With the evolution of technology, philanthropy has also undergone a transformation — shifting from traditional forms of charity to online fundraising platforms.
Now, with the development of Web3 technology, there will be another radical shift that will further alter the way we think about philanthropy, and startups like Homespace are at the forefront of this change.
Launched in 2022, Homespace is a decentralized virtual platform that is working to streamline the donation process and attract a larger audience of potential donors by leveraging Web3 features — such as decentralized networks, enhanced security, and transparency.
To provide an example, in December, Homespace launched a charity campaign — Homespace Christmas Charity — in which participants were invited to take part in a virtual space and donate to a specific fund, with all donations going to selected charities. In exchange for their contributions, over 200 donors got a digital collectible — a Homespace Christmas present — as a sign of gratitude.
The campaign’s success showcases the transformative impact of Web3 on donation culture.
NFTs, cryptocurrencies, and the metaverse have indeed opened up new and exciting opportunities for philanthropy and donations.
Aside from security and transparency, Web3 would allow for cheaper fees than traditional financial institutions, allowing more of the donation to reach the recipient organization, and cross-border donations without the need for middlemen, lowering costs and boosting transaction speed.
