The non-profit NFT autonomous organization FAB DAO will launch the "Hundred Peaks Project," creating a donation perpetual motion machine.

NFTs can be more than just avatars or games! The charity NFT "Hundred Peaks Project%" brought by FAB DAO collaborates with domestic charitable organizations and art institutions as partners, focusing on public welfare, culture, and art. Together with Taiwan's top five NFT artists, they are creating resalable donation receipts.

From National Memes to Eternal Motion of Donations

FAB DAO founder Mashbean, a former doctor turned meme artist, created the "Crossed-line Ball National Flag" last year, which has become one of the most common symbolic landscapes in Taiwan. While various companies used the design to make products, he instead tokenized the original image, completed a charity NFT auction, and donated the proceeds to charity organizations. His friend, NFT artist Wu Zheyu, also donated the proceeds from his creations to support such blockchain charitable applications.

Since August last year, like-minded doctors, artists, consultants, interpreters, local revitalization advocates, and educators have come together under the name Formosa Art Bank, to establish a decentralized charity organization rooted in web3. It is also a DAO (decentralized autonomous organization), applying decentralized autonomous organization in the charity world.

FAB DAO believes that the value of NFT comes from community consensus, and the longest-lasting consensus of human civilization should be artistic works, charitable actions, and cultural memory. If nonprofit organizations (NPOs) can issue and sell their own NFTs, allowing the public to "donate while collecting," coupled with the royalty mechanism provided by smart contracts, reselling NFTs is equivalent to "donating again" to the original NPO.

If "donation receipts" are valuable art pieces, the boundary between donation and investment will become blurred. If holders repeatedly trade these NFTs, they are essentially creating perpetual motion machines for NPOs.

Charity with Cryptocurrency, What are the Advantages of FAB DAO?

Although there are precedents of cryptocurrency donations at the United Nations and even in the recent Ukraine-Russia conflict, Taiwan still lacks appropriate channels for such donations. But why use cryptocurrency, purchase NFTs, to achieve donations?

In the donations to the Ukraine conflict, the first donation from Taiwan to Ukraine was in cryptocurrency. Before the public sector provided trustworthy fundraising accounts, the trustworthy smart contract provided by Ukrainian artists allowed cryptocurrency donations from around the world to be almost instantly transferred to Ukraine.

FAB DAO believes that the real value comes from nonprofit organizations. In addition to the speed of donations, the transparency of blockchain-native funds flow can help establish public trust in donations, and the greatest value of issuing NPO-NFTs is to form a recognizable "donation community."

Nonprofit organizations must be the issuers of NFTs, not through other units "donating after deducting costs." When public organizations are recognized for their concrete actions or establish more detailed communication channels with donors, the honor and enthusiasm of collectors can be transformed into market price support.

Over the past few months, FAB DAO has assisted art communities, Loshan Care Home, animal conservation, transitional justice, and other issue organizations in issuing NPO-NFTs, all of which have been sold out, gradually building a charitable donation community. Next, FAB DAO will carry out the NFT public sale "Hundred Peak Project %," promoting the charitable use of cryptocurrency and NFTs through ten thousand generative art mountain scenes.

How to Create Resalable Receipts?

"If Van Gogh sold paintings to fundraise for Notre Dame in the 19th century, and collectors bought paintings to donate, is it charity or investment?" However, even if traditional donation receipts are turned into NFTs, it is hard to imagine other buyers wanting to collect them. How can donation receipts be made valuable and traded in the market?

Mashbean believes that to make "blockchain donation receipts," that is, charity NFTs valuable, one must first find promising artists with mature creative techniques and rich creative energy. When an artist's new works steadily improve in quality, past works that have been issued also have the opportunity to become coveted items that rise in value with the tide.

To increase the market value of donation NFTs, the "Hundred Peak Project %" brings together the top five generative artists in Taiwan to create five series of NFTs under the name "Hundred Peaks," rallying each "%" to co-create a decentralized public welfare organization in WEB3. Currently, the market prices of individual works by artists are more than two to ten times the sale price of "Hundred Peak Project %."

NFT artist Wu Zheyu stated that he will donate the auction proceeds from the well-known generative art platform Artblocks' NFT to FAB DAO, hoping to discover more outstanding Taiwanese artists and drive a positive cycle of blockchain philanthropy.

NFT artist Wang Xinren Aluan also donated fifty pieces of the "Meow" series from Tez dozen to FAB DAO for charity sale, with all proceeds going to animal protection.

NFT artists Lin Jingyao, Lin Yiwen, and Wang Xinren, in a collaborative series before the public sale of "Hundred Peak Project %," sold three million Taiwanese dollars in five minutes and donated 25% of the proceeds to FAB DAO.

By matching public welfare projects with artists and creating a blockchain mechanism where purchasing equals donating, such "donation receipts" not only ensure money goes to the right hands but also help discover future Van Goghs.

Encouraging Endless Games in Public Welfare

In the FAB DAO whitepaper, there are six expenditure items. Additionally, in FAB DAO's Discord, two AMA (ask me anything) sessions are held weekly to closely communicate with other organizations and answer questions from all participants. The goal is to utilize the best qualities of blockchain to carry out the best actions in the real world.

1. Initial Costs 20%:
By the end of 2023, team salaries, administrative tasks, website development, contract drafting, transportation expenses, and other organizational operational costs will be covered by this expenditure.

2. Artist Fees 10%:
Covering NFT production costs, including establishing a designated charity fund for artists.

3. NPO-NFT 10%:
Assisting nonprofit organizations in issuing their own NFTs, including project costs for planning, production, and marketing. Expenses are reported based on actual spending.

4. Supporter 0%:
Assisting novice artists in tokenizing and selling NFTs, providing wallets, on-chain transaction fees, and market consultations. Currently, there is an independent donation wallet, which balances income and expenses without using funds from the "Hundred Peak Project %" public sale.

5. Public Purchase Fund 20-45%:
After guiding NPOs in issuing NFTs, the remaining NFTs are repurchased based on sales to ensure the fundraising amount of NPO-NFTs. If NPO-NFTs are fully sold, the entire public purchase fund is retained and becomes funds for subsequent sales and repurchases.

6. DAO Development 10-15%:
Developing governance software that allows "Hundred Peak Project %" NFT holders to collectively decide and become a compliant decentralized governance organization.

"Hundred Peak Project %" Public Sale Information

Sale Date: Please refer to the official announcement from FAB DAO for the exact time.
Website: https://project.fab.tw/
Facebook: https://www.facebook.com/FABDAOtw
Discord: https://discord.gg/KdKpSAcwXp
Twitter: https://twitter.com/FABDAOtw