Charities wade into NFT craze with mixed financial results

By MICHAEL THEIS of The Chronicle of Philanthropy
Chronicle of Philanthropy

While NFT technology was created to give artists more control over their work, they have spawned a frenzy as collectors look to cash in. As that speculation intensifies, a growing number of charities have begun to explore fundraising efforts tied to NFTs. Although some NFT charity auctions have yielded eye-popping sums, others have had limited success. Complicating matters, NFTs use new technologies that are generating lots of questions for accountants and regulators. There is still a steep learning curve associated with NFTs and cryptocurrency, said Joe Agoada, CEO of Sostento, which develops software and communication products for the health care industry. Accountants advising Sostento cautioned against accepting NFTs and other cryptocurrency directly.