US lawmakers are bracing for an avalanche of new legislation, from social funds to cryptocurrency taxes. In the midst of debates and campaigning, a group of Democratic fundraisers are turning to non-fungible tokens (NFTs) for an alternative source of revenue.
A new Democrat-backed group, Front Row, is planning to launch a political NFT marketplace. The platform will be dedicated to Democratic campaigns and causes.
With this new politically-themed NFT marketplace, a political movement creates an NFT, determines the tokens needed, and then sets the price.
In addition, Front Row follows traditional campaign finance laws that limit the price of NFTs and the transparency of transactions. This requires a price cap of $5,800, which is the maximum contribution per cycle for federal candidates. However, political action committees (PACs) and party committees have different guidelines.
People who buy NFTs through the Front Row website are considered donors, similar to traditional campaign donors. All proceeds, except for transaction fees, go to the campaign and are collected by Front Row.
Front Row said it will only sell NFTs from “verified individuals, organizations or campaigns operating in the progressive space. “The platform’s first round of NFTs was from the Texas Democratic Party.
Currently, the site has pixelated NFTs from a number of Texas Democratic Party representatives, including Chris Turner and Tony Ross. all NFTs with candidate features are priced at $250.
This political NFT platform may be the first of its kind in the United States. However, earlier this year, another politician took advantage of digital collectibles. Scott Jensen of St. Paul, Minnesota, released a political NFT collection during his gubernatorial campaign this August. In addition, the US news agency Associated Press sold an NFT of the 2020 presidential election results recorded on the ethereum blockchain.