American business magazine Fortune has launched a new decentralized endowment with NFT artist plpleasr, with proceeds earmarked for independent journalists and programs that promote journalistic integrity.
The company announced the launch of the new Fortune News PleasrFund on the Ether blockchain via Endaoment, a decentralized, autonomous organization with a philanthropic focus. To date, the fund has distributed 214.55 ETH, worth roughly $660,000 at current prices, which is half of the proceeds from the sale of the limited edition plleasr NFT commissioned by Fortune, which ended in August.
The first four beneficiaries of the fund are the American Reporting/Ground Truth Project Inc, the nonprofit Institute for the Study of Journalism, the Committee to Protect Journalists Inc and Reporters Without Borders. Each organization will receive an initial distribution of about $165,000 from Fortune and plpleasr.
Individuals can contribute to the fund via cryptocurrency or PayPal, with future proceeds going to other journalism projects.
The cryptocurrency donation industry is booming as blockchain technology and digital assets become mainstream. A Bitcoin-focused charity campaign raised $1.3 million in BTC in less than three weeks to support clean water and sanitation projects in developing countries. New and emerging projects within cryptocurrencies have also shown their generosity, with Trippy Bunny NFT recently donating all proceeds from the sale of its mints to the American Foundation for Suicide Prevention.
Many existing nonprofits are also beginning to accept cryptocurrency donations, as evidenced by recent efforts to help Afghans taken over by the Taliban after the U.S. withdrawal. To that end, Hearts & Homes for Refugees, a grassroots organization based in New York, announced that it is accepting donations of nearly a dozen cryptocurrencies through a partnership with The Giving Block.
In January, the American Cancer Society debuted its cryptocurrency cancer fund, providing donors with another avenue to donate to the organization.
Even the Republican Party, which has previously criticized cryptocurrencies and digital assets, announced in June that it would begin accepting cryptocurrency donations through BitPay.