US business magazine Fortune has launched a new decentralized giving fund alongside artist NFT pplpleasr, with proceeds going to independent journalists and programs that promote journalistic integrity.
The new FORTUNE Journalism PleasrFund was launched on the Ethereum blockchain through Endaoment, a decentralized autonomous organization focused on charity, the company said on Monday. So far the fund has received 214.55 ETH, worth approximately $ 660,000 at current prices, which is half the proceeds of a limited edition pplpleasr NFT sale commissioned by Fortune which is concluded in August.
The top four beneficiaries of the fund are Report for America / The GroundTruth Project, Inc., Institute for Nonprofit News, Committee to Protect Journalists, Inc. and Reporters Without Borders. Each organization will receive an initial distribution of approximately $ 165,000 from Fortune and pplpleasr.
Individuals can donate to the fund via cryptocurrency or PayPal, with future profits going to other journalism programs.
Related: Cryptocurrency Can Really Make a Difference in Helping People
The crypto donation industry is flourishing as blockchain technology and digital assets become more mainstream. As TUSEN reported in July, a Bitcoin-focused charity campaign raised $ 1.3 million in BTC in less than three weeks to support clean water and sanitation projects in developing countries. New and emerging projects within crypto have also shown their generosity, with Trippy Bunny NFT recently donating all of its TUSEN sales to the American Foundation for Suicide Prevention.
Many existing nonprofits have also started accepting cryptocurrency donations, as evidenced by recent efforts to help Afghans displaced by the Taliban takeover of the country following the US withdrawal. To that end, the popular New York-based organization Hearts & Homes for Refugees has announced that it is accepting donations in nearly a dozen cryptocurrencies through a partnership with The Giving Block.
Related: DeFi proves charities could do more with their money
In January of this year, the American Cancer Society launched the very first Crypto Cancer Fund, giving donors another opportunity to contribute to the organization.
Even the Republican Party, which previously criticized cryptocurrencies and digital assets, announced in June that it would start accepting crypto contributions through BitPay.