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Texas Democratic Party aims to use NFT sales for fundraising...
News

Texas Democratic Party aims to use NFT sales for fundraising efforts

Front Row, a marketplace geared towards progressive organizations, has said it will be partnering with the Texas Democratic Party to pilot a program aimed at raising money for candidates and causes using nonfungible tokens.

In an Oct. 11 announcement, Front Row said it had already minted digital images of key moments related to the progressive movement, and listed the nonfungible tokens (NFTs) for sale. Some of the featured NFTs include “wanted” posters depicting conservative Texan lawmakers fleeing the state.

Front Row says that the funds raised through its NFTs will go “directly towards political groups and individuals,” but did not specify how it planned for the digital purchases to be compliant with current campaign finance laws. Under U.S. law, candidates for federal offices appear unable to receive more than $5,800 from a single individual for the sale of one or more NFTs.

“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth, likely referring to Republicans. “We can’t wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”

Keeping in line with progressive values, Front Row said it also blockchain platform will strive to be carbon-negative by donating a portion of the NFT proceeds to “carbon capture and reduction” causes. Though the platform is starting at the state level in Texas, it hinted at expanding to national candidates and causes.

Related: Prioritizing humanity ahead of profits through NFTs

Though many local, states, and federal candidates for office in the United States have announced they would be accepting donations in cryptocurrency — likely in a bid to engage younger, tech-savvy voters — NFTs have largely been absent from talks in Congress. 

Cointelegraph reported in August that the current 117th Congress has put forward 18 bills concerning digital assets and blockchain technology in 2021.

Source: Cointelegraph.com

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