StreetCode Academy Launches First-Ever pNFT; Pioneers New Model for Nonprofit Fundraising
First-Ever Philanthropic NFT Auction Brings Nonprofits to the Digital World; Bay Area Nonprofit of the Year Leverages New Tech to Support Mission of Bridging the Digital Divide
PALO ALTO, Calif., Sept. 15, 2021 /PRNewswire-PRWeb/ -- StreetCode Academy (StreetCode) today launches the world's first series of pNFTs (Philanthropic NFTs) for auction, launching a new fundraising model. This series will include one-of-a-kind digital prints featuring Justin Forsett, former NFL running back and founder of Hustle Clean; Julie Lythcott-Haims, four-time NYT best-selling author; Swoope, one of the hip hop singer, writer, producer; and many more.
Each pNFT will be available for auction, with the highest donor awarded during a live event on September 30th. The NFT was selected because it's a great example of how tech can benefit any creator, delivering a format where folks from any background can create, claim and benefit from their content, combating a pattern of art being co-opted and monetized without credit to the original creators.
Recently honored as a California nonprofit of the year, StreetCode works to bridge the Tech Gap, paving the way for underserved communities in the Bay Area and beyond to benefit from the digital economy. On the heels of unprecedented statements from across the tech sector in support of increasing diversity and inclusion, nonprofits still struggle to raise the funds required to operate. Many companies have yet to deploy the resources they've committed, unsure of how to effectively bridge the digital divide. StreetCode is - and has been - doing the work, with great outcomes. They're here to actualize the intention of building a more inclusive digital economy.
"Philanthropy, like so much of our world, can benefit from innovation and tech that helps connect and inspire us, even when we're not gathering as we normally do," said Olatunde Sobomehin, founder and Lead Servant of StreetCode. "As a tech-based nonprofit in the heart of Silicon Valley, we feel a responsibility to lead the way with tech innovations that will serve our community. While huge amounts of cash are changing hands through crypto and NFTs, we believe pNFTs let nonprofits participate, where we're only limited by our creativity, and not by the resources we have on hand to win grants, host donors, and otherwise play the traditional game."
How it works
From September 15 to September 30, StreetCode will mint a series of pNFTs, each uniquely made with the brand ambassador in mind, and then put up for an online auction, eBay-style. Anyone who participates and donates will take away a piece of this first-of-its-kind fundraiser, with tiered rewards:
- - Any Participant: Downloadable StreetCode Zoom background to showcase support
- - $250+: Take home a unique pNFT Zoom background
- - Winning Bid: The highest bidder on each lot will win that pNFT
StreetCode is a 501c3 organization.
The Ongoing Benefits to Philanthropists and Organizations
Traditionally, donor gifts are a one-time transaction, but each time a pNFT is resold, the original creator receives a percentage of the sale. In the case of a pNFT, the royalty can be set high (StreetCode's will be 90%). It also entitles the buyer to a tax write-off equivalent to the royalty percentage. This pNFT can continue to generate revenue indefinitely without the organization expending any additional resources.
"I love StreetCode Academy — what they do, what they stand for, and the heart behind it all. They are leaders within the tech and non-profit worlds, and they are raising up the next generation of leaders," said Greg Lutze, cofounder and chief experience officer of VSCO. "I'm proud to partner with them for this project. The world of NFTs is still relatively new and "Wild West," but I believe in the space — it's an opportunity for creators to own their value chain, to make what they love, and be rewarded for doing so. For StreetCode to be at the forefront of this space for non-profits is particularly compelling, as this is an opportunity for people to invest in NFTs and an amazing organization."
The event will be powered by the virtual fundraising platform Pledge to make it easy for other nonprofits and individuals to seamlessly replicate this pNFT auction process. StreetCode aims to demonstrate NFT's massive potential as an innovative fundraising tool by raising $100K in this landmark pNFT launch.
Join StreetCode on September 30th at 6 PM PT here to celebrate this historic moment as they disrupt philanthropy. To learn about how you can play a part in this movement, visit http://www.streetcode.org/pnft.
About StreetCode
StreetCode is based in East Palo Alto and is on the mission is to bridge underserved BIPOC community members with the resources they need to participate in the tech economy through education, training, mentorship, and more. StreetCode's focus is to enrich the lives of East Bay community members through tech literacy, curiosity, and competence—from the youngest to the oldest. Since they started their work in 2014 and less than 5 years on a limited budget, they've reached over 7,000 local community members.
Media Contact
Martha Shaughnessy, StreetCode, 415-987-0285, [email protected]
SOURCE StreetCode
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