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U.S. Political Candidates Turning To NFTs To Raise Election Funds

CryptocurrencyOct 12, 2021 04:00AM ET
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U.S. Political Candidates Turning To NFTs To Raise Election Funds

  • U.S. Democrats are shifting to NFTs for fundraising.
  • The platform’s first round of NFTs is from the Texas Democratic Party.
  • Front Row to set a price cap of $5,800 for its Federal candidates.

As the need for non-fungible tokens picks up, so is the adoption of it in many sectors. The latest adoption is that from the Texas Democratic Party. Precisely, a new Democrat-backed group, Front Row has announced its partnership with the Texas Democratic Party. The collaboration aims to drive a non-fungible program aiming to raise money for the party’s candidates.

In a press release on Oct. 11, the progressive organization Front Row declares it minted digital images of key moments. The images are related to the progressive movement. Also, the non-fungible tokens (NFTs) are currently listed for sale. Few of the NFTs presented for the sales include ‘wanted’ posters portraying conservative Texan lawmakers fleeing the state.

Front Row Co-founder Parker Butterworth says,

NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have.

More so, many investors and crypto enthusiasts are making a shift to digital assets and as such, its popularity keeps soaring. Herein, this is a big nod for the NFT community in the U.S. as many discussions about digital assets in the current 117th Congress have seen NFTs eluded.

According to Front Row, the funds raised via the NFTs will go at once to the political groups and candidates. However, Front Row clarifies it intends to follow the current campaign finance laws. Furthermore, This means the price limit will be set at a $5,800 cap. The U.S. law states that candidates for federal offices cannot receive more than $5,800 from one person for the sale of one or more NFTs.

Finally, to support the carbon capture and reduction causes, Front Row says all its blockchain platforms will try to be carbon neutral. Similarly, they intend to do this by donating a portion of the NFT proceeds, starting from Texas. In the future, they will expand to other parts of the U.S.

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U.S. Political Candidates Turning To NFTs To Raise Election Funds
 

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