The charity program, which is the first of its kind in Japan, will launch through Kizuna, a hub for bitcoin donations with no handling fees.
The first campaign of the charity program will involve tokenized art created by Japanese artists. Funds raised from the campaign will be directed to the Dream Possibility (DxP), a non-profit organization providing help for teenagers facing coronavirus-related issues.
The sale is expected to fetch over 200,000 Japanese yen (~$20,000). Notable figures will likely participate in the initiative, however, their names have not yet been released.
The NFT charity project is based on the Japanese concept called ‘Sanpo Yoshi,’ a satisfaction of three parties. Enjin CEO Maxim Blagov commented on the partnership:
“Art tokenization is another great example of how blockchain can automate the sale and fulfillment of high-value assets. While traditional art can take years to sell, it can be minted, listed, sold, and distributed within minutes via the blockchain.”
According to Blagov, compared to traditional art which can take years before finding a seller, art tokens can be minted, sold, and distributed within minutes.
Non-fungible tokens (NFTs) are a particular type of crypto token that cannot be exchanged for other assets. Each NFT is unique due to how they are coded in the smart contract.
DxP founder Noriaki Imai expressed her excitement in the future of NFT’s:
“This is my first time being involved in an NFT program. I strongly believe in the potential of cryptocurrency to change people’s lives, and I feel very honored for DxP to be part of this initiative and benefit from the application of blockchain technology.”
2021 the Year for Enjin & Non-Fungible Tokens?
Enjin appears to be investing heavily in the NFT space. The project recently partnered with gaming icon Atari to integrate NFT’s and digital collectibles.
It seems that every year in crypto brings with it a potentially more disruptive technology. As interest in NFTs surge, this will likely be a space to keep your sights on.