Fortune, in collaboration with NFT artist Pplpleasr, has launched a donations fund, with proceeds going to independent journalists and programs. The fund was established on Endaoment, an on-chain nonprofit organization.
The new FORTUNE Journalism PleasrFund was launched on the Ethereum blockchain through Endaoment, a charity-focused decentralized autonomous organization, the company announced Monday.
So far, the fund has received 214.55 ETH, or about $660,000 at current prices, which is half of the proceeds from a limited edition Pplpleasr NFT sale commissioned by Fortune that ended in August.
The first 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 initial distribution of approximately $165,000 from Fortune and Pplpleasr.
Individuals can donate to the fund using cryptocurrency or PayPal, with the funds going to other journalism programs in the future.
As blockchain technology and digital assets become more mainstream, the crypto donation industry is booming.
A Bitcoin-focused charity drive raised $1.3 million in BTC in less than three weeks to support clean water and sanitation projects in developing countries, as Cointelegraph reported in July.
Trippy Bunny NFT recently donated all of its mint sale proceeds to the American Foundation for Suicide Prevention, demonstrating the generosity of new and emerging crypto projects.
As evidenced by recent efforts to assist Afghans displaced by the Taliban’s takeover of the country following the US withdrawal, many existing nonprofits have begun accepting cryptocurrency donations.
To that end, the New York-based grassroots organization Hearts & Homes for Refugees announced a partnership with The Giving Block that will allow it to accept donations in nearly a dozen cryptocurrencies.
The American Cancer Society launched the first-ever Crypto Cancer Fund in January of this year, giving donors another way to support the organization.
Even the Republican Party, which had previously opposed cryptocurrencies and digital assets, announced in June that it would begin accepting cryptocurrency donations through BitPay.