The Collision of Non Profits, Technology, Art & Collectibles
Non Fungible Tokens and Art
There has been an explosion in digital ledger technologies (blockchain) which have catalyzed the emergence of Non Fungible Tokens, a new digital asset class that creates authenticable unique tokens that aren’t mutually interchangable. In contrast to other cryptocurrencies similar to bitcoin, which are fungible in nature.
Art has become a predominant use case for Non Fungible Tokens, and the art world is experiencing an emergence of marketplaces that allow for the trading of NFT’s representing digital art. Ownership, royalties, rarity, and other such features are the underlining mechanisms which enables the digital art exchange ecosystem to exist. A buyer knows who created the token, who was the last owner and the chain of custody and how much it was sold for each time, how many iterations were created, automated royalties paid to the owner per transaction after the initial sale, meta data description, and in some cases have an association to other goods and services.
NFT Raffle Tickets
One of the use cases of NFT’s is using them as tickets to events, and more interestingly, as raffle tickets! Our platform NFTraffles.com is pioneering the use of NFT technology for digital raffle tickets as a means to create a new marketplace for art and collectibles.
In the traditional sense, raffles are executed on a set time and usually have an uncapped number of raffles that can be sold. With NFT’s we can create verifiable scarcity for the raffles with unlimited time constraints, which creates a different incentive dynamic that allows for buyers to calculate and manage risk.
The NFT raffle tickets themselves become tradable assets that can have price discovery on the open NFT marketplaces. This creates a unique hedge, allowing collectors to abstract the costs of participating in the raffle.
Non Profits Benefiting from Raffles
Fundraising for Non Profits through raffles is an effective method for supporting charitable initiatives . Proceeds from every raffle on NFTraffles.com go towards supporting non profit organizations within our network. Our philanthropic ethos is centered on education, art, and technology integration for developing regions.
How to Buy a NFT Raffle Ticket
It’s really easy to participate, you just need some of the digital currency ethereum and a compatible wallet.
Step 1: Select one of the available raffles
- view current live raffles at NFTraffles.com
- click the ‘Buy Ticket’ button on the raffle you want to participate in.
Step 2: Connect your ethereum wallet to the NFT Marketplace
- Buy ethereum from a trusted exchange such as Coinbase.
- Pair your Coinbase account with WalletLink; alternatively you can send ethereum to MetaMask
- Give permissions from WalletLink or MetaMask to the NFT marketplace: Rarible | OpenSea
Step 3: Purchase the NFT raffle ticket
- Select the piece and click Buy Now
- Authenticate the purchase with your wallet
Step 4: Winning the raffle
- If you hold the winning NFT raffle ticket, a unique Prize token will be sent to your ethereum address with instructions on how to claim the original work or collectible.
