge so widely this without pointing toward some problem that wanted solving. But the current ecosytem springing up around NFTs is a confusing mess, slow, and expensive.

This is an NFT that I made. It’s a image of floppy disk magnetic flux. It’s art! It’s tech! It’s research!

I spent some time as a total normie trying to buy and sell a crypto collectible, and I’m going to explain what the fuss is about, and how they suck. And take a guess at where we’re headed.

It’s a so-called non-fungible token. While I’ve always liked the word “fungible” and I’m happy to see it going mainstream, this is a pretty silly acronym and basically just means “a unique item that has only one owner.”

If this sounds a lot like an “object in the real world,” that’s because it is. Just like the shampoo bottle in your shower, or your car. It’s a thing, and it has one clear owner (you). In the case of the shampoo bottle, we all know you own it because it’s in your bathroom. For the car, we know you own it because the state government has a record of you on the registration (plus, only you have the key that starts it.)

An NFT is like the car registration, but for a computer file. We all know that if I have a digital photo or an MP3 and I copy it to you — by email or Dropbox or USB stick — then you also have a copy of it, and those copies are the same. Once I’ve copied you the file, I can’t be said to own it any more than you can.

An NFT means, definitively, that I own the file. Even if I chose to copy the data to you, I still “own” it as far as the rest of the world is concerned.

We spend a lot of our lives online now. Not just reading cool articles and doing work in email and Google docs, but communicating with friends and family through our phones, making music, making videos, keeping photos. We exist online.

The online world is very good at communication and sharing but it doesn’t do ownership very well. Lots of people creating cultural work do much of their production digitally, but in order to make any money from their creations, they have to sell you something.

Musicians and filmmakers and app makers are trying to sell to as many customers as they can. So even though I can still copy my MP3s to you, in practice, these days this doesn’t hurt the musician too badly since most people are not pirating their music, they’re streaming it (which is still a pretty raw deal for them but that’s a different story). The creator makes a bit of money every time a digital copy is sold, and a tangle of copyright enforcement, grey-area legalities, and desire for decent user experiences is what basically makes this system hang together.

But now imagine you’re a visual artist. Lots of artists already work digitally. But they want to sell their artwork to individual people, because the limited, exclusive nature of the work is part of its value. So they make fancy prints of their files onto paper, sign them and number them, and sell the prints. If instead said they were “selling the image file,” they’d be laughed at, because you can’t just sell “one copy” of an image file.

But with NFTs, you can. That is what everyone is so excited about. NFTs take the problem of ownership and solve for it in the digital domain. Artwork? Yes. Limited edition pop culture collectibles? Yes. Items that can be used or displayed by a user entirely within the online world. Yes!

This is genuinely cool. People are still buying records on vinyl of the same albums they can stream for free because it’s cool to own stuff, to have it and have it be yours. If we all have a shared understanding of ownership of digital items, that both unlocks audiences and income for artists and creators of all sorts, and also opens the door to genuinely novel online experiences.

“Wait” I can hear you thinking right now. This is nothing new! When Bandcamp sells me a copy of a cool indie album for $8, they remember that I own it, I can always go there and listen to it.

And iTunes Store knows that I bought the James Bond 007 movie collection for $89 and I own that. I bought it, and Apple knows I bought it, and I can always re-download it, right?

Well, yes. But here’s the deal. Bandcamp, and Apple, “know” that you bought these items from them. But only they know. You can show me your MP3s of the indie album, but it’s hard for you to prove to me that you own the album. Only Bandcamp knows that. And that’s fine! Because I don’t care if you own an indie album, and you only need to care that Bandcamp keeps tabs on it. And if Bandcamp goes out of business, you’ll still have those MP3s.

What about a piece of unique art? Well, that’s a bit different. Art can remain viable in the culture for decades or centuries. Van Gogh painted his iconic Café Terrace At Night in 1888 and promptly died two years later. How do we know who owns that precious painting today, well over a century later? That’s easy, the Kröller-Müller museum in the Netherlands does, because that is where the painting is.

