Kimbal Musk Thinks Web3 Adds $100B Per Year For Philanthropy
Where is your money going when you give to a charity or foundation?
It's a reasonable question that, unfortunately, sometimes warrants an unsatisfactory answer that disincentivizes some from donating to a cause.
Many believe Web 3.0 has the potential to change that drastically, decentralizing philanthropy to ensure more money is getting to those in need directly. Kimbal Musk, brother to Elon, subscribes to that belief.
"Using Web3 to decentralize philanthropy has the potential to unlock $100 billion per year, just in America, spent on bureaucracy," Kimbal Musk tweeted out on Friday.
Others have recognized this trend.
Sotheby's Metaverse last week announced its largest NFT charity auction yet, raising money to benefit public health workers combat the COVID-19 pandemic and opioid overdose crisis.
Those sales were processed by the Giving Block, a company that helps charitable organizations, universities and religious groups adopt cryptocurrencies and accept crypto donations.
The American Red Cross has accepted gifts in crypto since 2014, and in the last year especially, many athletes, celebrities and corporations have used NFTs to raise funds for their foundations and other causes they support.