Ever since NFTs went viral in 2021, a flood of information about these digital assets has made its way onto the web. However, mixed in with the facts and the hype are many misconceptions, some of which have survived right until the present day.

One popular bit of misinformation is the idea that NFTs are only status symbols or money-making tools. On the contrary, non-fungible tokens do more than reel in cash. A notable, but sadly often-overlooked aspect of the NFT industry is how it actually contributes to the good of society.

Most of the attention NFTs have received is because they form the backbone of the digital art market, but they’re like the rockstars of the space, the Swiss army knife of the digital world. NFTs have a diverse range of applications that benefit creators, collectors, brands, and all kinds of adopters.

Wondering how exactly NFTs serve a greater cause? Well here’s your answer

Charitable Initiatives

One way that NFTs have been applied for the greater good is to raise funds for relevant causes. NFTs can be sold at fundraising events that are much like the usual except with a bit of a digital twist. Nonprofits and charity organizations

can create and auction off a collection of non-fungible tokens, perhaps with ties to their cause. It’s also a common occurrence nowadays to see artists donate their work to promote a mission. Whatever the case, the resulting funds go directly toward supporting the initiative. It’s a win-win situation seeing as buyers get to own a digital collectible and give to something meaningful in one go.

One good example of this goes all the way to May 2021 when an organization called Noora Health sold a one-of-a-kind NFT called Save Thousands of Lives. The buyer paid about $4.4M (1.3k ETH at the time) for the non-fungible token. The platform directed the funds from its sale toward setting up health literacy programs for families. The core of their vision is that by empowering families with knowledge about healthcare, they can prevent a ton of health issues and ultimately save thousands of lives.

Preserving Cultural Heritage

Many cultures have key artifacts, artworks, and landmarks that are central to their history. The downside to these items is that they are physical pieces that can get damaged, corroded, or ultimately erased as they are handed down through time. However, NFTs can help keep them intact in the digital sphere without compromising the uniqueness that defines them. They can be turned into inimitable digital assets that are completely safe on the blockchain.

They can exist alongside the physical replica as a sort of insurance or as a backup. Also, digitizing cultural heritage means more people can have access to it. Anyone with an internet connection can see and appreciate these valuable pieces of history. This way, cultural heritage can be celebrated and enjoyed by future generations, ensuring that it is not forgotten.

A startup known as Quantum Temple is using non-fungible tokens to do just what has been described above. The platform documents traditions and creates NFTs, curated by anthropologists, to raise awareness and support communities.

Social Activism and Awareness

NFTs also perform as an effective tool for social activism and awareness.  They can put the spotlight on relevant issues, amplify important voices and spark meaningful conversations. With NFT-based projects, activists can raise awareness about societal matters and promote human rights, environmental conservation, or social justice. They become catalysts for change and provide opportunities for people to come together and make a real impact.

World of Women is one NFT project working to do just that. The collection features various digital artworks, each depicting different aspects of the female experience, struggles, achievements, and empowerment. More than just a collection of NFTs, WoW sets the scene for necessary conversations about women. It also helps push the Web3 sphere by supporting up-and-coming artists and financing projects among many other works.

Revolutionizing The Art Scene

NFTs need no introduction as the maestros of the art world, but it would be criminal not to mention their impact here. Prior to non-fungible tokens digital artists faced a slew of challenges. For starters, there was no real market for digital pieces. Unlike physical artworks, digital art lacked a clear means of ownership and scarcity, artists could not prevent frauds from copying their work and they couldn't establish value that would allow them to monetize their creations.

NFTs changed the narrative for digital pieces, now people perceive them as just as valuable as real-world sculptures or paintings. Non-fungible tokens made the concept of digital ownership a possibility thanks to the security and transparency of the blockchain. Also, their uniqueness allows artists to sell their works as distinctive items. Through this coupled with the establishment of legitimate platforms for creators to list their pieces for sale, NFTs have brought a much-needed overhaul to the broader art marke

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