The renowned U.S. department store Macy's announced on Friday that it would be selling a series of NFTs to support the Make-A-Wish Foundation.

In celebration of its 95th anniversary of hosting the Thanksgiving Day Parade, the New York department store Macy's is giving away 9,500 Ethereum NFTs. Ten "ultra-rare" versions of the NFTs have already generated $40,700 in bids.

On Nov. 19, Macy's will open bidding on a set of 10 collectibles inspired by parade balloons. Bidding will run through Nov. 30 for the first lot. And then, around 10:30 EST on Nov. 30, Macy's will start selling the second lot.

During the Macy's Thanksgiving Day Parade on Nov. 25, people can pick up a free NFT and enter sweepstakes for a chance to win $10,000.

Macy's explains that it has structured the smart contracts of each NFT so that when they are sold later, they will create more donations.

Macy's released a statement, "This means that any time one of these unique 1 of 1 NFTs are sold, a 10 percent residual fee from the sale price will automatically be donated to Make-A-Wish.”

They added, “By employing NFT technology in this way, Macy’s is forging a path of charitable contributions that go far beyond what traditional methods can achieve.”

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Macy's said that using NFT technology to make charitable donations is forging a new path beyond traditional methods.

The artwork is based on archival and creative content from Macy's archives dating back to the late 1920s. 

The NFT's were created by Reometry, a digital agency led by NFT artists REO and Seth Brown. They are offered on the Sweet NFT Marketplace, which is based on the polygon blockchain.

Pavan A

CBW - External Analyst

INDIA