Congressional candidates turn to NFTs as form of campaign finance
Non-fungible tokens, also known as NFTs, have made their way into politics, Bloomberg reports.
In fact, some congressional candidates have even begun selling NFTs to help finance their midterms campaigns. For instance, Democratic House candidate Shrina Kurani and Republican Senate candidate Blake Masters have both offered NFTs as "incentives for donors," albeit "to varying degrees of success," Bloomberg reports (these are, after all, still "the early days of crypto's push into politics").
"NFTs are our campaign merchandise," said Kurani, who's running in California. Kurani said she was the first to distribute NFTs to donors through digital marketplace SolSea, and hopes her crypto approach will help galvanize a younger generation. She had raised $6,610 when her offer expired at the end of December.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Arizona-based Masters, on the other hand, said he raised almost $575,000 in late December "by promising to give donors tokens with cover art for a book about startup companies that he wrote with Silicon Valley billionaire and top Trump ally Peter Thiel," per Bloomberg.
Unlike Bitcoin, NFTs are not meant to be used as a currency, Bloomberg explains; rather, they are meant "to be held, sold, or traded as an asset," and are created with a "unique digital certificate of authenticity" using the same blockchain technology associated with Bitcoin and other forms of cryptocurrency.
Overall, however, fundraising consultants don't think crypto will become a completely mainstream contribution method any time soon, especially given questions about regulation. Critics worry such donations could circumvent donor disclosure requirements, though that hasn't stopped certain political committees — like the National Republican Congressional Committee — from joining in the crypto fun. Read more at Bloomberg.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
'Republicans want to silence Israel's opponents'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Today's political cartoons - April 19, 2024
Cartoons Friday's cartoons - priority delivery, USPS on fire, and more
By The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Israel hits Iran with retaliatory airstrike
Speed Read The attack comes after Iran's drone and missile barrage last weekend
By Peter Weber, The Week US Published
-
Peter Murrell: Sturgeon's husband charged over SNP 'embezzlement' claims
Speed Read SNP expresses 'shock' as former chief executive rearrested in long-running investigation into claims of mishandled campaign funds
By Arion McNicoll, The Week UK Published
-
Mark Menzies: Tories investigate MP after 'bad people' cash claims
Speed Read Fylde MP will sit as an independent while party looks into allegations he misused campaign funds on medical expenses and blackmail pay-out
By Arion McNicoll, The Week UK Published
-
Why Johnson won't just pass Ukraine aid
Speed Read The House Speaker could have sent $60 billion in military aid to Ukraine — but it would have split his caucus
By Peter Weber, The Week US Published
-
Sudan on brink of collapse after a year of war
Speed Read 18 million people face famine as the country continues its bloody downward spiral
By Peter Weber, The Week US Published
-
Trump's first criminal trial starts with jury picks
Speed Read The former president faces charges related to hush money payments made to adult film star Stormy Daniels
By Peter Weber, The Week US Published
-
How will Israel respond to Iran's direct attack?
Speed Read Iran’s weekend attack on Israel could escalate into a wider Middle East war
By Peter Weber, The Week US Published