But let’s imagine a contemporary equivalent. Like, I don’t know, a Banksy. If Banksy wants to sell me a piece of digital art — just a a single exclusive copy — he can take my $5 million in cash and give me a high-resultion image file. Good deal, right? Well, I can copy that file for anyone I want, first of all. Banksy himself still knows that I’m the rightful “owner” but let’s say you offer me $15 million (hell yeah) how do I sell it to you? I have to tell Banksy to write down that you’re the new owner. And what if Banksy dies someday, or his house floods and the ledger is lost? A hundred years from now, who will be able to say who “owns” the image? If there’s no guarantee of ownership, I’m not going to pay $5 million for that image file, Banksy can’t make money selling digital work, and he sticks to spraypainting buildings.

NFTs solve this problem. There is no central ledger, no single company that manages the ownership in their Silicon Valley databases, which could go away when that company is acquired or goes bankrupt or gets hacked. Even the most sturdy companies are centralized and have a time horizon measured in years or decades. The internet — we think — is forever, and therefore the NFTs are too.

I want you to notice that we’ve got all this way without even mentioning blockchains, or Ethereum, or linked crypto wallets. It is very important to understand that these things are not central to the concept or value of NFTs, yet they are the mechanisms on which NFTs are currently constructed, and they are super complicated and confusing.

I’m not going to explain blockchains except to say that these are just global, distributed ledgers of ownership. You’ve heard of Bitcoin, the granddaddy of blockchains, which is like a bank ledger for its own form of currency.

Ethereum is a different blockchain, also global and distributed, and has its own form of currency, called Ether. Crucially, Ethereum is a ledger of both this currency and other digital items — NFTs.

So you can transact both money and digital goods with Ethereum, and that’s what has really taken off lately. You can bid on, or buy, the ownership of digital files using Ether. Transacting these things is a huge hassle. You have to have a “crypto wallet” which is a cryptographically secure thing that indentifies you on the global ledger. You have to have some ether (ethers? Eth? I dunno) to spend, and every single thing you do, from creating a new unique item to making a bid to buying a thing to selling a thing requires paying a transaction fee, which for some inscrutable reason the Ethereum people refer to as “paying for gas” (??). Transaction fees can range up to $100 worth of ether, depending on all sorts of variables.

Uh…. which one should I pick? Are these even legit?

To get into this ecosystem, you need to go to one of these sites that’s trying to get traction as an art and collectibles marketplace: Foundation, Rarible, or OpenSea. You have to “connect a wallet” to the site which means you have to find some other startup company to create one of these wallets with. The value (in dollars) of ether has spiked in the last few months and it is quite volatile, and you have to find a way to fund your wallet with your real dollars, which is not as easy as you’d imagine, and then do the transaction, and make sure you have enough extra to “pay for gas” at several different steps.

The user interfaces of these services all assume that you are already pretty fluent in the crypto currency world with its various tokens and ether and hexadecimal addresses and understand how they all relate to each other, and trust that they all are legit.

We are used to going to a website, looking for items which are available there, clicking “Buy” and doing a checkout with our credit cards. That is not at all how any of this works right now for NFTs. All these marketplace sites seem like ecommerce sites but are really “fronts” for the blockchain with varying levels of success of hiding the gnarly details from you. That also means the same items can be seen from any of the sites, but the items look different in them all. Yikes.

You spend interminable minutes being forced to wait for every blockchain step to complete, you’re constantly having to parse unfamiliar terminology and unpredictable fees for stuff that you don’t normally have to pay for when you’re buying things online.

The fees for Ethereum transactions used to be cheap — a few pennies. But as the value of ether has taken off quite recently, the fees have radically scaled up with it to unsustainable dollar-equivalent levels. Oops.

A lot of this part of the internet looks kind of shady, and some of it probably is. These are the early wild-west, gold-rush Barbary Coast days of this stuff, and there’s a lot of real money flowing around in the cryptocurrency world with no transparency and a lot of people are going to get really taken advantage of.

I’ve been surprised by the recent pop culture breakthrough of a system that is so unbelievably difficult to get to grips with. “Crypto people” will tell you that this validates the value of crypto and blockchain! But it’s really just a signal pointing to the value of NFTs — verifiable ownership, in perpetuity, on the internet.

Sorry folks, nobody really cares about, or wants, ether currency. People want to spend dollars, in familiar and predictable ways, but get that same result.

