Charitable sustainable NFTs to support the 17 UN SDGs

Blockchain and NFTs can help to achieve a green post-COVID-10 recovery that is in line with the 17 Sustainable Development Goals of the United Nations. Experts answer Experts answer Synthesis report by the secretariat,” which shows that the world is not on track to reach the Nationally Determined Contributions (NDCs) to address climate change in accordance with the Paris Agreement.Furthermore, 200 of the world’s leading health journals released a joint statement, pleading with global leaders to cut greenhouse gas emissions to mitigate climate change, which they say is the greatest threat to public health (Sustainable Development Goals 3 and 13). Related: Blockchain tech makes sustainable growth goals more achievableA plan to recover from the pandemic requires understanding the connections between climate change, inequality, and health; and implementing ambitious climate policy that aligns with the Paris Agreement. The 17 Sustainable Development Goals (SDGs) of the United Nations are a call to action for all countries and individuals to protect the planet and promote prosperity. These goals are a call for all countries and people to take action to protect the planet and promote prosperity. The pandemic has caused disruption in lives, pushed hospitals to the brink, and caused a global economic slowdown that resulted in losses of over $1.7 billion for the United States’ arts and cultural sector. According to X4Impact, a data insights, research, and consulting company for social innovation in the United States, over 457,000 nonprofit organizations have received funding totaling $2.9 trillion. However, they continue to see an increase in demand for their services despite a decrease in income. LuxTag Blockchain/NEM tracked the auction bidding sales process, tracking sale proceeds, and distribution of proceeds to charities. The auction bidding sales process, tracking sale proceeds and distribution of proceeds to charities was tracked by LuxTag Blockchain/NEM.”Since June 2020, when I held my first digital art show inspired by climate change and COVID-19 (SDGs 3 and 13), NFTs and blockchain technology have steadily seeped into the art and charity world, enabling artists and museums to monetize their work and continue to receive payments for their work even after it is sold.Related: Digitizing charity: We can do better at doing good COVID-19: Museums and blockchainAmong the sectors most impacted by the pandemic are museums, which play an important role in raising awareness about climate change (SDG 13) and providing reliable information (SDG 4). LuxTag Blockchain/NEM tracked the auction bidding sales process, tracking sale proceeds, and distribution of proceeds to charities. The marketplaces and currencies with low carbon footprints offer an easy, fair, and ethical access to NFTs and blockchain. This shifts the industry away from the high-energy-consuming, exclusive, and money-making space that is depicted in media. She explained further: “But once we’re in the education phase, museums will find fantastic ways to reach new young and creative audience ready to engage into purposeful project, share their collections through innovative interactive and immersive processes as well as new models for self-sustaining themselves. There is a race between museums and artists to tap into the NFT marketplace to monetize their works. In order to offset the ongoing COVID-19 crisis budget shortfalls, Russia’s Hermitage Museum sold NFTs of several masterpieces through Binance’s NFT marketplace. The auction also included the sale of a Leonardo da Vinci work for $440,000. New York’s Metropolitan Museum of Art is expected to sell 219 prints and photos to make up the $150 million in lost revenue. It allows people to make offers on tweets that have been “autographed” by their creators. This platform, called Valuables, facilitates charitable giving through NFT sales to vetted social-impact organizations. It will provide ever-increasing opportunities for charitable causes that share the UN 17 Sustainable Development Goals, such as ending hunger and solving climate change. William Quigley, a cryptocurrency investor and co-founder at NFT blockchain platform Worldwide asset Exchange (WAX), and co-founder at fiat-backed stablecoin USDT (USDT), told me about WAX’s new charitable initiative that addresses SDGs 13. The company, which provides an eco-friendly platform for NFTs and video games, has launched a new collection “Carbon Offset VIRL” NFTs. As Quigley said: “For every $1 ‘composted’ in WAX’s sustainability-driven collection, the National Forest Foundation will plant one tree sapling, each of which offsets an average of one tonne of carbon dioxide over its lifetime. WAX has officially set higher standards for blockchain responsibility. We have been tirelessly working to ensure that our blockchain is both efficient and inspires the community to think about the environment. We are confident that we can all make a huge, positive impact together with Carbon Offset(r) NFTs. Cryptograph’s cofounder Tommy Alastra, a blockchain pioneer, explained to me that Cryptograph is a major breakthrough in charitable fundraising. It allows charities to ride the wave of increased donations that are accessible from anywhere. Cryptograph, which is based in the new post-COVID world, will allow charitable foundations to continue fundraising and receive a percentage of each NFT auction item in the resale marketplace on an ongoing basis. Creators have the option to choose their own SDG-focused charity organization to support. The Autism Science Foundation, which supports and funds innovative autism research (SDG 3), has announced that it will accept cryptocurrency and NFT donations through NFT donations are subject to U.S. tax treatment. An NFT is considered property and will be valued at its current market value. Non-cash donations of NFTs exceeding $500 will require donors to file Form 8283, which is required to meet Internal Revenue Service appraisal requirements. The individual donor can deduct the fair value of the donation, up to 30% of their adjusted income, if the NFT was held as a capital asset for longer than one year. The donor can deduct the cost basis or fair value of the NFT, up to 50% of their adjusted income, if the NFT was held as a capital asset for less than one year. If the donor received the NFT as payment for services rendered, the donor may claim a deduction on the fair market value on the date of receipt.Related: Nonfungible tokens from a legal perspectiveCharitable contributions that are not deductible in the current year, because they exceed the taxpayer’s adjusted gross income limitation, can be carried forward for five years.Donors of NFTs are urged to do due diligence concerning the platform on which they launch their NFTs to find out whether they are entitled to a U.S. tax deduction or not.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Selva Ozelli, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.

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