US congressional candidates are selling non-fungible tokens (NFTs) for campaign fundraising and donor exclusivity.
Just last month, Blake Masters, a Republican Senate candidate in Arizona offered 99 NFTs priced at $5,800 each. In return, token holders receive a digital cover art of his book Zero to One, co-authored with venture capitalist Peter Thiel. In case he doesn’t win the GOP primary, Masters has promised to return half of his donation but would allow donors to keep the NFT.
Likewise, Shrina Kurani, a Democratic House candidate from California is offering 2,022 NFTs as incentives for donors.
In August, Republican Scott Jensen, a gubernatorial candidate in Minnesota offered two batches of 25,000 NFTs priced at $5 each. Token holders receive posters of him with carnival-themed backgrounds. He assured that just like digital trading cards, the poster NFTs would ‘accumulate value based on time and scarcity.’
Even Melania Trump recently launched NFTs for donors to collect ‘rare and limited-edition pieces while benefiting children in the foster care community.’ Similarly, political action committees also appear to be jumping on the latest digital hype. HODLpac, a political action committee focused on crypto is planning to sell NFT membership cards or campaign pins.
Beyond the United States, a South Korean 2022 presidential candidate recently announced the issuing of NFTs as recipients to his election donors. The campaign will accept cryptocurrencies like bitcoin, ether, and one of three other cryptocurrencies under review.
NFTs exploded in popularity in 2021, especially after artist Beeple sold his landmark NFT sale for $69.3 million in March 2021. According to Chainalysis, the NFT market saw more than $40 billion in sales just last year alone. And it now seems that the political space is just getting on the NFT hype.