Here’s what normies want for digital goods: Amazon. Or eBay. Or something like it. Some browsing, some searching, and a Buy button you can press. Fancy auctions for fancy art items, if you like. But paying with your credit card, in dollars, because that’s already what people buy other stuff with. After that you should receive an NFT, i.e. be registered as the unique owner of the digital good.

See? None of this has anything to do with Ethereum, or cryptocurrency, or smart contracts, or “paying gas” or mysterious securitization of artwork! That stuff is all just incomprehensibly technical implementation detail. The end result of an NFT — a uniquely owned digital good that everyone agrees on the ownership of — is the only value proposition that matters. That promise is what incentivizes digital creators and artists to do this work.

That’s what even Halsey is getting excited about.

The signal is strong. This seems to be something that people are interested in, and they’re willing to attempt to bend complicated products to their will in order to do it. That tells you something.

But the current way is not sustainable. The ether currency is too volatile, the fees are too huge and unpredictable, and the entire space is littered with sketchy and poorly designed services. To say nothing of the grotesque environmental (power) costs of every single transaction on a blockchain, which increase with increasing popularity. Yikes.

If you were involved in the early days of Bitcoin (I wasn’t, tragically, but I did skim some articles about it!) there was a similar level of craziness, all these different coin exchanges, and weird bespoke “coins” and you had to mine your own cryptocurrency, manage some private keys, whatever that all is. Now, years later, you can just go to like, Coinbase or wherever, and change some money into bitcoin (or Ethereum, or what have you) at the going rate.

It’s not as dumbed down as using your checking account, but now it’s close. NFTs and Ethereum today are like if you had to understand how the merchant transaction contracts were set up for Visa in order to use your credit card to buy groceries. That’s just never gonna work for most people.

But my prediction is that it will wash out, somehow, into something sustainable. I dearly hope it’s something healthy for the planet as well as friendly and sustainable for the users. Because lasting digital ownership is a good idea that could lead to some evolutionary cultural work.

Meanwhile, I guess check out my exclusive, one-of-a-kind artsy floppy disk image that I posted on Rarible? If you can figure out how.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/@bzotto/nfts-are-a-goddamn-disaster-right-now-149fdd79b11e?source=rss——-8—————–cryptocurrency

Blockchain

Dogecoin Preis erreicht neues Allzeithoch von über zehn Cent

Avatar

Published

on

Dogecoin, einst als „Scherz-Kryptowährung” und „Meme-Coin” betrachtet, hat ein Allzeithoch von über 10 Cent erreicht und gehört damit laut Coinmarketcap zu den zehn größten Kryptowährungen. 

Noch Anfang Januar lag der Dogecoin Preis bei unter einem Cent. Prominente Unterstützung erhält er unter anderem von Tesla-Chef Elon Musk.

Der im Jahr 2013 veröffentlichte Dogecoin war ursprünglich als Parodie auf den Bitcoin und die schnell wachsende Anzahl an weiteren Kryptowährungen gedacht, stieg aber durch die Popularität unter Internet-Nutzern rasant an und erreichte am 13. April 2021 ein Allzeithoch von 11,5 Cent. Die Marktkapitalisierung beträgt aktuell über 14 Milliarden US-Dollar und es sind ungefähr 130 Milliarden Dogecoins im Umlauf. Zum Vergleich: Die Marktkapitalisierung von Bitcoin, der aktuell mit Abstand größten Kryptowährung, beträgt 1,2 Billionen US-Dollar.

Mati Greenspan, der Gründer von Quantum Economics, sagte dazu am Dienstag gegenüber Forbes:

„Der größte Gewinner heute ist der Dogecoin, der seit dem Morgen einen Sprung von ca. 30% gemacht hat und kurzzeitig 9,5 Cent pro Coin überschritt. Es scheint, als hätten die Memes den Markt total unter Kontrolle.”

Prominente Unterstützung von Tesla-Chef Elon Musk auf Twitter

Der wohl bekannteste Dogecoin Befürworter ist Tesla CEO Elon Musk, der in der Vergangenheit schon häufig auf seinem Twitter-Account seine Unterstützung für den Dogecoin verdeutlicht hat. Im Februar bezeichnete er den Dogecoin als die „Kryptowährung des Volkes“.

Auch andere prominente Persönlichkeiten wie der amerikanische Rapper Snoop Dogg, Kiss-Bassist Gene Simmons und Robinhood CEO Vladimir Tenev haben in der Vergangenheit öffentlich ihre Unterstützung des Dogecoins verkündet.

