A 14-year-old art prodigy’s non-fungible token (NFT) painting has fetched nearly $23,000 at auction. Since then, the artist has donated the proceeds to students affected by the COVID-19 pandemic.
After auctioning his painting The Lucky Apricot Blossoms on Binance, Vietnamese painter Xeo Chu raised more than 500 million Vietnamese dong (VND). According to reports, the work was sold for $22,899 USD on Binance (BUSD).
The funds were raised to assist college students who were disadvantaged as a result of the COVID-19 pandemic. The artist specifically donated 20 laptops as well as ten scholarships to senior students. Xeo Chu made these contributions through the non-profit organization VietSeeds, whose mission is to provide equal access to college education in Vietnam.
This is not the artist’s first attempt to assist those affected by the pandemic. Xeo Chu launched Pandemic Paintings, an online exhibition, in July. This exhibition raised funds for COVID-19 frontline workers in Ho Chi Minh City (HCMC).
NFTs raise funds for charitable organizations.
This year, NFTs have taken the world by storm, finding their way into almost every aspect of life, including the arts, entertainment, and sports. While many of these NFT collections were created for commemorative or merchandising purposes, others were created to support charitable causes. Similar to Xeo Chu’s painting.
Michelle Phillips, vocalist for the iconic 1970s folk rock band The Mamas & the Papas, auctioned off original NFT artworks in June. This was to benefit The Painted Turtle, a non-profit organization that runs free camps for children with serious medical issues. ViciNFT, the company that managed Phillips’ auction, requires all of their NFT auctions to have a charitable component.
Earlier this year, Forbes, a leading business magazine, auctioned off an NFT cover for charity. As they claimed at the time, it was a first for the publishing industry. Tyler and Cameron Winklevoss, whose NFT platform, Nifty Gateway, hosted the auction, were depicted on the NFT. The auction ultimately raised more than $300,000 for two journalistic charities. The Committee to Protect Journalists (CPJ) was established to promote global press freedom, and the International Women’s Media Foundation (IWMF) works to support, protect, and recognize the roles of female journalists.