The blockchain and smart contract powered marketplace is designed to let charities and non-profits benefit from the emergence of Web 3.0
Spotted: The technologies underpinning Web 3.0—the much talked about concept of a decentralised third iteration of the internet—are seen, and talked about, everywhere today. Blockchain, non-fungible tokens (NFTs), and decentralised autonomous organisations (DAOs) combine to create a world of buzzwords and jargon that can seem impenetrable to the uninitiated. Yet the applications for these technologies are almost boundless – and with them are many opportunities to do good.
One organisation that is determined to demonstrate the positive benefits of Web 3.0 is charity NFT marketplace Maxity. In essence, the Maxity platform is an intuitive interface for charities to generate and sell NFTs to support their activities.
NFTs are digital assets that cannot be replicated and have unique identification codes and metadata that distinguish them from other assets and establish proof of ownership. An NFT can represent ownership of something physical, such as a piece of artwork, or something that exists digitally – such as Twitter founder Jack Dorsey’s first tweet. For example, one NFT due to be launched on Maxity represents ownership of a black walnut tree planted by Queen Elizabeth II on Magna Carta Island, London. The NFT sale will raise money for The Magna Carta World Peace and Sustainability Foundation – an organisation that promotes national and international conflict resolution.
Maxity will act as a ‘one-stop-shop’ for charities throughout the NFT-selling process. When a newly created NFT is first sold, 98 per cent of the sale price goes directly to the charity partner. When the NFT is later traded onwards, the charity issuer will receive a further 10 per cent of the sale value. Maxity’s transaction fee of 2 per cent is very competitive compared to other platforms.
“We are extremely excited at the prospect of bringing philanthropy-minded NFT projects to the majority of people in society who yearn to help make the world a better place for everyone and everything that inhabits our wonderful yet endangered and troubled planet Earth,” explains Justin Kairys, Maxity’s Head of Development. “We have no doubt that Maxity will deliver incredible results to the charities and ‘social good’ projects that rely on donations to fulfil their highly worthy missions.”
Maxity is not the only organisation to apply Web 3.0’s benefits for social causes. De-centralised public network SEVA.LOVE is also facilitating NFT releases that are linked to social and environmental initiatives. Elsewhere, carbon neutral NFT platform Voice is estimated to be 17,000 times more energy efficient than Ethereum.
Written by: Matthew Hempstead