Gerald Votta, Director of Communications bei Quantum Economics, kommentiere das neue Dogecoin Preis Allzeithoch gegenüber BeInCrypto wie folgt:

„Der Grund für den Höhenflug des Dogecoins sind Gerüchte, dass Brian Armstrong und sein Team die digitale Währung auf Coinbase notieren werden. Allerdings gibt es keine Beweise dafür, dass diese Gerüchte tatsächlich stimmen.“

Anders als bei Bitcoin und anderen Kryptowährungen ist die Zahl der Münzen bei Dogecoin nicht auf eine feste Anzahl begrenzt. Nutzer können sie unbegrenzt durch „Mining“ generieren. Damit hat Dogecoin also einen klar inflationären Charakter, so sollen ab 2015 für jedes Jahr 5,256 Milliarden neue Dogecoins gemünzt werden, was einer Inflationsrate von 5,3% entspricht. Da die jährlich neu hinzukommende Menge aber konstant ist, wird die Inflationsrate kontinuierlich abnehmen.

Haftungsausschluss

Alle auf unserer Website enthaltenen Informationen werden nach bestem Wissen und Gewissen recherchiert. Die journalistischen Beiträge dienen nur allgemeinen Informationszwecken. Jede Handlung, die der Leser aufgrund der auf unserer Website gefundenen Informationen vornimmt, geschieht ausschließlich auf eigenes Risiko.

Share Article

Verena hat ihren Bachelor in BWL und Sozialwissenschaften an der Uni Köln sowie einen Master in Business Management an der Universidad Autonoma de Barcelona absolviert. Als Marketing und Content Spezialistin hat sie in den letzten Jahren in Ländern auf der ganzen Welt gelebt. Sie hat eine besondere Leidenschaft für Technologie und Innovation.

MEHR ÜBER DEN AUTOR

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://de.beincrypto.com/dogecoin-preis-erreicht-neues-allzeithoch-von-ueber-zehn-cent/

Continue Reading

Blockchain

Referenzpreis der Coinbase Aktie laut Nasdaq bei 250 USD

Avatar

Published

on

Die Coinbase Aktie erhielt von den Verantwortlichen des Nasdaqs einen Referenzpreis von 250 US-Dollar. Die Aktie wird am 14. April 2021 auf der Börse gelistet.

Laut den Informationen der Nasdaq Exchange liegt der Referenzpreis der Coinbase Aktie bei 250 USD-Dollar. Nach wochenlanger Spekulation ist es nun endlich so weit. Die Aktie kann ab dem 14. April 2021 auf der Börse gehandelt werden.

„Morgen, am Tag der Börsennotierung von Coinbase, wird @pmarca mich, den Coinbase-Mitgründer @FEhrsam und den Coinbase President und COO @emiliemc auf Youtube Live interviewen. Welche Fragen soll uns @pmarca stellen. Danke!“

Coinbase geht an die Börse

Die direkte Börsennotierung der Exchange sorgte sowohl bei traditionellen Anlegern als auch in der Krypto-Community für viel Aufregung. Zuvor wurde lange Zeit über eine mögliche Börsennotierung spekuliert. So wie es aussieht, könnten bald auch viele andere Krypto-Unternehmen an die Börse gehen.

Der Referenzpreis wird vergeben, wenn eine Aktie zuvor auf keinem privaten Markt gehandelt wurde. Bei der letzten Investoren-Runde schätzen die Beteiligten den Wert des Unternehmens auf 90 Milliarden US-Dollar.

Die Krypto-Börse kam 2012 auf den Markt. Coinbase ist eine der ältesten Exchanges auf den Markt. Laut dem letzten SEC-Filling gibt es außerdem auf Coinbase mehr als 43 Millionen Nutzer. Im ersten Quartal 2021 waren die Unternehmensgewinne von Coinbase doppelt so hoch wie der Jahresgewinn von 2020.

Die Mitarbeiter erhalten Bonuszahlungen von Coinbase. Das irische Office gab seinem Team 105.510 Aktienoptionen. Insgesamt sind die Aktienoptionen zurzeit rund 45 Millionen USD-Dollar wert. Die Exchange zahlt diese über die Jahre an die Mitarbeiter in Abhängigkeit von ihrer Leistung aus. Die Aktienoptionen könnten durchaus neue Rekordwerte erreichen.

