Here’s the Deal with NFTs and What We Know

Today, NFTs (Non-fungible tokens) have rapidly become a way for citizens to buy and sell digital artwork as a means of cryptocurrency.

Purchasing NFT’s are unique as buyers purchase authentic, unique digital artwork that contains built-in authentication, which serves as proof of ownership. These artworks can range from images of a virtual avatar to GIFs to sports highlights, most of which are valued at over $4,000 or more per piece.

Like many other cryptocurrencies, NFTs are changing how citizens use technology to transmit data and digitize movement. This platform allows buyers to communicate and create a transparent business with people from anywhere in the world. Creating a platform that provides a complete history and proof of ownership for digital assets or any other investment is just one way that NFTs are making an impact in our world.

NFTs are evolving along with the times and are now not just a way to exchange virtual art and money but are also being used in business politics as a way to store information.

Political candidates can use NFTs to raise money and attract young supporters. Political campaigns are using this platform as a cheaper way for people to become involved with their candidates and receive something of value in return for their donations. Max Rymer, a digital consultant for Minnesota Republican gubernatorial candidate Dr. Scott Jensen, reported that through their sale of political NFTs, they were able to gain 2,500 supporters moving forward.

Politics also offer incentives with their NFTs to create a sense of investment rather than a donation.

For example, Blake Masters, a Republican U.S. Senate candidate in Arizona, incentivized people to support his campaign, purchase NFTs and, in return, receive a signed copy of his book and the opportunity to meet him and his co-author, tech billionaire Peter Thiel. As a result, Masters raised more than $575,000 in 36 hours after selling several NFTs.

Similarly, congressional candidate Shrina Kurani raised $6,600 that same month by selling 21 NFTs in 72 hours. In addition, former first lady Melania Trump offered an audio recording with a “message of hope” for individuals who supported her NFT campaign for children’s issues and advocated against cyberbullying.

Not only do political NFT’s attract and interest younger voters, but they also add a “tech-savvy” candidate to appeal to all citizens.

While the future of Political NFTs is still being developed and popularized, the opportunities and directions for the platform are endless and will continually expand to other campaigns and elections.

(Contributed by Jordy Puterman)

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