Artists on the NFT platform Art Blocks raised about $23.5 million for charity in August alone, bringing the total amount raised through the program to more than $26 million.
Donations from Art Blocks artists
Demand for on-chain art is exploding, and charities are reaping the benefits.
In the past month, NFTs on the Art Blocks platform have raised a total of $23.5 million for charities. By comparison, all Art Blocks projects released in the previous three months raised only $2.3 million.
In August, a total of 25 artists launched NFTs on the platform.Before each project went live, Art Blocks and the artists agreed that a percentage of the funds raised would go to charity. For most projects, the artists donated 10-25% of the total art sales.
Geometry Runners, a curated project that launched on August 27, took the top spot with over $3.4 million in donations. The project’s artist, Rich Lord, split the money between the Information Technology and Innovation Foundation and the Rainforest National Alliance.
The Art Blocks project is currently being released through a Dutch auction in which mint prices start high and drop every five minutes until all the pieces are sold. However, Geometry Runners sold out of all 1,000 NFTs for a starting bid of 5ETH, and gasoline prices soared as collectors scrambled to mint pieces from this highly anticipated series.
Other projects that raised significant funds for charity in August included Anna Carreras’ Trossets and Zeblocks’ Beatboxes.
Since launching last November, Art Blocks has become one of the top destinations for NFT art collectors. Early projects such as Chromie Squiggle and Ringers could be minted for 0.08 ETH at launch, but can now sell for millions of dollars on the secondary market.
Art Blocks has since increased the cost of minting, and some projects are now starting to be auctioned in the Netherlands for an eye-watering 15 ETH. While such a high starting price may be a deterrent to many potential buyers, the result is more money going to charity, as was the case with Geometry Runners.