Coinbase: Ein Bild von BeInCrypto.com
Coinbase: Ein Bild von BeInCrypto.com

Analysten halten 100%ige Kurssteigerung für realistisch

Abgesehen von Coinbase wollten auch Gemini und eToro an die Börse gehen. Da der Bitcoin Kurs schon wieder ein neues Allzeithoch erreicht hat und die öffentliche Aufmerksamkeit auf die Krypto-Assets immer mehr ansteigt, könnten Börsennotierung für Krypto-Unternehmen zu einem entscheidenden Faktor werden.

Die Performance der COIN-Aktie wird sich möglicherweise indirekt auf andere Krypto-Unternehmen auswirken. Die Öffentlichkeit ist bestimmt auch gespannt, wie sich die Börsennotierung ein großes Krypto-Unternehmen wie Coinbase auf die traditionellen Finanzmärkte auswirkt. Manche Experten gehen davon aus, dass dich der Preis der COIN-Aktie in diesem Jahr verdoppeln könnte. Der D.A. Davidson Analyst Gil Luria glaubt beispielsweise, dass der Preis in diesem Jahr auf rund 440 US-Dollar ansteigen wird.

Coinbase: Ein Bild von BeInCrypto.com
Coinbase: Ein Bild von BeInCrypto.com

Übersetzt von Maximilian M.

Haftungsausschluss

Alle auf unserer Website enthaltenen Informationen werden nach bestem Wissen und Gewissen recherchiert. Die journalistischen Beiträge dienen nur allgemeinen Informationszwecken. Jede Handlung, die der Leser aufgrund der auf unserer Website gefundenen Informationen vornimmt, geschieht ausschließlich auf eigenes Risiko.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he’s been an active member of the community. He has a Masters degree in Finance. <a href=”mailto:editorinchief@beincrypto.com”>Email me!</a>

MEHR ÜBER DEN AUTOR

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://de.beincrypto.com/referenzpreis-coinbase-aktie-nasdaq-250-usd/

Continue Reading

Blockchain

Bitcoin Preis erreicht neues Allzeithoch bei 64.800 USD

Avatar

Published

on

Am 13. April 20201 ist der Bitcoin Kurs über das vorletzte Allzeithoch ausgebrochen.

Heute, am 14. April 2021 ist der Bitcoin Preis auf ein neues Allzeithoch (64.854 USD) angestiegen.

Bitcoin Kurs Tageschartanalyse

Der Bitcoin Preis ist gestern nach längerer Zeit über das Widerstandslevel bei 61.500 USD angestiegen, das seit dem letzten Allzeithoch vom 13. März 2021 intakt war. Heute, am 14. April 2021, erreichte der Bitcoin Kurs ein neues Allzeithoch bei 64.854 USD.

Das nächste Widerstandslevel liegt wahrscheinlich bei dem externen 1.61-Fib-Retracement-Level des letzten Drops (68.724 USD). Die technischen Indikatoren liefern uns eindeutig bullische Signale. Der MACD steigt wieder an, nachdem er ein Plateau erreicht hat. Der RSI und der „Stochastic Oscillator“ steigen ebenfalls weiter an. Darum wird Bitcoin Kurs wohl bald das gerade erwähnte Widerstandslevel erreichen.

Bitcoin Kurs Tageschart 14.04.2021
Bitcoin Kurs Tageschart By TradingView

Bitcoin Preis kurzfristiger Ausblick

Auf dem 2-Stunden-Chart siehst du, dass der Bitcoin Kurs über eine ansteigende Trendlinie angestiegen ist. Danach erreichte er das letzte Allzeithoch.

Weder der MACD noch der RSI signalisieren, dass die letzte Aufwärtsbewegung bereits wirklich an Fahrt verloren hat. Der RSI befindet sich zwar seit kurzem im überbewerteten Bereich. Allerdings kann der Kurs eines Assets trotzdem noch eine Zeit lang weiter steigen, während er im überbewerteten Bereich bleibt. Darum wird der Bitcoin Preis wohl kurzfristig insgesamt weiter ansteigen, auch wenn wir kleine Korrekturbewegungen sehen könnten.

