On December 1st, we became the world’s first organization to fund homebuilding with NFTs — all for families experiencing homelessness.
In our newest launch of NFTs, our passionate community is continuing to use creativity, transparency, and generosity to build a world where everyone has a home.
What is an NFT?
A non-fungible token.
Right. So what is an NFT?
Here’s the TL;DR answer: a unique crypto asset that is not mutually interchangeable and can authenticate ownership rights of a digital file.
As Coinbase puts it, “you can think of NFTs as being kind of like certificates of authenticity for digital artifacts.”
Ok, let’s start from the top.
What is non-fungible?
Well, fungible means something can be replaced by another identical item.
If you gave me a dollar and I give you a dollar, we made a mutual exchange.
Like dollar bills, every Bitcoin is worth the same amount. One Bitcoin is worth one Bitcoin.
But one NFT is not worth one NFT. Like trading cards and physical pieces of art, each one is unique and the value is created by the creator behind it, culture, and time.
Since each NFT is one-of-a-kind, they can be bought and sold at differing prices.
There are thousands of Mona Lisas that look the exact same. They each had the same amount of paint and time put into them. Yet, only one is currently valued at $860M.
What about the token part?
A token is a digital asset backed by a cryptocurrencies blockchain.
So what does that mean exactly?
A token is a representation of a store of value. In traditional finance, a token looks like a coin. In the crypto community, it’s a tradeable asset on the blockchain.
Tokens are assets that can grant access to communities and digital files and can be publicly traced and verified, making them nearly impossible to be copied and shared.
The first wave of the internet focused on digitizing the world. The next phase is focused on tokenizing it.
Can’t I just screenshot an NFT and have one for free?
No, you would have a picture of the Mona Lisa that would be publicly visible to the world as a fake.
The blockchain serves as a ledger that shows the unique history of ownership throughout an entire asset’s life.
It takes an art expert to spot the fake Mona Lisa. The blockchain makes it easy for anyone in the world to see the difference between an original and a screenshot of a digital asset.
Since NFTs are supported by the blockchain, they make exchanges more transparent and accessible — two values we’ve always celebrated at New Story (more about that soon).
Why is New Story selling NFTs?
When nearly 2 billion people lack safe shelter, we can’t keep doing things how they have always been done. We don’t need more normal; we need breakthroughs.
We will always help the world’s most vulnerable people move into safe homes. But the means to solve the problem will change.
Curiosity can lead to new solutions that can be shared to amplify change.
We believe NFTs are one of the many means that can help us solve the housing crisis.
How do New Story NFTs work?
Our first collection of NFTs sold in 13 hours and brought in 19.5 ETH, which was nearly $100,000 at the time.
Some of the owners of the NFTs already have their artwork up for sale at a higher price.
One of the superpowers of NFTs is that they carry a smart contract.
Before cryptocurrency, financial contracts were written with words. Now they’re written with math.
Since crypto assets are supported by code rather than people, they are self-guarded from nearly all prejudice and human error.
The smart contract allows the transfer of tokens to be traced with radical transparency.
And the contract empowers creators by returning profits to the original maker.
For instance, if this owner of a New Story NFT sells his art for the asking price of 50 ETH ($188,000 at time of writing), we will receive 10% of the earnings.
Not just for this sell, but for every future sell.
And 100% of the NFT earnings are used to build homes for families who need them most.
Currently, we’re selling our collection of NFTs on Open Sea for 2 ETH per piece.
That’s enough money to fund an entire home.
So when someone buys an NFT, they help us fund a real home for a person in Latin America without one.
The crypto community can change how we build impact
At the heart of cryptocurrency are two values we have always believed in: accessibility and ownership.
Everyone deserves equal access to safe housing.
Unfortunately, the financing of housing is the core blocker for nearly 2 billion people without safe shelter.
Cryptocurrency decentralizes financing, helping to put people on an equal playing field.
“Blockchains also made possible the automation of traditional financial functions such as lending or trading…But the real story is that NFTs are a key building-block for a new wave of web3 services that radically alter the economics of the internet, redistributing value and control from tech giants back to users, developers, and small firms.”
— Chris Dixon and Packy McCormick
With blockchain technology, third parties no longer keep ledgers. Financial tracking is open-sourced and visible to all. Owners can verify their ownership without middlemen that take fees and exclude populations. It’s also nearly instantaneous.
Unbanked families shouldn’t have to walk miles to pay their electric bills as we’ve seen in Latin America.
And banks shouldn’t be the primary obstacle between unhoused families and a safe home.
Cryptocurrency makes impact more accessible because it is a global currency that can be bought and sold from anywhere by anyone.
The population of people without safe shelter is nearly 2 billion. But the population of people without a mobile phone is 1 billion.
Homelessness is growing, but we believe the exponential growth in tech can help us combat the housing crisis.
The crypto community is curious and passionate enough to help us bring innovative technology to families who need it most.
What would I do with an NFT?
We own things because they bring value and represent our values.
They also connect us with community.
People who own a Peloton bike value fitness and take pride in the shared community of cyclists. There are leaderboards, group rides, and dynamic content that shows the progress of your neighbor.
Nonprofits need to learn new ways to connect their community with each other and show the progress of their mission.
We believe NFTs can be a powerful way to express your value of shaping a better world. They can be a certificate of you playing your part in building real-life change.
If you’re ready to build your NFT collection and impact, check out our newest collection here. Each NFT bought is a real home funded for a family in need.
FAQs:
Is my purchase of an NFT tax-deductible?
That depends. There are some ways it can be but it’s best to talk with your tax expert to make sure. You can receive a proof of purchase document upon request.
Where does my money go?
After our sale, we’ll convert the ETH into USD to use for building homes. And 100% of those dollars will fund a home for a family without one in Latin America.
What does my New Story NFT get me?
Beyond building a home for a family in need, you’ll receive updates on the home and family you’re supporting and invites to exclusive events.
Where can I join the community to stay up to date?
How can I learn more about NFTs?
Start here 👇
What is a non-fungible token (NFT)? by Coinbase
NFTs, explained by The Verge
Chris Dixon and Naval Ravikant on The Tim Ferris Show
NFTs, explained on The a16z Podcast
UncategorizedDecember 15, 2021
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