Artists on the NFT platform Art Blocks raised an estimated $23.5 million for charity in August alone, bringing the project’s total funds raised to more than $26 million.
Artists Make Donations to Art Blocks
On-chain art is in high demand, and charities are benefiting from it.
Over the last month, NFTs on the Art Blocks platform have raised a total of $23.5 million for charity. In comparison, all Art Blocks projects released in the previous three months raised a total of $2.3 million.
In August, 25 artists launched NFTs on the platform. Prior to the launch of each project, Art Blocks and the artist agree on the percentage of funds raised that will be donated to charity. For the majority of projects, artists donate between 10% and 25% of the total sales of their artwork.
Geometry Runners, a curated project that launched on August 27, took the top spot, donating more than $3.4 million. Rich Lord, the project’s artist, divided the funds between the Information Technology and Innovation Foundation and the Coalition for Rainforest Nations.
Art Blocks projects are currently released in a Dutch auction format, with the price to mint beginning high and decreasing every 5 minutes until all pieces are sold. Geometry Runners, on the other hand, sold out of all 1000 NFTs at the starting price of 5 ETH, sending gas prices skyrocketing as collectors scrambled to mint pieces from the highly anticipated collection.
Trossets by Anna Carreras and Beatboxes by Zeblocks are two other projects that will raise a lot of money for charity in August.
Since its inception in November of last year, Art Blocks has established itself as one of the premier destinations for NFT art collectors. Early projects like Chromie Squiggle and Ringers were minted for 0.08 ETH at launch but are now worth millions of dollars on the secondary market.
Since then, Art Blocks has raised the cost of minting pieces, with some projects now beginning their Dutch auctions at an eye-watering 15 ETH. While such high starting bids may exclude many potential buyers, the end result is that much more money is donated to charity, as was the case with Geometry Runners.