- March 26, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Increasingly, charities worldwide accept crypto donations and are even experimenting with equally exciting opportunities in NFTs to further their novel causes. Cryptocurrencies and NFTs are a global phenomenon launching from public chains such as Ethereum and the BNB Chain, facilitating the free flow of funds and enabling true ownership of digital assets with on-chain provenance.
The Mosque NFT Project on Ethereum
The Mosque NFT Project is a unique charity project on Ethereum, the world’s most active blockchain network and the home of NFTs. The project plans to mint a collection of 12,000 unique hand-drawn NFTs of the grandest mosques in the world.
Each mosque NFT will be unique and valued differently depending on how revered each site is in the real world. Specifically, there will be 65 types of mosques separated according to territories. The fewer the mosques from a given region, the more valuable there are in the open market.
The Kaaba Mosque NFT is the most valuable piece in the collection. The project has stated that the lucky user who mints the NFT will receive a $500k offer at the end of the auction. Also, user(s) who mint the most NFTs at each of the six stages will be rewarded with a branded watch from The Mosque NFT exclusive partner, “Jacob & Co”.
The rise of NFTs
Since the activation of the first NFT projects like CryptoKitties on Ethereum, blockchain-based technologies continue to find impressive applications.
Besides guaranteeing owners true ownership with solid proof on the transparent blockchain, NFTs—more like cryptocurrencies—are being used to spread awareness and transmit messages across the globe about specific topics.
Because of their digital existence and borderless nature, charities are gradually opting for blockchain-based innovations as a choice medium to receive donations, allowing users to support causes that they hold close to their hearts.
$12.3 Million of NFTs Donated in 2021
According to an annual report by The Giving Block, the total yearly crypto donations in 2021 soared over 15X compared to 2020. On average, it was observed that the average crypto donation stood at $10,455 as opposed to cash donation at $128.
Researchers further suggested that NFTs would be a significant development in the donation landscape, projecting based on the number of participants contributing using rare and valuable NFTs and support from some of the world’s most popular NFT projects like the Bored Ape Yacht Club (BAYC).
By the report’s findings, individuals and projects donated slightly over $12 million of NFTs in 2021 alone.
The Mosque NFT Project to Support over 10 Charities
In the same vein, The Mosque NFT project plans to use funding from the sale of the 12,000 NFTs to power their charity program and build mosques.
Concurrently, their objective will be to highlight the injustices people face because of their religion and how such stereotypes can be broken. Furthermore, their use of NFTs and Ethereum is sufficient proof that emerging technologies are widely acceptable in Islam, with over 1.8 billion followers worldwide.
The first NFTs will be minted from March 29, 2022, with a floor price of 1 ETH. The floor price was at this price in light of the project’s objective of specifically raising funds to advance their charitable causes and build mosques.
Approximately 50 percent of proceeds from the sale will be used to help people and transferred to over ten charity funds, including One Nation UK, Save the Children, Give Directly, Mohammed bin Rashid Al Maktoum Knowledge Foundation, and more. Additionally, part of the collected funds will be used to create the first NFT mosque in the metaverse, decided by the community.
