Web3-focused company Lucky Friday Labs has forged a partnership with the online fundraising platform JustGiving to blur the boundaries between charity-giving initiatives and non-fungibility. Launching the Teddy DAO NFT collection, the duo seeks to help those in need and onboard more people to the NFT realm.
Created by the digital artist Yumi, Teddy DAO is an NFT collection made up of digital teddy bears. Each piece comes in different rarities styled with different bodies, head and body accessories, and faces.
Starting from June 23rd, one Teddy NFT will be auctioned daily. All willing participants can take part in the auction using GLMR tokens, the native cryptocurrency for the Polkadot parachain, Moonbeam. The highest bidder will receive the digital token, while the bid amount will be converted to fiat currency and channeled to one of the 400 charities featured on JustGiving.
Holders of the Teddy bear NFTs will be granted access to the DAO. Once the project has attained a milestone of 100 Teddy bears auctioned, the initial phase of the DAO governance will commence. It allows members to vote on future initiatives that help to shape the community as it strives to bring social good through NFTs.
David Chapman, the founder of Teddy DAO, reiterated the vision of the NFT-backed charity donation project when he said:
“Whereas NFTs have largely been for-profit and the few instances of charitable giving have been a one-time donation, we thought it best to showcase a new use for NFTs by creating digital collectibles that will be minted once per day, thereby guaranteeing a constant stream of revenue for charities within JustGiving's network of partners.”
By utilizing NFTs to benefit those in need, Teddy DAO shows its commitment to growing the realm while solving real-world problems. Join this innovative movement as non-fungibility profits social good!