Der Bitcoin Preis wird wohl bald wieder auf die zuvor erwähnte Trendlinie fallen. Diese ehemalige Widerstandslinie fungiert jetzt wahrscheinlich als Support.

Bitcoin Preis 14.04.2021
Chart By TradingView

Bitcoin Kurs Wellenanalyse

Laut unserer Wellenanalyse befindet sich der Bitcoin Kurs gerade in der dritten kleineren Teilwelle (Schwarz) er letzten Teilelle eines bullischen Impulses. Der Hochpunkt der letzten beiden Teilwellen wird voraussichtlich zwischen 83.000 USD und 90.423 USD liegen. Sobald die letzte, Orange Teilwelle vorbei ist, werden wir wahrscheinlich eine Korrekturphase sehen.

Hier geht es zu unserer Langzeitwellenanalyse.

Bitcoin Kurs Wellenanalyse 14.04.2021
Bitcoin Preis Chart By TradingView

Fazit

Der Bitcoin Preis wird wohl kurzfristig zumindest auf das Widerstandslevel bei 68.724 USD ansteigen. Mittelfristig wird der Bitcoin Kurs höchstwahrscheinlich ein neues Hoch zwischen 83.000 USD und 90.000 USD erzielen.

Hier geht es zur letzten Bitcoin-Analyse von BeInCrypto!

Eine interessante Krypto-Exchange für das Krypto-Trading und Investment in die verschiedenen Kryptowährungen: Stormgain.

Haftungsausschluss

Alle auf unserer Website enthaltenen Informationen werden nach bestem Wissen und Gewissen recherchiert. Die journalistischen Beiträge dienen nur allgemeinen Informationszwecken. Jede Handlung, die der Leser aufgrund der auf unserer Website gefundenen Informationen vornimmt, geschieht ausschließlich auf eigenes Risiko.

Share Article

Valdrin ist ein Kryptowährungs-Enthusiast und Finanzhändler. Nach seinem Master-Abschluss in Finanzmärkten an der Barcelona Graduate School of Economics begann er im Ministerium für wirtschaftliche Entwicklung in seinem Heimatland Kosovo zu arbeiten. Im Jahr 2019 beschloss er, sich ganz auf Kryptowährungen und den Handel zu konzentrieren.

MEHR ÜBER DEN AUTOR

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://de.beincrypto.com/bitcoin-preis-neues-allzeithoch-64-800-usd/

Continue Reading

Blockchain

Tech firm unveils Australian first initiative to help charities access blockchain funding

Avatar

Published

on

In an Australian first, social enterprise Little Phil is partnering with a cryptocurrency provider to provide local charities access to alternative and sustainable fundraising streams.

To deliver this groundbreaking initiative it is working with Netherlands-headquartered firm Legends of Crypto (LOC) – a non-fungible token trading card game – to implement a trial that will see 10% of all sales go towards directly funding selected causes on the Little Phil platform.

Non-fungible tokens, or NFTs, are a special class of digital assets that cannot be exchanged with one another for equal value, or broken down into smaller bits, that often operate as a type of collectors’ item and cannot be duplicated. These represent the next phase in the application of cryptocurrency technology with LOC itself receiving significant support from leading industry heavyweights such as the CEO of bitcoin.com.

This initiative is designed to provide not-for-profits access to alternative streams of fundraising outside of traditional avenues and aid them in diversifying their revenue raising activities.

According to Little Phil Co-founder and CEO, Josh Murchie this trial is designed to test the efficacy of alternative funding streams as it seeks to empower charities to diversify how they raise revenue for their causes.

“This is a really exciting trial for Little Phil and Legends of Crypto as we seek to test this groundbreaking fundraising trial,” said Mr Murchie.

“Although awareness among the public about crypto currency is generally around Bitcoin and maybe Ethereum, the reality is that this is just the tip of the iceberg in terms of the technology explosion in this space. What we are seeking to do here is to trial the efficacy of utilising NFT’s to create a recurring revenue stream for charities and see if we can free them up from continually asking for donors to donate.”

Founded in 2017, Little Phil is a total giving ecosystem that connects donors, businesses, and brands more directly with charities and beneficiaries through its Blockchain inspired Fintech technology platform that allows users to select a cause that they care about and directly give to that specific initiative – allowing them to track their impact in real-time.

