Restaurateur, chef and entrepreneur Kimbal Musk points to another unusual use case for decentralized industry
Innovator and visionary, board member of Tesla Inc. and SpaceX, Kimbal Musk is certain that Web3’s ethos and practices can be of great use in philanthropy.
“$ 100,000,000,000 a year just in America”
Kimbal Musk shared on Twitter that implementing Web3 in philanthropy could unlock twelve-figure funds for the philanthropy segment.
This jaw-dropping sum can be added to the volume of money in this sphere just in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly advance its resource-efficiency.
Namely, Web3 tools will remove unnecessary elements of bureaucracy from this trending sphere.
Mr. Musk’s Twitter audience agreed with his statement, while some commentators added that Web3 instruments could eliminate corruption—not only bureaucracy—from philanthropy.
Crypto and charity: the road is long
In 2021, many charitable initiatives are using the Web3 instruments in one way or another. Typically, major charitable foundations add traditional cryptocurrencies as payment tools.
As covered by U.Today previously, DeFi project Munch created a purpose-made platform for The Giving Block charity conglomerate that features 200 non-profits.
In addition, many NFT products organize charitable gifts. Namely, the APENFT, supported by Binance and Tron, co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.
