Funding platform Orica to Capitalize on NFTs to Construct a School in Uganda November 20, 2021 November 20, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 20, 2021 by Kelly Cromley

Funding platform Orica to Capitalize on NFTs to Construct a School in Uganda

Growing numbers of social impact initiatives that collect funds for charitable causes via the use of digital art represent a significant advancement in the nonfungible token (NFT) arena. Orica, an ethical fundraising platform that supports artists and social impact organizations (SIOs), in their efforts to develop and sell NFTs, is one such initiative that is harnessing technology for social benefit.

Orica unveiled its service on Thursday at the AI & Blockchain Summit in Malta, also known as AIBC Malta, and announced a partnership with an NGO to accept NFTs on its platform and utilize the cash raised to construct a school in Uganda. The school is located on the Ssese Islands, which are an archipelago of 84 islands in Lake Victoria, near the Ugandan capital of Kampala.

Bbanga Project is a non-profit organization based in Austria that has been granted non-governmental organization (NGO) status in Uganda. In other words, all of the receipts are subject to an audit by the Vienna-based charitable and tax authorities.

Orica founder Danial Nanaei made the following statement: “Seventy billion dollars in cryptocurrency passed through Malta after it was designated as “Blockchain Island,” so it doesn’t make sense that families on the Ssese Islands, 4,400 kilometres away, live on less than a dollar a day. In Malta, we made a decision to utilise the launching of our NFT platform as an opportunity to begin effecting good change.”

Collaboration between the Bbanga Project and the German digital artist Mellowmann resulted in the production of a series of NFTs inspired by Uganda. Among others who have collected Mellowmann’s work is Dima Buterin, who is known as the “grandfather of Ethereum.”

‘A Fairer World’ is the title of his most recent Ssese Islands NFT collection on Orica, which was seen by schoolchildren before coming up for sale. According to Nanaei, the Bbanga Project intends to earn at least $6,815 (6,000 euros) and complete construction of a children’s school on the isolated island of Bugala by the end of the year.

It all began when Nanaei and Sani Hayatbakhsh, the creator of Bbanga Project, met in a coffee in Vienna in 2009. The rest is history. Since then, Hayatbakhsh has been in contact with Nanaei, telling her that, despite the fact that the main hall of the Uganda school had been constructed this year owing to donations provided by the City of Vienna, the school was still in need of supplies.

“Sales from the NFTs indicate that we will be able to complete the building,” Hayatbakhsh added. “An additional two hundred youngsters will be able to attend elementary school.” “And, of course, the children from the Bbanga Project were thrilled to be a part of a technological launch and to see an international artist creating artwork just for them,” he said.

Orica now has the A Fairer World NFT collection, which is available for purchase. Ultimately, Orica intends to raise more awareness about a variety of significant social issues, in addition to generating funds for them. Later this year, Orica will launch an initiative dubbed Orica Projects with the goal of making such artist-SIO NFT partnerships normal practice on its platform, which will be launched later this year.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.