Artwork Blocks NFTs Raised $23.5M For Charity in August 

Artists on the NFT platform Artwork Blocks have raised an estimated $23.5 million for charity in August alone, placing the full funds raised by means of the venture at over $26 million. 

Artwork Blocks Artists Donate

Demand for on-chain artwork is blowing up, and charities are reaping the advantages.

NFTs on the Artwork Blocks platform have collectively raised $23.5 million for charity over the previous month. Compared, all Artwork Blocks initiatives launched within the three months prior solely raised $2.3 million. 

A complete of 25 artists launched NFTs on the platform in August. Earlier than every venture goes dwell, Artwork Blocks and the artist agree on what share of the funds raised will likely be donated to charity. For many initiatives, artists donate between 10 and 25% of the full gross sales of the artwork. 

Curated venture Geometry Runners, which launched Aug. 27, took the highest spot, donating over $3.4 million. The venture’s artist, Wealthy Lord, break up the cash between the Information Technology & Innovation Foundation and the Coalition for Rainforest Nations.

Artwork Blocks initiatives are at the moment launched by means of a Dutch public sale format, the place the value to mint begins excessive and drops each 5 minutes till all items are offered. Nevertheless, Geometry Runners offered out of all 1000 NFTs on the beginning value of 5 ETH, with gasoline costs hovering as collectors scrambled to mint items from the highly-anticipated assortment. 

Different initiatives to lift giant quantities for charity in August embody Trossets by Anna Carreras and Beatboxes by Zeblocks.

Since its launch in November final 12 months, Artwork Blocks has change into one of many premier locations for NFT artwork collectors. Early initiatives comparable to Chromie Squiggle and Ringers may very well be minted for 0.08 ETH at launch however can now promote for hundreds of thousands of {dollars} on the secondary market. 

Artwork Blocks has since elevated the fee to mint items, with some initiatives now beginning their Dutch auctions at an eye-watering 15 ETH. Whereas such excessive beginning bids may value out many potential patrons, the result’s much more cash will get donated to charity, as was the case with Geometry Runners.

Disclaimer: On the time of scripting this characteristic, the writer owned BTC, ETH, and a number of other different cryptocurrencies.