NFT

NFTs are not just for artwork, it’s used for political campaigns to raise money funds

A non-fungible Token or NFT is a digital asset or can be called a cryptographic asset having a unique identification code and metadata which differentiate it from a fungible token. NFTs have revolutionized the world of crowdfunding. NFTs are digital assets that use the blockchain technology behind cryptocurrencies to create unique tokens that serve as a digital proof of ownership for original art and music, among other assets.

NFTs have been used to raise money in just about every sector including politics. With everyone from giant companies to celebrities embracing the NFTs, political candidates are now getting into the act but some experts say that transparency concerns could affect their use as a political fundraising tool. As the U.S. election season grows closer, one politician, in particular, is using the NFTs technology to raise money for the next campaign. Some candidates in the midterm elections are experimenting with NFTs to help raise money and spark interest in their campaigns.

Political Hopefuls Turn to NFTs:

NFTs are slowly creeping into the political world, with a few candidates already using them to raise thousands of dollars. Recently, in preparation for the 2023 re-election bid, incumbent Colorado governor Jared Polis announced the launch of his very own NFT collection. It is an opportunity for NFTs to be a low-dollar way for people to become engaged with their candidates and receive something of value in return for their donation. The sale of NFTs added new people that are going to support the political campaigns going forward.

Supporters will also be able to use these NFTs as tickets to various events planned near and during Polis’ eventual campaign cycle, the collection is also slated to be hosted on the environmentally-friendly Flow blockchain. While some NFTs have been bought as investments, these NFTs offered by candidates seeking donations are akin to other forms of campaign swag like hats and buttons. Many NFTs also come with real-life perks and exclusive access to events, which makes them attractive as political campaign offerings.

In the Senate campaign, NFTs could attract young voters that have never voted Republican but want a younger and more tech-savvy candidate to represent them. NFTs can build a community where there's this positive feedback loop. NFTs have also been a breath of fresh air for political campaigns and fundraisers that are seeking a new way to appeal to grassroots supporters. There has been a longstanding history of campaigns handing out all sorts of interesting things.

If they think donors enjoy NFTs, that’s fine with us as long as it falls within contribution limits. After all, NFTs are all about community. The contribution limit for individuals is $2,900 per election meaning $5,800 for the primary and general so any NFT purchase from a campaign must not exceed that amount. Such donations are subject to the same limits as cash per contributor, currently $2,900 per election.