Front Row, an NFT marketplace focused on progressive organizations, is planning to start a new project with the Texas Democratic Party, which will help the Party raise funds.
How Texas Democratic Party will use NFT industry to raise fund
The project includes releasing political tokens in their marketplace and using proceeds from these sales for the political Party’s fundraising efforts.
Political NFTs, which are considered the first of their kind, will feature collections regarding political moments, including “wanted” posters that depict politicians who fled the state.
Parker Butterworth, Front Row’s co-founder, stated that this project would give the Texas Democratic Party a fundraising power that no other party has, given the thriving popularity of the NFTs as they set high expectations for this project.
NFTs can be explained as similar to cryptocurrency, but instead of receiving digital currency, you receive digital artwork that depicts a real-life object.
The main difference is that one NFT cannot equal any other NFT since each has a unique signature and depicts a specific moment that cannot be replicated or exchanged for the same value.
With the growing popularity of NFTs, we see a huge flow of money going around the sales of NFTs. One example is the “Everyday’s: the First 5000 Days” NFT sold for $69 million.
Why is it important?
Texas Democratic Party is looking to strengthen its existence. It uses this contemporary way to raise funds that will sustain its endeavor to support abortions laws and social equality.
That is the first time a political group uses NFTs to receive funds, but it is an attempt that is likely to succeed due to the rising trend of digital currencies and non-fungible tokens.
That is also a way to promote the Party’s social and environmental well-being initiative as the marketplace Front Row is a promoter for carbon-negative efforts. It uses the technology of blockchain to donate for carbon-negative initiatives.
The Party is also accepting payments and donations in cryptocurrencies, which is projected to encourage tech-minded supporters and the younger generation to get involved in the Party’s campaign.
Front Row has also stated that it is going to use a portion of sales of these political NFTs to donate for “carbon capture and reduction” causes.
It is expected to directly distribute the proceedings of NFT sales to political groups and individuals; however, it is still unknown how it will comply with U.S laws.
The existing regulations state that candidates for federal offices cannot receive more than $5,800 from the sales of NFTs.
Modern payment technologies highly influence this one-of-a-kind move by the Party as we approach a world tuning more digital.
It is expected that the Party will realize a considerable amount of sales from the NFTs, especially using a tech-savvy marketplace that supports progressive initiatives.
That is a move by the Party to get closer to its people, to earn more followers, and besides the growing tendencies for cryptocurrencies and NFTs, we can expect that more such projects will witness life.