Art Prodigy gives NFT proceeds to disadvantaged students
A non-fungible token (NFT) painting of a 14-year-old art prodigy has sold for almost $ 23,000 at auction. The artist has since donated these profits to students affected by the COVID-19 pandemic.
Vietnamese painter Xeo Chu raised over 500 million Vietnamese dong (VND) after auctioning off his painting Lucky apricot flowers on Binance. According to reports, the work sold for USD 22,899 Binance (BUSD).
Profits were raised to help students left disadvantaged by the COVID-19 pandemic. Specifically, the artist donated 20 laptops, as well as ten scholarships, to senior students. Xeo Chu made these donations through the non-profit organization VietSeeds, whose mission statement is to provide equal access to university education in Vietnam.
This is not the artist’s first effort to help those affected by the pandemic. In July, Xeo Chu launched an online exhibition called Pandemic Paintings. This exhibition raised funds to help COVID-19 frontline workers based in Ho Chi Minh City (HCMC).
NFTs sell for good causes
NFTs have taken the world by storm this year, finding their mark in most branches of lifestyle, including the arts, entertainment and sport. While in many of these cases, the NFT collections were launched for commemorative or merchandising purposes, some were released to support good causes. Just like the painting by Xeo Chu.
For example, singer Michelle Phillips, lead singer of iconic ’70s folk rock band The Mamas & the Papas, auctioned off original NFT artwork in June. This was for the benefit of The Painted Turtle, a charity that runs free camps for children with serious medical conditions. The company ViciNFT, which managed the Phillips auctions, requires that all of its NFT auctions have a philanthropic foundation.
Even earlier in the year, leading business magazine Forbes auctioned off an NFT cover for charity. A first for the publishing industry, as they claimed at the time. The NFT portrays the major players in the crypto industry, Tyler and Cameron Winklevoss, whose NFT platform, Nifty Gateway, hosted the auction. In the end, the auction raised over $ 300,000 for two journalistic charities. Namely, the Committee to Protect Journalists (CPJ), set up to promote press freedom around the world; and the International Women’s Media Foundation (IWMF), which works to support, protect and recognize the role of women journalists.
Much more recently, even BeInCrypto jumped on the NFT bandwagon for charity. To celebrate its third anniversary, BeInCrypto will launch and auction nine new NFTs to benefit the Open Earth Foundation. The NFTs will accompany an article by a cryptocurrency expert and digital illustrations of the Exquisite Workers project.
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