The Giving Block Says NFT Projects Donated $12.3M Last Year

Crypto donations platform The Giving Block said donations rocketed 1,558% last year to $69.6 million, with NFT donors giving $12.3 million.
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Quick take:

  • The Giving Block says donations rocketed 1,558% last year to $69.6 million.
  • The platform also said cryptocurrency donations were 82 times higher than cash donations.
  • The crypto donations organization also said donations from known NFT projects topped $12.3 million.

Leading crypto donations platform The Giving Block has released its annual results for 2021. The organization said last year’s donations increased by 1,558% from 2020, driven by a significant increase in crypto donations. The platform also said NFT project donors contributed $12.3 million to the $69.6 million received last year.

The Giving Block also said the number of non-profit organizations accepting cryptocurrency donations increased by 900.

Incidentally, crypto donors averaged $10,445 per donation as compared to the average cash donation of $128, equating to 82x more crypto than cash.

The Giving Block said more than 295 donors worldwide preferred to donate in crypto over cash to support mission-driven organizations. 

The organization attributes the significant increase in the number of donors preferring to use crypto to the rapid adoption of cryptocurrencies.

“As awareness, usage, and monetization of cryptocurrencies continue to grow, crypto philanthropy has emerged as an important and sustainable source of fundraising for charities, giving people greater opportunities to donate for good,” The Giving Block wrote in a press release sent to media houses on Wednesday.

According to the report, Ether (ETH) accounted for the majority of the crypto donations with 42%, followed by Bitcoin (BTC) with 36%, while USD Coin (USDC) donations filled in 7%.

Highlighting NFTs as a new source of fundraising, Pat Duffy, Co-Founder of The Giving Block said the organization was excited to have increased the access to capital available to several worthy causes and expanded the options for donations allowing crypto enthusiasts to support charities that interest them.

“As an emerging source of fundraising, individuals from all corners of the crypto community—from anonymous donors to industry leaders to NFT artists—have shown an eagerness to embrace their capacity as supporters of important causes, from animal rights and disaster relief to mental health awareness and cancer research,” Duffy said.

The Giving Block strives to unlock the philanthropic power of crypto by enabling non-profit organizations to accept crypto donations. It has also created an ecosystem that enables people to donate cryptocurrencies seamlessly using Bitcoin, Ether and 70 other cryptocurrencies, and now non-fungible tokens (NFTs).

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