With Bitcoin (BTC) breaking the $50,000 barrier and an uptick in altcoin markets, crypto has never been more appealing to speculators. However, profit accumulation through trading is meaningless unless the money is spent. Fortunately, as the world embraces cryptocurrency, charitable organizations are becoming more aware of the possibility of crypto donations. When a local gym was in jeopardy, blockchain entrepreneur Wendy O knew to turn to crypto Twitter for assistance. The influencer used social media, her YouTube channel, and Tik-Tok to make a plea to save a business close to her heart.
The Self Care Lab is a boxing gym in Pomona, California that serves underprivileged and at-risk youth. Nita Watson, the gym’s owner, recently discovered that ownership of the building had changed hands, and she had only 30 days to vacate and find a new home for a community she had spent years building.
Wendy O, thankfully, is a long-time gym patron and ardent supporter of using physical fitness to empower youth. Wendy used her network of blockchain enthusiasts, traders, entrepreneurs, and self-proclaimed “degens” to raise funds to not only relocate but also upgrade various worn-down pieces of equipment. While the gym’s Go Fund Me page has not reached its final goal, enough donations in fiat and cryptocurrency have been received to secure a new location. Wendy O informed us:
“This gym has been such an important part of my life, and I don’t know where I’d be without it. It’s about more than just boxing; it’s also about self-care and therapy. And many of these kids require a positive environment like this to keep them focused and away from less productive activities. As someone who has made a living from cryptocurrency, I knew I could rely on my friends to step in and make a difference.”
However, the innovation did not stop with the acceptance of cryptocurrency donations. Wendy O successfully launched a series of nonfungible tokens (NFTs) on the Theta blockchain to capture the attention of the nascent blockchain art community, with thousands sold so far. Two of these NFTs are redeemable for consulting sessions with Wendy O, giving the donations some utility. Bridging the gap between speculators and charitable causes is a relatively new phenomenon in the decentralized asset ecosystem, but it is likely to become more popular as more well-known names in the space begin to leverage crypto for charitable causes. By avoiding payment processors, middlemen, and third-party processors, more of each cryptocurrency donation can be received.
Other organizations, such as the Kessler Foundation and the Dementia Society of America, have long accepted Bitcoin donations. Recently, the PAWS Animal Rescue in Chicago began accepting Dogecoin donations (DOGE). Even though there are no NFTs involved in the PAWS case, the appeal of assisting dogs with such a popular canine-themed token appears undeniable.
Recently, the blockchain industry has aided charities assisting with humanitarian efforts in Afghanistan. Nonprofits are stepping up to help as thousands of refugees seek new homes around the world. Visualize Value recently partnered with CARE to sell NFTs that cover a family’s emergency needs.
As significant as these donations are, it is possible that the convenience of cryptocurrency will ultimately drive more users to send funds. In general, the traditional way to donate online entails filling out a lengthy form, manually entering credit card information, and other steps to complete a donation. Sending BTC or Ether (ETH) is, on the other hand, second nature for crypto investors who are comfortable making blockchain transactions. Instead of bidding on penguin NFTs, they are assisting a worthy cause in this case.
Some of the posts on Crypto Twitter may appear strange at first glance. Timelines are clogged with random shills, various scams, traders celebrating their victories, and stories of people losing untold sums due to poor trading practices. While it may appear to an outsider to be a rough crowd, those who can navigate the space can find charitable diamonds in the rough.