Its technology provides donors full transparency around where their donations go, while providing charities the ability to showcase the difference every dollar makes as it provides not-for-profits the ability to give updates on the impact each gift has – ensuring transparent giving.

Some of its clients and partners include Greenpeace, mental health charity LIVIN, and the Currumbin Wildlife Sanctuary located on the Gold Coast.

That is why it is trialing the partnership within LOC’s marketplace that sees users buy and sell uniquely designed NFTs only available via its marketplace – as it adheres to this philosophy of directly allowing donors to connect via the causes they care about.

In this instance the 10 per cent of the funds raised will go directly towards cancer survivors requiring funding for their treatment.

For Josh Murchie, this initiative is all about ensuring that Little Phil is providing the charity sector access to funding and technology that might otherwise not be available to them.

“Last year we ran a national survey – the State of COVID report into Australia’s not-for-profit sector – that unearthed some of the biggest issues facing the industry as a result not just of the pandemic but broader micro and macro trends,” Mr Murchie said.

“One of the critical elements we unearthed from the data is that the sector is beset by two key issues, the giving behavior of Gen Z’s and millennials, along with digital transformation and technology usage. This trial, allows us to test the ability of charities to raise funds using the latest digital currency technology to hopefully better engage these demographic cohorts by creating greater connectivity with causes they care about using these new financial assets.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/tech-firm-unveils-australian-first-initiative-to-help-charities-access-blockchain-funding/

Continue Reading
Esports21 mins ago

Fortnite World Cup Winner Nyhrox Joins Red Bull Gaming

Forex57 mins ago

New method of investment: Copy trading, or copy trading as it was originally called

Esports1 hour ago

The best Origin 12 loadout in Call of Duty: Warzone Season 2

Blockchain1 hour ago

Dogecoin Preis erreicht neues Allzeithoch von über zehn Cent

Esports2 hours ago

COD Mobile World Championship returns with bigger prize pool

Esports2 hours ago

The best M4A1 loadout in Call of Duty: Warzone Season 2

Esports2 hours ago

The best XM4 loadout in Black Ops Cold War Season 2

Esports2 hours ago

Enthusiast Gaming announces intention to list shares on NASDAQ

Esports3 hours ago

Fuse Ignite Debuts as Commercial Rights Consultancy For Esports, Sports, Entertainment

Esports3 hours ago

Logitech G named hardware provider for Twitch Rivals North America

Esports4 hours ago

Edward Gaming Partners With Electronic Automobile Maker HYCAN

Esports4 hours ago

Generation Esports closes $10.8m Series A funding round

Esports4 hours ago

UTA Adds Immortals Gaming Club Co-Founder Clinton Foy as General Partner, Venture Capital

Esports4 hours ago

Generation Esports Closes $10.8M Series A Investment 

Esports5 hours ago

Logitech Named Official Hardware Provider of Twitch Rivals

Esports5 hours ago

PUBG Mobile Redeem Codes for Today: Get free items

Esports5 hours ago

CSGO Servers are Down Today

Esports5 hours ago

Tribe Gaming renews G FUEL partnership

Fintech5 hours ago

What happened to reduce RFR trading?

Esports6 hours ago

OWL 2021 Power Rankings – #11 Toronto Defiant

Esports6 hours ago

Generation Esports raises $10.8 million to grow student esports leagues

Esports6 hours ago

CS:GO: 5 Reasons Why Na`Vi Made The Right Move Choosing B1T Over Flamie

Blockchain6 hours ago

Referenzpreis der Coinbase Aktie laut Nasdaq bei 250 USD

Esports6 hours ago

UTA appoints Clinton Foy as Venture Capital Partner

Esports8 hours ago

Twitch Rivals is holding a powerlifting tournament, Tyler1 obviously hosting

Fintech8 hours ago

Local trading app Superhero says it’s no Robinhood clone

Esports8 hours ago

HyperX teams with 1,000 Dreams Fund to support women in gaming

Esports8 hours ago

Houston Outlaws unveils partnership with Boomer Naturals

Esports8 hours ago

The upcoming Free Fire OB27 Update: All you need to know

Esports8 hours ago

OverActive Media strikes multi-year H4X apparel deal

Trending