The first NFT charity auction in Singapore is expected to raise $250,000 for lower-income families
The Blockchain Association Singapore (BAS) and the National Trades Union Congress (NTUC) U Care Fund will be launching ‘Blockchain For Good’, the country’s first Non-Fungible Token (NFT) charity auction event from 4th to 10th October 2021.
Non-Fungible Tokens, commonly known by their acronym NFTs, are unique digital tokens that cannot be replaced, exchanged, copied, or divided into smaller parts. They contain unique information when stored on a blockchain, and they represent digital or real-world collectibles like art, music, in-game items.
Supported by key collaborators including Singapore Airlines, Drew & Napier, and Nexia TS, the NFT charity auction aims raise a total of $250,000 for the event, and public individuals such as Speaker of Parliament, Mr Tan Chuan-Jin, will be making personal contributions to raise the sum. The funds raised will be channelled towards welfare assistance programmes like helping lower-income families with their daily expenses by NTUC-U Care Fund.
“This charity event is an exciting moment for the Republic. We are honoured to be able to leverage our expertise and network to contribute to such a noble cause. The possibilities that blockchain technology provides us seems limitless, and we are fully behind utilising blockchain and NFTs to support Singapore’s first NFT charity auction.” said Mr Chia Hock Lai, Co-Chairman of BAS.
NFT experts and artists have also been invited to share their expertise throughout the 7-day event, and NFT influencers like Miss Mai Fujimoto, also known as Miss Bitcoin, and Yang Amat Mulia Pengiran Anak Hamlatul Arsy Mulia, daughter of HRH Prince Haji Sufri Bolkiah, will be contributing their NFT artwork for auction. Individuals can also contribute their NFTs for auction via www.singaporenft.org.
NFTs have seen a rise in popularity at the start of the year with high-profile sales such as Beeple’s $69 million NFT artwork. NFT sales in the first quarter of 2021 hit a record US$2 billion dollars, and celebrities like Lindsay Lohan have contributed to the hype by launching their own NFTs.
Mr Zainal Sapari, NTUC Assistant Director-General and Director of NTUC Care and Share Department, said, “We are happy to collaborate with industry associations such as BAS as part of our fundraising efforts this year to help our lower-income members and their families, who may need an additional boost to tide through these difficult times. It is our first time doing an NFT charity auction; and I hope, this new and unique initiative will pique the interest of corporates and individuals to come on board through similar means for us to make it a sustainable fundraising effort for a worthy cause.”