Tech firm taps into cryptocurrency to help fund local charities
Social enterprise Little Phil is partnering with a cryptocurrency provider to provide local charities access to alternative and sustainable fundraising streams. To do this, Little Phil is working with Netherlands-based firm Legends of Crypto (LOC) – a non-fungible token trading card game – to implement a trial that will see 10% of all sales go towards directly funding selected causes on the Little Phil platform.
Non-fungible tokens, or NFTs, are a special class of digital assets that cannot be exchanged with one another for equal value, or broken down into smaller bits, that often operate as a type of collectors’ item and cannot be duplicated. These represent the next phase in the application of cryptocurrency technology with LOC itself receiving significant support from leading industry heavyweights such as the CEO of bitcoin.com.
This initiative is designed to provide not-for-profits access to alternative streams of fundraising outside of traditional avenues and aid them in diversifying their revenue raising activities. According to Little Phil Co-founder and CEO, Josh Murchie this trial is designed to test the efficacy of alternative funding streams as it seeks to empower charities to diversify how they
raise revenue for their causes.
“This is a really exciting trial for Little Phil and Legends of Crypto as we seek to test this groundbreaking fundraising trial,” said Murchie. “Although awareness among the public about cryptocurrency is generally around Bitcoin and maybe Ethereum, the reality is that this is just the tip of the iceberg in terms of the technology explosion in this space. What we are seeking to do here is to trial the efficacy of utilising NFT’s to create a recurring revenue stream for charities and see if we can free them up from continually asking for donors to donate.”
Founded in 2017, Little Phil is a total giving ecosystem that connects donors, businesses, and brands more directly with charities and beneficiaries through its Blockchain inspired Fintech
technology platform that allows users to select a cause that they care about and directly give to that specific initiative – allowing them to track their impact in real-time.
Its technology provides donors full transparency around where their donations go, while providing charities the ability to showcase the difference every dollar makes as it provides not-for-profits the ability to give updates on the impact each gift has – ensuring transparent giving. Some of its clients and partners include Greenpeace, mental health charity LIVIN, and the Currumbin Wildlife Sanctuary located on the Gold Coast.
That is why it is trialing the partnership within LOC’s marketplace that sees users buy and sell uniquely designed NFTs only available via its marketplace – as it adheres to this philosophy of directly allowing donors to connect via the causes they care about.
In this instance the 10 per cent of the funds raised will go directly towards cancer survivors requiring funding for their treatment. For Murchie, this initiative is all about ensuring that Little Phil is providing the charity sector access to funding and technology that might otherwise not be available to them.
“Last year we ran a national survey – the State of COVID report into Australia’s not-for-profit sector – that unearthed some of the biggest issues facing the industry as a result not just of the pandemic but broader micro and macro trends,” Murchie said.
“One of the critical elements we unearthed from the data is that the sector is beset by two key issues, the giving behavior of Gen Z’s and millennials, along with digital transformation and technology usage. This trial, allows us to test the ability of charities to raise funds using the latest cryptocurrency technology to hopefully better engage these demographic cohorts by creating greater connectivity with causes they care about using these new financial assets,” he said.