NFT (Non-Fungible Tokens) are taking the world by storm as the new way to buy and sell digital assets and an innovative way to give back to charitable causes. Food For Life Global accepts digital asset donations, cryptocurrency and NFT proceeds from auctions to raise funds to support our integrated network of over 260 affiliate projects in 60 countries.
Our work sustains hungry people in some of the world’s poorest nations. With our fundraising efforts and public support, we are able to continue our projects and bring peace and prosperity to these communities by facilitating the distribution of nutritious plant-based foods made with love. We have served over 7 billion meals so far and we are the world’s largest food relief organization.
Food For Life Global is a recognized 501 (c) (3) charitable organization.
An NFT, or “non-fungible token“, is a digital asset that represents real digital objects like art, digital gaming items, GIFs, videos and sports highlights, and music.
They differ from regular currency because they are defined and identified by their unique properties rather than a predetermined value. For example, one U.S. dollar can be traded with another U.S. dollar because they have an identical value. Whereas NFTs are valued by their unique qualities and are not exchangeable based on equal monetary value. NFTs are traded online – often with cryptocurrencies – and are typically encoded with similar programming, using smart contracts, onto a blockchain.
NFTs emerged in 2014, and are gaining increasing traction in the digital world. The items are usually one of a kind, which creates scarcity in the market. This is unlike cryptocurrencies, such as Bitcoins, which are usually like-kind and can be traded with other currencies of equal value.
An NFT item can only have one owner at any given time. Ownership is managed through a unique ID and encrypted metadata that cannot be replicated by another token. Each item has a unique digital fingerprint. NFT trading offers digital artists and creators the ability to monetize their work.
Moreover, NFT artists, the NFT community, and film and music industries have a unique way to use their artistic creations to support humanitarian organizations. And this is only the beginning.
An NFT introduces an entirely new paradigm for artists to partake in crypto philanthropy, by auctioning off digital commodities to generate significant funding for charities. Crypto donation facilitates raising funds that create meaningful change for the children, families and communities supported by nonprofits. These funds provide critical resources for those in need, and with greater resources, we can offer better help.
They’re especially effective for charity fundraising as people who choose to buy NFTs for charitable fundraising receive something in return. Rather than a badge or a Tshirt, donors receive a digital artifact that comes with a certain social status attached to it, along with proof that they’ve been charitable.
Blockchain technology also allows donors to track the funds they have contributed. This holds organizations accountable and encourages transparency as they demonstrate how the funds have been effectively used.
If you’re a digital artist, you could donate a digital asset directly to a charity like Food For Life Global, and we’ll mint it to an NFT on a popular NFT marketplace such as OpenSea, Immutable x, or Rarity.tools. Another option is to auction off your asset then donate the proceeds to a cryptocurrency-friendly organization, such as FFLG.
NFT artists can simply auction off their digital art and NFT projects on whichever platform they usually use, and if the site is compatible, set the NFT sale proceeds to Food For Life Global’s Coinbase crypto wallet address. Alternatively, you can auction the item as usual and donate the proceeds in a separate transaction on Coinbase through Ethereum or other crypto currencies.
This contribution comes with financial benefits for the digital art owner. Within the NFT marketplace, you receive tax advantages when you opt for crypto donations as a vessel for charitable giving. Under normal circumstances when selling NFTs and cryptocurrencies, the owner is required to pay capital gains tax on the sale.
Donating cryptocurrency is a not-taxable event that allows you to avoid capital gains tax on the appreciated amount, and declare the donation as a tax deduction. By pledging the proceeds of your NFT auction to a registered charity – like Food For Life Global – you get to donate the whole amount, write off the tax, and the charity can keep the entire proceeds too.
Yes, you can donate NFT proceeds to international charities. Because the NFT market is digital, international NFT donations don’t have the same limitations as fungible currencies and cross-border transactions. Many online platforms allow you to donate across North America, South America, Asia, Europe, Africa, and the South Pacific.
Make sure you check out the tax regulations in the country of the receiving nonprofit, as these can vary from the United States’ tax rules.
Yes, absolutely. There are hundreds of charities in the United States, like Food For Life Global, that accept crypto donations. This funding is poured into crucial projects to support our organization’s current and future projects and empowers the communities we serve with important social aid and resources.
There are various platforms available online where you can donate cryptocurrency to charities. Food For Life Global uses Coinbase and The Giving Block to receive cryptocurrency donations.
Yes, donors can opt to receive a tax receipt by email. This will happen once the minimum amount of confirmations have appeared on the blockchain after you’ve made the donation. If the email does not appear in your inbox, you may find it in your spam or junk mail folders.
If you have still not received your tax receipt via email, contact the FFL team for further assistance.
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