The cryptocurrency industry has done a lot in recent years to show that digital coins are more than just a tool for hackers to get paid in ransomware attacks. Different projects, companies, and even individuals have worked hard to provide cryptos with a variety of use cases, and a particularly notable use of digital coins has been for charities. Binance, for example, donated to the victims of Beirut Explosion last summer, and Twitter CEO, Jack Dorsey, donated earlier this year from his NFT sale.
The most recent crypto charity donations, however, came from a brand-new project called Myōbu, which made donations to a variety of charities based on its community’s predictions regarding football matches. They called it the EURO 2020 Competition.
What You Need to Know About Myōbu
There are two things that stand out regarding Myōbu the most — its efforts to eliminate price manipulation via massive sell-offs, and its goal to make crypto fun and positive. Eliminating price manipulation required the project to come up with some very strict rules, such as only allowing sales that would have a maximum impact of 2.9% on the token’s price. Another rule is that there has to be a cooldown period between sales, and it continues to grow after each consecutive sale.
In addition to the cooldown, the project also has taxes that grow with each consecutive sale, and it distributes the collected money to the holders. There are also fees for each consecutive sale that collect the money for development. So, it really doesn’t pay to sell these tokens. On the other hand, holding them means that users will receive rewards, and thanks to buybacks and token burns, the price floor continues to increase.
As for making crypto fun, engaging, and positive — that’s what the Fox Hole Fund is for.
Myōbu’s Fox Hole Fund Offers Donations to Charities
Essentially, the project used the recent football games, allowing the community to vote on who they think will win the quarterfinals, semifinals, and finals. If the community chose correctly, then the project would donate funds to charities. For correct guesses, charities will receive 0.25 ETH (quarterfinals), 0.5 ETH (semifinals), or 1 ETH (finals) per goal.
If the community picked the losing team, then the project would still donate, only in that case, it promised to donate 0.25 ETH (quarterfinals), 0.5 ETH (semifinals), and 1 ETH (finals) per game.
The project has already donated to several charities following the games, including Save the Children International, Cool Earth, The Water Project, and The Leukemia & Lymphoma Society.
In the end, this is a fun and engaging way for the community to win some money for itself, charities, and come together by making sports bets that were meant to help others. The project also sold multiple limited editions of MYOBU NFT cards. With the event being a huge success, the project has already made a number of new cards for future events.