【Observation】NFT/Crypto donation v.s. NPO

I started paying attention to this topic because of this podcast interview with the co-founder (Che-yu Wu 吳哲宇) of FAB DOA in Taiwan:

https://open.spotify.com/episode/2BUoJlO8F6G1NCPYbeq8y9?si=yjCXpb3uSceGZON_WYagMg (from 40:50 , FAB DAO)

FAB DAO (https://www.facebook.com/FABDAOtw/)

In the podcast, Wu shared that one of FAB DOA’s approaches is to help match digital artists and NPO to distribute NFT.

Ø Artist’s creation will be transformed to NFT as the receipt for the NFT buyer ( the donor).

Ø The Artist’s sales revenue of NFT will be shared with NPO in a certain ratio.

Ø Challenge for NPO: How to recognize the NFT sales revenue as a donation in accounting and tax.

This news < Crypto Joins the Abortion Conversation> 2022-May-14 (News Link, Article) mentions a platform “Giving Block” .

Giving Block (https://thegivingblock.com/) helps donors with:

(1) anonymous donations (e.g. if you don’t want people to know you donate to support abortion)

(2) receiving a gift acknowledgment for tax purposes (https://thegivingblock.com/resources/accept-bitcoin-donations/)

(1) Accepting cryptocurrency donations easily, which means Giving Block will help NPO open an account, receive donations, automatically convert them for cash, and issue automated tax receipts.

(2) Crypto prices can be volatile. NPO may turn on “Auto-Conversion” on Giving Block platform, and crypto donations sell for cash and are FDIC insured.

Another interesting piece of information mentioned in the above news/article is that “Only 16 percent of Americans have experience with cryptocurrencies — through investing, trading or paying for things — according to a recent Pew survey, and more than half of them are men. Affluent men. Those demographics can mean that the fanciful projects some crypto entrepreneurs have proposed don’t always reflect public interests, and can seem driven by impulse.”