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The Food Bank Singapore Launches First NFT Auction

The Food Bank Singapore (FBSG) today launches its first auction of honorary art non-fungible tokens (NFTs) to raise funds to support 10,000 beneficiaries in Singapore with food and essential items for one year.

The NFTs feature FBSG’s mascot KooriMo and include a unique utility to benefit and honour the successful bidder.

“NFT is a cool and interesting way to use art to spread our messages. From our metaverse experiment, we hope to share lessons learnt with fellow non-government organisations (NGOs) so that they too can consider this space for their fundraising efforts,” said Nichol Ng, Co-founder of FBSG.

The three sets were drawn by an artist from Smobler Studios, which today signed a memorandum of understanding to help FBSG establish a presence on the metaverse.

“We are aware many Singaporeans are apprehensive about cryptocurrency and the metaverse. This initiative is also part of an awareness and education campaign to acquaint our community to the Web 3 space through familiar faces like Yung Raja, a meaningful cause and established partners such as FBSG to lend credibility and gravitas. Ignorance isn’t always bliss for a small country like Singapore so it is best to lean in, learn more especially if we want to stay competitive and remain an innovation hub,” said Loretta Chen, Co-founder of Smobler Studios.

Crypto acceptance
To align with the new economy and make it more convenient for a new generation of tech savvy donors, FBSG is accepting cryptocurrency as donations.

“Being among the first NGOs to adopt cryptocurrency for donations is aligned with our strategy of innovating towards the new economy and reaching out more actively to those under 35,” said Ng.

First phygital ambassador
FBSG has also appointed local rapper Yung Raja as its first phygital ambassador. Chosen for his passion for the charity’s cause and knowledge in the digital space, Yung Raja is tasked to spread the word on digital adoption, including championing crypto and NFT donations.

“The appointment means the world to me because this is the marriage of two things that I care very deeply about — eradicating food insecurity and the NFT space. I know what the Web3 space can do in terms of its potential. Being the first phygital ambassador of FBSG, walking the journey to the metaverse with them is something that I am so excited about. I cannot wait to see what this has in store for them and what we can do together,” said Yung Raja.

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