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Blazing a Trail in the Charity Sector: Singapore's Metta Welfare Association Raises Funds by Selling NFTs
Singapore-based Metta Welfare Association (Metta) had been keenly aware of the need to digitalise, and had taken steps to do so under the leadership of Felicia Wee, the Deputy Executive Director. With the coaching of its partners - NFT Ventures and Mega X World - Metta decided to embark on the sale of non-fungible tokens (NFTs) as a new avenue for fundraising. The charity's management committee was originally concerned that it could end up getting embroiled in money laundering. However, after a successful pilot in which transactions were conducted via credit cards in Singapore dollars instead of cryptocurrencies as was usually the case for NFT trading, its unease was allayed. Nevertheless, the question remained: should Metta continue to rely on NFT sales for its fundraising?