Fortune, an American business magazine, has partnered with nonfungible token (NFT) artist Pplpleasr to launch a new decentralized donations fund, with proceeds going to independent journalists and programs that promote journalistic integrity.
Endaoment, a charity-focused decentralized autonomous organization, announced Monday that the new Fortune Journalism PleasrFund was launched on the Ethereum blockchain. So far, the fund has received 214.55 Ether (ETH), which is roughly $660,000 at current prices and represents half of the proceeds from a limited edition Pplpleasr NFT sale commissioned by Fortune in August.
Report for America/The GroundTruth Project Inc., Institute for Nonprofit News, Committee to Protect Journalists Inc., and Reporters Without Borders are the fund’s first four recipients. Fortune and Pplpleasr will give each organization an initial donation of around $165,000 each.
Individuals can donate to the fund using cryptocurrency or PayPal, with the funds going to other journalism programs in the future.
As blockchain technology and digital assets become more mainstream, the crypto donation industry is booming. A Bitcoin (BTC)-focused charity drive raised $1.3 million in BTC in less than three weeks to support clean water and sanitation projects in developing countries, as ULTCOIN365 reported in July. Trippy Bunny NFT recently donated all of its mint-sale proceeds to the American Foundation for Suicide Prevention, demonstrating the generosity of new and emerging crypto projects.
As evidenced by recent efforts to assist Afghans displaced by the Taliban’s takeover of the country following the US withdrawal, many existing nonprofits have begun accepting cryptocurrency donations. To that end, the New York-based grassroots organization Hearts & Homes for Refugees announced a partnership with The Giving Block that will allow it to accept donations in nearly a dozen cryptocurrencies.
The American Cancer Society launched the first-ever Crypto Cancer Fund in January, giving donors another way to support the organization.
Even the Republican Party, which had previously opposed cryptocurrencies and digital assets, announced in June that it would begin accepting cryptocurrency donations through BitPay.