One of the newest NFT projects, Next Earth, was created with a dual purpose in mind. To create the first blockchain-based replica of our planet, and to contribute to the environment in the process.
Next Earth has made progress on both fronts, selling over $1.3 million in the world’s first ever initial tile offering, with over $130,000 of that going to Ocean Cleanup and Amazon Watch. For the initial donation, a simple Discord-based poll was used, with community members voting on the distribution of proceeds to each charity.
Now, Next Earth has taken it up a notch with their charitable DAO, or Decentralized Autonomous Organization.
What is the Next Earth DAO?
Next Earth DAO was recently used to determine the distribution of new funds to four charities: The Ocean Cleanup, SEE Turtles, Kiss the Ground, and Amazon Watch.In September, Next Earth sold approximately $640,260 worth of virtual real estate, 10% of which was pre-distributed to charitable donations. Through the Next Earth DAO, virtual landowners decide how to split that 10%.
These landowners decided that Ocean Cleanup would receive the largest share of the proceeds at 86 BNB, followed by SEE Turtles receiving 24.57 BNB, Amazon Watch receiving 18.25 BNB, and Kiss the Ground receiving the remaining 17.55 BNB.
This DAO-based mechanism has allowed Next Earth to redefine the concept of charity. It is a truly democratic process where community members actually decide how the project should be allocated funds. This is not a typical governance structure where a corporate entity like a bank or large tech company calls the shots. It is an open community in which all its members have equal voting rights.
Why DAOs are the future of philanthropy
The Next Earth DAO is groundbreaking in its structure and use of blockchain technology. Firstly, it is the first time any project has used a DAO to decide how to allocate funds raised from an ongoing tuple tile offering. In addition, it redefines the concept of metaspace as it recognizes that the physical world is inextricably linked to the digital world and that we need to be stewards of the planet.
Using DAO to decide how to allocate funds is not just some academic exercise. It’s a practical application with real-world consequences, impacting the health of our planet through charitable donations.
As the importance and utility of blockchains grows, it is becoming clear that they are not just about cryptocurrencies – they can be used for so much more. They are platforms designed for collaboration, development, governance and transparency.
By using DAOs to decide how to manage their virtual real estate funds, Next Earth is creating a model for other blockchain projects to follow when they launch their own token sales or fundraising later this year and beyond.
How you can get involved
The future of charitable giving is decentralized.
More and more people around the world are using decentralized apps, or dapps, to help them do everything from sending money to friends and family to buying airline tickets.Next Earth DAO is a perfect example of how we can start making charitable giving as easy and convenient as participating in a cryptocurrency program.
The more projects like Next Earth that adopt this model, the better it will be for those in need – whether it’s through financial support or simply spreading awareness of an important cause. By doing so, they will help us move one step closer to our vision of a truly global community.