Put humanity before profit through NFT

Mankind faces more problems than climate change. The world is facing some of the greatest challenges of our time: world hunger, rising inequality and economic instability. Many people believe that the root cause of all the problems facing humanity is the expansion of elite political power as the distribution of income and wealth becomes more polarized.

From the beginning, we have used technology to calculate the value created or exchanged. Humans created the concept of money to reward contributions to society; however, as we now know, money is corrupt. At present, driven by the crossover of blockchains, we have seen a major turning point in giving priority to human capital rather than financial capital. Decentralized autonomous organization (DAO) and Irreplaceable tokens (NFT). Today, we have the opportunity to make an impact by taking a firm stand that benefits mankind. With NFT, we can start to prioritize people over profits.

Thoroughly transparent

Many people don’t trust modern society to influence organizations-this is for good reason. Over the years, investigators have exposed several charities as a cover for profiteering, which runs counter to their humanitarian messages. These organizations feed on government subsidies and weaponize unclear ledger systems to hide their profits and maintain an altruistic appearance. Now, many people are getting smarter and smarter about this game.

With the help of blockchain technology, donors can ask organizations to increase transparency. Things like NFT auctions related to charities can show verifiable proof of the impact on donors. Blockchain adds thorough transparency, improves donor confidence, and enables social influence organizations to focus on important things. As the art world continues to support their favorite charities, society can use blockchain and NFTs as a new canvas for content and a system for tracking impact-where and why the money is spent.

Related: Digital philanthropy: we can do better

Stimulate the transformation of human capital rather than pure financial capital

Another indicator of being more prosocial is that blockchain challenges the economic foundation of human behavior and transforms us from more individualism to collectivism.In his Speaking at the recent Ethereum community meeting In Paris, co-founder and chief developer of Ethereum Vitalik Butrin Describes how governments failed to fund public goods because they were “too conservative” or “too exclusive” in benefiting selective groups.

Blockchain technology represents an important opportunity to change, re-adjust and appropriately incentivize the economy of our global system to make it a value-driven ecosystem rather than a profit-driven ecosystem. In this ecosystem, well-being Human values ​​such as flexibility and resilience are seen as key indicators of success rather than sharing price and everyone’s happiness. It is only a matter of time before we put human and social capital above financial capital. This will create a new form of capital, not at the expense of another form.

Related: No, blockchain technology cannot solve everything

The growth of DAOs that fund social undertakings

DAO gives the community more voice, control and power. They establish their own rules to make independent decisions, all of which are coded on the blockchain. More and more blockchain projects focus on funding social undertakings and public products.

NFT and DAO make it easier and more transparent to fund social causes and do good deeds. A valuable example is PleasrDAO, which acquired the NFT of the National Security Agency whistleblower Edward Snowden for US$5.4 million and donated 100% of the proceeds to the Freedom of the Press Foundation. The DAO will continue to make it easier for people and organizations with the resources and motivation to make changes.

Related: Crypto social governance will lead to online freedom

Increase participation in collective interests through NFT

Another factor we see is Buterin Described as the legality of participation In his blog post “The most important scarce resource is legitimacy”. Buterin mused: “If people participate in choosing an outcome, they are more likely to think it is legitimate.” He added:

“If the concept of NFT legitimacy can develop in a good direction, then there is an opportunity to establish solid funding channels for artists, charities and others.”

Recent use cases of the entire NFT ecosystem have shown that participation in collective interests has increased.Tim Berners-Lee NFT that sells World Wide Web source code US$5.4 million, and plans to donate all proceeds to charity. Another example is the one-month Open Earth campaign, a climate accounting and technology project spun off from Yale University, which culminated on Earth Day.

Related: Earth Day 2021: How the crypto industry is going green

Possibility of tracing public funds

For many charities and non-governmental organizations, early fund-raising through donations and grants does not provide a sufficiently stable inflow of funds. Retrospective public funding will fundamentally change the funding model of non-profit organizations. Through retroactive funding, individuals, communities, or DAOs set a price for solving tomorrow’s problems, thereby incentivizing entrepreneurs, organizations, and non-profit organizations to receive rewards when building public products such as Ethereum and other welfare products.

Although Buterin believes in retrospective funding, the Ethereum community chose to continue to advance the Ethereum Improvement Proposal 1559, which will burn Ether (Ethereum) (Basic expenses) instead of using this flow of funds to continue to fund organizations and individuals that contribute to the creation and maintenance of public goods.

Related: Ethereum’s London hard fork puts ETH on a more deflationary path

For some people, burning money is easier than coordinating and funding public goods. As a recognized humanist, this makes me very disappointed. This fundamental shift will greatly support R&D and innovation, thereby maximizing community benefits and the flourishing (rather than survival) of more transparent non-profit organizations. Developments in this area will bring incredible progress to Ethereum and the wider society.

Building blocks are here for humans to coordinate and reward those who create lasting impact. NFT, DAO and retroactive public funds make it easier to prioritize humanity. For pro-social organizations, we are at a landmark moment. In the long run, we can design public products such as eradicating world hunger, advocating for human rights and economic empowerment.

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