US election agency approves to use NFTs as campaign fundraising incentive


According to a Federal Election Commission (FEC) of the United States advisory opinion, DataVault Holdings may use nonfungible tokens for fundraising efforts.
According to a notice released on December 15, DataVault Holdings was "permitted" to deliver nonfungible tokens, or NFTs, to political campaign contributors in conformity with FEC regulations on corporate contributions. According to the election organisation, DataVault would keep track of all tokens produced for its own use and receive "appropriate compensation" for each NFT given to contributors.
“We are very pleased by the unanimous approval by the FEC of our patented DataVault platform for use by political campaigns here in the US. In a broader view, we believe, Blockchain technology represents the future for elections that seek to be trusted and transparent in their outcomes in the future,” DataVault CEO Nathaniel Bradley said.
NFTs become more common in fundraising efforts that offer airdrop campaigns. In this campaign, NFTs are distributed to everyone who signs up and donates a specified sum of money.
This is a significant advancement in campaign fundraising since it offers a novel incentive for supporters to contribute to causes. This is a significant milestone for the sector since it could increase transparency in fundraising.
The approval suggests that NFTs are now a recognized incentive for fundraising for US campaigns. This is a substantial improvement for the US campaign's capacity to expand financial transparency through fundraising incentives.
The "Howdy" campaign for the US state of New Hampshire was one of the first to employ NFTs. Howdy, a political campaign company with offices in New Hampshire, managed the campaign. Voters were encouraged to participate in the campaign by offering them a chance to win a special Howdy in-game item. The Ethereum blockchain was used to create the tokens, which could then be traded or transferred on a decentralized exchange.

Joyashree Dey
CBW - External Analyst
INDIA