In the fascinating confluence of philanthropy and cutting-edge technology, Teddy DAO, an initiative built on the Polkadot blockchain, is on a mission to introduce traditional donors to the intricate world of Web3. The project has successfully raised approximately $14,000 to support a wide array of charitable causes, encompassing initiatives focused on children’s welfare, combatting human trafficking, cancer research, and much more.
Additionally, Teddy DAO has an admirable commitment to distribute 190 physical Teddy Bears to underprivileged children this year, accompanied by the pledge to donate a Teddy DAO NFT for each minted NFT. The Teddy DAO collection, comprised of perpetual NFTs, directs the proceeds from its sales towards charitable endeavors. Moreover, donors to this noble cause enjoy the added benefit of potential tax advantages, as the Teddy DAO Foundation holds an official charitable status recognized by the U.S. Internal Revenue Service (IRS).
Engaging Traditional Donors
Despite making early strides in creating a positive social impact, Teddy DAO has yet to make substantial inroads into the traditional donor sphere. One of the challenges lies in the emergent nature of Web3 technology, which remains largely unfamiliar to most of the donor community.
While statistics reveal that around 67% of households in the United States allocate up to 3% of their income to charitable causes, a 2022 Harvard Business Review survey unveiled an astonishing fact: nearly 70% of more than 50,000 respondents admitted to having no knowledge of what Web3 entails. This stark revelation underscores the need to bridge the awareness gap among potential contributors who can leverage the Web3 space to champion humanitarian causes.
Teddy DAO is keen on addressing this educational gap by launching an extensive Web3 education program aimed at traditional donors. It further anticipates that its mission will gain substantial traction when JustGiving, a prominent fundraising platform, initiates the project across its extensive network of over 450,000 charities.
David Chapman, the visionary behind Teddy DAO, shares that the project will introduce an enlightening series, “Teddy Tuesdays,” focused on educating traditional donors about Web3 technology and the significance of their involvement in this transformative initiative.
5% of NFT Royalties Fueling Charity
Teddy DAO has made a noteworthy disclosure regarding the implementation of a 5% royalty structure in the event of a secondary market for its NFTs. These royalties will be directed into the project’s treasury, with members of the decentralized autonomous organization (DAO) gaining the authority to vote quarterly on the allocation of funds to the various charitable organizations supported by the foundation.
Additionally, Teddy DAO emphasizes its unwavering commitment to promoting energy efficiency within the context of its charitable undertakings. The platform’s selection of Polkadot as its blockchain infrastructure of choice is underpinned by the blockchain’s well-acknowledged minimal carbon footprint, aligning with the project’s eco-conscious objectives.