Three Embroidery Artists Weave NFT Charity Drop

Katerina Marchenko of Russia, Aline Brant of Brazil, and Ninni Luhtasaari of Finland have announced the auction of their nonfungible token art pieces. They will benefit Hope for the Future, an Austrian registered charity. The NFT auction proceeds will help victims of human trafficking find entry-level jobs after their traumatic experiences. The auction’s goal is to raise $10,000 for the employment program.

Even when survivors can escape, their experiences often traumatize them. They have little knowledge of the local language and gradually integrate it into everyday life.

Marchenko, who has over 400,000 Instagram followers, needed a more significant reason than being in it for the money. “It became much more critical when Orica told me about the Hope for the Future campaign. I’m thrilled to be auctioning off my artwork for such a worthy cause.”

This year has seen rapid growth in the intersection of philanthropic ventures and NFTs. In one case, Orica collaborated with Austrian registered charity Bbanga Project and German digital artist Mellowmann. They hosted an NFT drop, with proceeds benefiting the construction of a school in Uganda. The Internal Revenue Service allows good samaritans to deduct their crypto or NFT proceeds donations from their ordinary income, allowing them to save money while also donating to worthy causes.

China Crypto Ban

And just when bitcoin traders thought they’d had enough of the uncertainty, fear, and uncertainty, China officially prohibited all financial institutions and payment companies from providing services related to cryptocurrency transactions.

Since 2013, China has prohibited crypto-related activities. Still, the new crackdown made it clear that crypto trading entailed legal risks” and that any legal person, unincorporated organization, or natural person investing in virtual currency and related derivatives were violating public order and good customs.

The news of the China ban sent bitcoin prices plummeting, dropping roughly 50 percent from its April high near $65,000. The bitcoin market had entered a new, bearish phase by almost any definition.

The China-related sell-off wiped $400 billion off the crypto market, prompting some whales of large BTC holders to transfer their coins to exchanges for sale.

• Related: What is an NFT broker and how does NFT work?