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NFT Update: Democratic Candidates Wants To Use Tokens for Fundraising Efforts

NFT
TOPSHOT - A woman looks at a NFT by Ryoji Ikeda titled "A Single Number That Has 10,000,086 Digits" during a media preview on June 4, 2021, at Sotheby's for the Natively Digital: A Curated NFT Sale Online Auction to take place June 10, 2021. - They are technology enthusiasts on the hunt for opportunities in the Wild West market surrounding NFTs: the popular certified digital objects that have spawned a new generation of collectors convinced of their huge potential. (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

Front Row, a progressive marketplace, has announced that it will collaborate with the Texas Democratic Party to test a scheme that would utilize non-fungible tokens (NFT) to raise funds for candidates and causes.

Front Row claimed in a statement on Oct. 11 that it had already produced digital pictures of significant events in the progressive movement and was selling NFT. “Wanted” posters portraying conservative Texas legislators leaving the state are among the NFTs on display.

NFT

A woman looks at a NFT by Ryoji Ikeda titled “A Single Number That Has 10,000,086 Digits” during a media preview on June 4, 2021, at Sotheby’s for the Natively Digital: A Curated NFT Sale Online Auction to take place June 10, 2021. – They are technology enthusiasts on the hunt for opportunities in the Wild West market surrounding NFTs: the popular certified digital objects that have spawned a new generation of collectors convinced of their huge potential. (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

NFT Collected By Front Row To Go To Political Orgs Directly

Front Row claims the money collected via its NFTs would go “directly to political organizations and individuals, Coin Telegraph said. Axios said those who want to join would treat NFT purchases like campaign contributions.

Still, it doesn’t explain how digital purchases will comply with existing campaign finance regulations. Candidates for federal positions seem to be prohibited from receiving more than $5,800 from a single person to sell one or more NFTs under US law.

“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,” said Front Row co-founder Parker Butterworth, likely referring to Republicans. “We can’t wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”

The arrest warrants for the Texas Democratic legislators who left the state last summer to avoid passage of a restricted voting rights bill are among the first NFTs for sale, including animation.

According to The Hill (via MSN News), the starting price is $1,000.

ALSO READ: Sen. Manchin Wants to Reduce Cost of Democrats’ Sweeping Spending Bill to $1.5 Trillion

Front Row Says It Would Try To Be Carbon-Negative

Front Row stated it would try to be carbon-negative by giving a part of the NFT profits to “carbon capture and reduction” initiatives, in keeping with progressive ideals. Though the platform is launching at the state level in Texas, it has indicated that it may eventually grow to include national politicians and issues.

NFTs have mostly been missing from congressional discussions. That’s the case, although numerous municipal, state, and federal candidates for office in the United States have declared that they would take cryptocurrency contributions in an attempt to attract younger, tech-savvy voters.

According to Cointelegraph, the current 117th Congress has introduced 18 measures in 2021 that deal with digital assets and blockchain technology.

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