Scott Koegler

Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

Find his portfolio here and his personal bio here

Nonprofits Are Turning to NFTs for Revenue

There has been a lot of talk about Non-fungible Tokens (NFTs) over the past year. This buzz reached its peak in March 2021 when digital artworks began making tidy sums of money in sales. Since then, different groups of people have purchased NFTs, and hundreds of online marketplaces have emerged offering services for purchasing and selling NFTs. Given the amount of money in NFTs and the world of digital art, many industries and individuals have begun considering it. Among those who have shown interest in NFTs are the nonprofits and their benefactors, who have seen the possibility of leveraging this new technology for charitable works. Since this technology is new and not known to many, it is important to understand what it is and how nonprofits can benefit from it.

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Your Challenges for This Year

The past three years were the most challenging ever witnessed in human history due to the COVID-19. For nonprofits, the challenges were even bigger, considering the number of people in dire need of humanitarian assistance. With the social distancing regulations in effect, nonprofits were also forced to find new ways of interacting with their volunteers, staff and donors, and the community with whom they operate. These measures meant that most of the staff of these organizations had to work from home. As we enter the new year, 2022, we expect to see nonprofits taking measures to ensure that challenges that emerge in the future do not affect their operations again. Here are some challenges that nonprofits are facing in 2022.  

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What Makes It a Nonprofit?

When starting a business, you are likely to come across many phrases, key among them some terms like “nonprofit” and “not-for-profit” often thrown around. While it can be easy for you to assume that they mean the same, they are actually different from each other. That is why you need to understand it properly before you embark on the company registration exercise. The differences between the two have implications on taxation, governance and functions. While the two are close, they contrast with for-profit organizations. Here is what the terms mean so that you can understand which one is the right one for your business venture.

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