While some might consider the NFT art form merely as a ballooning fad, others are now only scratching the surface of its potential in driving revenue as well as boosting support. From the recently unveiled Gucci NFT vault project to NARS's beauty NFTs, the non-fungible token fad has no sooner invaded every avenue across the financial landscape, reaping with it acclaim as well as monetary gain.
Entering this fold now are politicians, like Republicans Dr. Scott Jensen and Blake Masters, who are turning to the blockchain-based token for the obvious publicity yet also for some additional financial coverage. These aforementioned candidates alone have raised several thousands of dollars from their pivot to a more mainstream digital approach regarding their campaign strategies.
For Jensen, it's all about allocating something tangible and fun for those that back the candidate. This change in insight has netted Jensen's campaign, interestingly, a whopping "2,500 new people," according to Max Rymer, a digital consultant for the Minnesota Republican gubernatorial candidate.
Masters sees these digital tokens in the same light. Some have highlighted the NFTs coins as nascent art forms, but to Masters it can be a mere purview into the type of candidate one aims to support. The Arizona US Senate candidate opted to formulate the NFT crypto tokens as the cover of his co-authored book, "Zero to One," a move that raked in almost $575,000 in campaign funds.
Beyond simply artistic concepts, the NFts coin itself can be monopolized and utilized in a variety of interesting ways. One such underlying method allowed by NFTs is the access to special events, almost like gaining that golden ticket from Willy Wonka - only every single ticket is in and of itself unique.
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In this instance, Masters issued each NFT that featured the cover of his book with a signed copy and a meet-and-greet with the author and its co-author, Peter Thiel. The latter is a giant in technology, an entrepreneur who devised PayPal and Palantir. Alongside Masters, Thiel assisted in the development of the NFT collection provided by the candidate.
In other areas, NFTs likewise give candidates a tech-savvy image and a far more approachable stance for the younger crowds, especially those who would typically vote left as opposed to Republican. While some may interpret them as a quick cash grab, a major scam, or an ultimate marketing campaign, others see the potential in how NFTs beyond simply a metaverse play can literally bridge people together and maintain communities.
Numero is an online fundraising platform co-founded by Brian Forde. It's looking to evolve its approach even further via NFT integration, giving Democratic campaigners a step up with the electables.com division to help re-energize the stagnating leftist formula. Some Dems view NFTs as a danger to their stance on environmental change, given the various issues plaguing NFTs and climate, but others seem to see the dollar signs where warning bells reside.
"What surprised me the most about NFTs is how quickly and powerfully one connects and builds a community of strong supporters," Forde remarked to ABC News. His electables.com platform already vies for supremacy amongst Dem voters, holding within it 300 waitlisted campaigns to be backed by NFTs, which will launch officially in March 2022.
There's very little regulation as of yet surrounding the NFT boom, thus, it is primed for various scams. In terms of utilizing them in campaign funds, Federal Election Commission's Commissioner Ellen Weintraub says NFT fundraising remains in a gray area. Thus, electables.com and other platforms will no sooner become a burgeoning norm in the political sphere as NFTs take over every facet of the normal day.
