A US-based new Democrat-backed group, Front Row, is planning the launch of a political NFT marketplace. It will partner with the Texas Democratic Party to pilot a program to raise money for candidates and causes using nonfungible tokens (NFT).
Through this new politically-themed NFT marketplace, the political party creates an NFT, establishes the tokens needed, then sets the price.
In an announcement on Oct 11, Front Row said it had already minted digital images of key moments related to the progressive movement and listed the nonfungible tokens (NFTs) for sale. Some of the featured NFTs include “wanted” posters depicting conservative Texan lawmakers fleeing the state.
“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. We can’t wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”– Parker Butterworth, Front Row’s Co-founder
The company claims that the funds raised through its NFTs will go “directly towards political groups and individuals”. However, they did not specify how it planned for the digital purchases to comply with current campaign finance laws.
As under U.S. law, candidates for federal offices appear unable to receive more than $5,800 from a single individual for the sale of one or more NFTs. However, political action committees (PACs) and party committees have different guidelines.
“Only Verified NFTs” – Front Row
Front Row states it will only sell NFTs from “verified individuals, organizations or campaigns that operate in the progressive space.” The platform’s first round of NFTs up for grabs are from the Texas Democratic Party.
The website has pixelated NFTs of multiple Texas Democratic representatives such as Chris Turner and Toni Rose. All candidate-featured NFTs have a price of $250.
Front Row also mentioned that the blockchain platform would strive to be carbon-negative by donating a portion of the NFT proceeds to “carbon capture and reduction” causes. Though the platform is starting at the state level in Texas, it hinted at expanding to national candidates and causes.
This political NFT platform may be the first of its kind in the US. However, another politician took advantage of digital collectibles earlier this year. Additionally, the American news organization AP sold an NFT of the 2020 presidential election results, recorded on the Ethereum blockchain.
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