I first heard the term “hot cryptocurrency” from former Time magazine president Keith Grossman during an NFT fundraiser he was leading on Twitter in 2022 for the New York Cares charity. (Full disclosure: the author donated to a former New York Cares NFT charity). Grossman has used his media influence to raise money for charity with NFT Forever.
But what is "hot encryption" and what are some examples? These days it seems that all we read about are scams, hackers, scammers, wallets and Ponzi schemes. Then, of course, there are the cryptocurrency baddies.
A hot cryptocurrency is a digital currency that is used forever. This concept is about the power of community and I think it can be applied to any charity, company or business leader. When society comes together, the impossible can often happen.
For example, OnChainMonkey and Metagood are two Web3 companies where NFT is more important than JPEG; He is considered a forward-thinking member of the global community. Help the community fundraise and donate for charity through the Metagood Donation Fund, help fund the relocation of prominent Afghan refugee Sharbat Gula, and many more worthy causes.
Another example of the active use of cryptocurrency is Nadya Tolokonnikova, founder of the feminist art movement Pussy Riot, who has helped raise more than $7 million to help families in Ukraine. The income was stored in a DAO, or Decentralized Autonomous Organization, which is a “people’s organization without a central authority” whose members own tokens and “can vote on the organization’s initiatives.”
This shows how the community can come together to use cryptocurrency forever. But how does that apply to a well-intentioned but lackluster startup or the average entrepreneur?
Recently, CryptoNovo, a Web3 personality known to wear a computer-generated mask, hacked into his digital wallet and stole hundreds of thousands of dollars from NFT businesses, including CryptoPunk (a valuable form of identity in Web3). His followers and friends organized a fundraiser to help restore his beloved CryptoPunk, which was for sale online. The campaign was successful and CrytopNovo was paid off in good faith by hosting an art exhibition of NFTs with various contributors in early 2023. This is a simple example of “give before you receive”, which I will explain in the next paragraph.
The Rolling Stone Cultural Council is an invitation-only community of influential, creative, and creative individuals. Am I eligible?
Bad news headlines aside, there is a core base of remarkable individuals who advocate for a more equal and just future for artists, musicians, brands, and more.
My advice to the countless charities that do well in the world but struggle to raise money through traditional means: consider reaching out to the well-established crypto/NFT community. But remember. Just don't say yes to someone who contacts your organization about an NFT project. Do your due diligence first by observing the community and learning about the culture and how it operates.
One of the secrets that helped me succeed at web3 is to give it before you take it. If there is a company or person you want to work with, start following them online. Like and comment on their posts, and over time, see if they need anything you can help them with. When the opportunity arises, reach out to them, even if it's just a quick message. I have forged countless friendships and fruitful business collaborations by giving before receiving.
It may sound very simple, or you may be wondering, "How do I find the right people, investors, and the doors I want to open?" But when the student is ready, the teacher appears.
When it comes to web3, I tell people we're late to a party that hasn't started yet. User acceptance and interaction with Web 3 is still in its infancy. It reminds me of how some people once described the internet as a fad that would never last. Remember the 1994 Time magazine cover that described it as "the strange new world of the Internet"?
The skeptics who said the internet was just a fad in the 90s were wrong, and I think the skeptics who think cryptocurrencies and NFTs are scams are probably wrong now. In my opinion, the party hasn't started yet. We live in a time that is rapidly changing on all levels.
When a community comes together to do good, we must never underestimate the power of goodness encoded in everyone's hearts from the start.