Front Row has announced that it will partner with the Texas Democratic Party to launch a program aiming to raise funds for the candidates and causes using Non-Fungible Tokens (NFTs). Front Row is a marketplace platform that highly supports progressive organizations.
The company notified in a recent interview that it had already minted images of revolutionary and progressive movements. It further said that the NFTs are already out for sale. The collection also includes posters related to conservative Texan lawmakers running out of the state, saying “Wanted.”
Front Row plans to expand its roots
Front Row further says that the collected funds will directly be transferred to political groups and individuals. It, however, did not disclose its plans on digital purchases in compliance with existing financial laws. It is important to note that United States law does not allow candidates for federal offices to receive payments over $5,800 for the sale of one or more NFTs from a single individual.
Parker Butterworth, the co-founder of the company, expressed his positivity over NFTs, saying that it is a powerful tool for any political fundraising effort. He added that the company’s launch is a new way to provide a fundraising advantage to the Democrats over the others who are not using it.
The blockchain supporting firm revealed that it has also planned to donate a portion of the NFT profits to the “carbon capture and reduction” initiative to become carbon-negative. Despite being at the starting stage in Texas, its actions show the progressive value and positivity of the company. Front Row also hinted that it might expand the idea to national candidates and causes.
NFTs are a new thing for fundraising in the political field. However, many U.S. candidates have announced that they are open to accepting donations in cryptocurrencies. This will also aim to bring tech-savvy and young voters to the field.
Recently in August, Congress revealed that it has plans of bringing 18 bills related to blockchain technology and cryptocurrencies.