Polkadot (DOT)-based charity challenge Teddy DAO needs to appeal to extra conventional donors to its trigger by selling Web3 education.
To date, the initiative has garnered about $14,000 in contributions to supporting charitable causes, together with these centered on youngsters’s welfare, anti-human trafficking efforts, most cancers analysis, and others.
Moreover, the challenge is ready to distribute 190 bodily Teddy Bears to underprivileged youngsters this yr in alignment with its dedication to donate one Teddy DAO NFT for every minted.
Teddy DAO is a perpetual NFT assortment that donates its sale proceeds to charity. Donors to the challenge can get pleasure from tax advantages as a result of the Teddy DAO Basis holds official charitable standing with the U.S. Inner Income Service (IRS).
Attracting conventional donors
Regardless of making early social impacts, the challenge has but to penetrate the standard donor market successfully. This can be partly due to the emergent nature of web3 know-how, which remains to be not broadly understood by most donors.
Whereas round 67% of U.S. houses give up to 3% of their earnings to a charity, a 2022 Harvard Enterprise Assessment ballot showed that almost 70% of greater than 50,000 claimed not to know what web3 is. This ballot reveals that many individuals have no idea they will use the web3 area to help humanitarian causes.
Teddy DAO seems to be to overcome this problem by facilitating a Web3 education program for this class, including that its trigger can be vastly supported when JustGiving begins rolling out the challenge to the over 450,000 charities inside its community.
David Chapman, founding father of Teddy DAO, instructed CryptoSlate that the challenge would launch an academic X House sequence tagged “Teddy Tuesdays” to educate conventional donors about Web3 and the challenge.
“We have a chief aim to educate traditional charity donors and let Teddy DAO be a gateway into the world of Web3,” Chapman added.
5% of NFT royalties to treasury
Teddy DAO disclosed {that a} 5% royalty construction can be applied upon making a secondary marketplace for its NFTs. The royalty can be collected within the challenge’s treasury, and members of its DAO may vote quarterly on how to distribute funds to charities within the basis’s treasury.
In the meantime, Teddy DAO reaffirmed its dedication to selling power effectivity inside its charitable endeavors. The platform emphasised its choice of Polkadot due to the blockchain’s acknowledged minimal carbon footprint.
