NFT’s can be used to fundraise and finance – this NFT expert explains how

Did you know that NFT’s can be used to fundraise and finance certain things? Neither did I, but this NFT expert explains how and why someone might go down this path. 

“NFTs can be sold as collectibles, vouchers, or memberships which are great tools for communities, or brands, that don’t have well established business models because you are able to sell something of value to people who believe in your mission and that contribution can give them different levels of control over the decision making related to the money raised. For startups this is very similar to pre-selling your product and using a voucher NFT with lifetime access to your future software product, while for non-profits this sort of looks like a digital bakesale that hires a professional chef to raise funds with the best pastries, or even as an online country club,”says Web3 expert Connor Borrego.

Within the next couple of years, some of our favorite establishments or even community groups might start to implement this technology to better interact with us. What kinds of new possibilities will be created then for both the creator and us the consumer? 

Borrego goes on to say that, “The NFT represents future ownership of specified value related to the activities of the organization that created and sold the NFTs to begin with. Communities may choose to do this, because it is a new form of engagement between organizations and the public whose ownership is a form of governance, while also generating additional streams of revenue for an organization.”