Kenya-based activists, raising funds through cryptocurrency and non-fungible tokens (NFT) sales says crypto ecosystem is not only faster but less costly as well. He added that digital currency also has the “potential to create new ways for young people to earn, spend, save and send money.”
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After the Covid-19 pandemic caused traditional funding channels to dry up, some African activists responded by raising funds through cryptocurrency and non-fungible tokens (NFT) sales. The raised funds have in turn ensured the sponsorship of activists’ welfare work continued unhindered by pandemic-related challenges.
Although cryptocurrency is still relatively new to some activists, a director of a nonprofit based in the Kenyan slum known as Kibera is quoted in a Thompson Reuters Foundation report stating that this is in fact a faster way of raising funds.
“Raising funds through cryptocurrency was something new for us. But it is now going to inform how we implement our social welfare activities because we have seen how fast we can move on fundraising,” explained Byrones Khainga, the director of technical services at Human Needs Project.
According to the report, Khainga’s Human Needs Project was involved in installing a plastic-made sculpture depicting a giant tap. The sculpture was created by Benjamin Von Wong an artist/activist — who has raised funds by selling NFTs — and Degenerate Trash Pandas, a Kenyan NFT community advocating against plastic waste. Together, they reportedly raised $110,000 via NFTs and these funds were used for the installation of the giant plastic sculpture.