Four Social Impacts of NFTs

The excitement and desire for NFTs are increasing day by day, and people are asking various questions about the NFT world. For example, they wonder about the future of NFTs and their effects on different fields, so we want to answer some possible questions about the social aspect of NFTs in individuals’ minds in this article. Let’s learn the impacts of NFTs on society and social areas together!

We can utilize NFTs for earning money and encountering amazing digital artworks, but there are also other positive effects of NFTs. Firstly, NFTs can be used for fundraising for non-profit organizations and charities, so the circumstance is the first social benefit in the NFT world. People can reach new sources of funding and diversify their revenue-raising efforts to develop their non-profit organizations by selling NFTs. Also, the transaction in the NFT world is regular, so charities and non-profit organizations can have a continuous revenue stream with the help of NFTs. At that point, for explaining the situation of non-profit organizations and charities, we would like to give a concrete example from real-life: Leyline that is a non-profit organization earned $60000 for getting medical supplies to children with cancer by selling NFTs.

Secondly, NFTs can be used as social goods for environmental problems. In recent years, we are encountering different environmental issues, such as global warming and environmental pollution. In a past article, we mentioned an NFT project called CarbonDrop Project in which some digital artists sold their NFTs that aimed to draw attention to environmental problems. Also, we mentioned that WAX is an eco-friendly token, so some NFT projects and various cryptocurrencies want to decrease human beings’ ecological footprints that present how fast people consume resources in the environment. The aim of decreasing our negative impacts on the environment can be a social effect of NFTs because society and the environment are intertwined. In other words, we should protect our environment to build a successful society, and we can do this by participating in the NFT world. For instance, people can be rewarded with NFTs if they collect the garbage around and clean the environment. By the rewarding system, people can be encouraged for decreasing the negative impacts of human beings on the environment and dealing with the amazing financial circumstance in the NFT world. There is a rewarding system like the situation, and the system is conducted by the team behind CleanOcean; CleanOcean is a German project, and people who clean oceans are rewarded with the eco-friendly token of CleanOcean, so the project aims to stop ocean pollution with the help of donors who fund to the NFT platform of CleanOcean. Hence, other cryptocurrencies can develop a project like CleanOcean to protect the environment.

Thirdly, communication between human beings can develop with the help of NFTs. We can encounter different NFT avatars, like Bored Apa Yacht Club, and people can use these NFT avatars for expressing their characteristics, so the communication among people can be generated by different NFT avatars. In a previous article, we mentioned the relationship between NFT and Metaverse, and we explained that people can use NFT avatars in Metaverse to present themselves in the virtual world. As you can understand from the previous information, we can use our similar versions as NFT avatars in Metaverse, so we can utilize our avatars for communicating with each other. Moreover, we should use some social media platforms, such as Discord, Telegram, and Twitter, to get information about NFT projects, so we should communicate with each other through different social media platforms. Therefore, the NFT world can improve the communication between people in Metaverse, real-life, and social media platforms.

Fourthly, artists from different fields, like music and literature, can meet their artworks with other people in a good way with the help of NFTs. For example, musicians should pay lots of money to record companies to present their songs because these companies generally pay out only 10-15% of album retail. Because of the behavior of financial intermediaries, the profits go to the pockets of rich owners and shareholders. On the other hand, in the NFT world, artists can bring their artworks to the market directly. In other words, artists do not encounter some big financial issues in the NFT world, and they can meet their art’s lovers easily. Hence, the circumstance can develop the connection between artists and other individuals.

If you want to prepare yourself for Metaverse and the fast-developing technology, you should participate in the huge community of the NFT world!

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