Signifty Says NFTs Can Create Social Good With The Help OF The Good And Great

Signifty can help in charitable causes using NFTs. What are NFTs used for? Flaunting on social media? Gaining admission to exclusive avatar clubs? Flipping for incredible profit? Up to today, they have been the primary use cases for nonfungible tokens. But like any budding technology, it can take some time for the market to figure out how best to use them.

One startup is convinced that it has found an untapped application for NFTs that manages to treat them as more than speculative JPEGs minted in batches. Signifty asserts that there is a place for NFTs within the philanthropic industry, where they can be leveraged to raise money for different charitable causes, from environmental projects to humanitarian initiatives.

But for that vision to materialize, it is going to require some help from the great and the good: celebrities, whose sprinkling of stardust will transform the humble nonfungible token into a vehicle for creating positive change.

Art Meets Heart

The concept that Signifty is pinning its platform on goes this way. These celebrities have philanthropic causes that are close to their heart. NFTs can form passionate communities around shared interests. Signifty wants to channel fan power into a possible force for social change via the use of ‘Missions.’

All these are celeb-fronted campaigns approved by the project’s Good Deeds Center, which develops an NFT collection around the concept, with money sent to the charitable cause.

For instance, imagine Popstar X aims to conserve Javan rhinos, an endangered species in the Ujung Kulon National Park. Custom content in the form of signature, letter, video, art, personal item, or audio from the star is digitalized entirely by Signifty, turned into an NFT collection, and then made available to the entire public.

The Mission will include fundraising targets, what can be achieved with the proceeds, and how the NFT drop will proceed. Rules for participation will also get enacted; the event might be whitelisted, and take the form of an auction or a fixed-price sale.

In case everything goes as planned, the funding target is reached, the fans get a section of Popstar X in the form of exclusive nonfungible tokens, and the Ujung Kulon National Park gets money to conserve the Javan rhinos. Everything is tracked on-chain, guaranteeing whole transparency, and everybody benefits.

The beauty of the system is the participants can get their involvement for many reasons, be it speculative, altruistic, or a mild obsession with Popstar X, but all parties will emerge with something to show for their efforts, and the endangered rhinos will live to hunt another day.

The Future Of Fundraising Is Social

While Signifty’s implementation of nonfungible tokens as a philanthropic tool is novel, they are by no means the only startup to have stumbled on this idea. Where there is art there is The Arts, whose creative developers are known for championing charitable causes, mostly auctioning off their work or performing several fundraisers to facilitate all that.

Harvesting digital art for social improvement is just the logical progression of the movement. From raising funds for Ukraine to helping environmental projects, nonfungible tokens have been used in the diversion of funds to commendable causes of all kinds.

In 2021, legendary NFT artist Beeple auctioned off his Ocean Front NFT, raising $6 million for the Open Earth Foundation, while Edward Snowden did the same for the Freedom of the Press Foundation to the tune of $5.4 million.

These initiatives have always been one-off efforts, nonetheless, that has served mainly to raise money from the already wealthy. Signifty strives to democratize the procedure by offering incentives for normal investors to participate, enabling everyone to claim a piece of the pie, do their bit for a cause they and their favorite celebs believe in, and earn a special NFT as a keepsake or tradable item.

Nonfungible tokens have come quite a long way from the days of Pepe the frog trading coins together with pixel art. What began as a nonfungible token standard has been transformed into a panacea for worldwide improvement, a cause at a time.