In the latest case of a for-profit company turning to NFTs for charitable causes, Kia’s US unit coined its first digital collectibles earlier this year to raise funds for a US nonprofit dedicated to relieving overcrowded people. Animal shelters are used. The results are already in. The car company raised $100,000 for the nonprofit The Petfinder Foundation by auctioning off thousands of puppy-themed robotic NFTs. That amount, plus an additional $500,000 in fiat from Kia, has now covered the adoption costs of more than 22,000 animals living in shelters. The company announced this on Tuesday. Launching in February 2022, the NFTs will feature “Robo Dog,” the robotic pup who starred in Kia’s Super Bowl commercial last year.
Kia is the youngest company to support the growing trend of the donation model through digital collectibles. NFTs have been used to raise money for Silk Road’s imprisoned founder and people like Starbucks for charity. Even NFT vending machines in London have gotten into the game.
Here’s how it played out: About 10,000 NFTs called “Adoption Passport” were first claimed in a free coin via the Tezos blockchain. Then a week later, along with the NBA All-Star Game on February 18, another 10,000 generative versions were released. Priced at $20.22 each, the digital collectibles sold out on the Sweet NFT marketplace the same day, raising $100,000.
Several higher-priced and rarer NFTs also contributed to the six-figure fundraiser. Their smart contracts include a provision for a 10 percent royalty that went to Petfinder, not Kia, every time a Robo Dog is resold. Sweet was “chosen for its thorough understanding of the Kia brand’s direction and its user-friendly platform that supports payment methods beyond [cryptocurrency],” a Kia spokesman said in a statement to Blockworks. of the Covid-19 pandemic in evaluating its charitable giving activities, its executives noticed a significant increase in pet or “pandemic pup” adoptions, according to the company. The observation eventually led to the company’s NFT efforts.
The Petfinder Foundation, a national nonprofit, works with animal shelters and adoption groups across the United States, primarily through direct cash donations and related grants. Result. “Kia wanted to do something different with the popularity of NFTs as well as the expected popularity of Robo Dog since the Super Bowl announcement,” the rep said. The Petfinder Foundation, a national nonprofit, works with animal shelters and adoption groups across the United States, primarily through direct donations, in turn through cash and related grants. According to Kia, 22,422 animals found a new home as a result.