The Nelson Mandela Foundation wants to raise R37 million from the sale of NFTs

• The Nelson Mandela Foundation is selling a collection of NFTs to raise money.
• An NFT is a digital artwork that has been verified as original using blockchain technology.
• The foundation said NFTs could play an important role in the future of digital membership and philanthropy.
• For more stories, visit Technology and Trends website.

The Nelson Mandela Foundation (NMF) is selling non-fungible tokens (NFTs) worth $1 000 (R19 000) each to raise money for its work.

Ten years after Mandela’s death, the NMF has decided to release 1,918 “basic memberships” which are presented with a digital artwork of Madiba in 27 colours. It was created using four photographs taken by Andrew Zuckerman in 2007.

1918 was the year of Mandela’s birth and he was in prison for 27 years.

If all the NFTs are sold, the foundation will raise R37 million, which will be used for initiatives such as feeding schemes and supporting early childhood development centres.

The foundation has partnered with Glorious Digital to use NFTs as a form of protection. It said it hoped to attract a new audience of tech-savvy patrons interested in supporting socially influential projects.

CEO Sello Hatang said:

The Nelson Mandela Foundation is constantly exploring innovative ways to reach a wider range of supporters.

“Using emerging technology, the Foundation can further unite supporters globally.”

An NFT is a digital artwork that can be verified as original using blockchain technology. Blockchain is a digital database that provides a history of transactions that cannot be tampered with, as it provides transparent information sharing.

The foundation highlighted a number of benefits of using blockchain technology for fundraising. It said there were low costs as there were no middlemen and it was a transparent, secure and efficient way to raise funds.

Patrons will also have access to benefits such as invitations to exclusive online and in-person events curated by the Foundation.

It also recognized and addressed criticism over the high transaction costs, environmental impact and speculative nature of NFTs.

It said Glorious Digital used the CENNZnet blockchain which had minimal transaction fees and a relatively low impact on the environment.

The foundation said that minting an NFT had a comparable environmental impact to making an Instagram post or sending an email.

It added that it was “committed to exploring this technology in a way that is consistent with our values ​​and mission as an organization”.

“We believe that NFTs have the potential to play an important role in the future of digital membership and philanthropy.”