certify
Home arrow Article arrow Article Detail

US election agency approves to use NFTs as campaign fundraising incentive

Profile Image

Joyashree Dey Follow

INDIA

Jan, 03 2023

Jan, 03 2023

likes | comments 0

Article Image

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. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
BIS to Monitor Stablecoins, Focus on CBDC Experiments

The Bank for International Settlements (BIS), known as the "bank for central banks," plans to ramp up its research of central bank digital currencies (CBDCs) through its research and development arm..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.