With everyone from giant companies to celebrities embracing the phenomenon known as NFTs, political candidates are now getting into the act—but some experts say that transparency concerns could affect their use as a political fundraising tool.
ABC News’ Deirdre Bolton examines the nonfungible token frenzy, whether it’s a bubble or the next big investment, and talks to the biggest seller of digital art and the buyer of his work.With everyone from giant companies to celebrities embracing the cryptocurrency phenomenon known as NFTs, political candidates are now getting into the act -- but some experts say that transparency concerns could affect their use as a political fundraising tool.
So Masters sold his supporters limited edition NFTs depicting the cover of his book -- and raised nearly $575,000.Like collectible artwork and rare baseball cards, the value of an NFT derives from it being unique -- in this case, a unique digital token in a distributed database known as a blockchain. The digital tokens are stored in the blockchain through a digital wallet and can be held as an asset -- as digital memorabilia -- or sold and traded for investment purposes.
For those who purchased from her initial NFT collection, former first lady Melania Trump offered an audio recording with a"message of hope." A portion of the proceeds from her collection, which was released last month, supported her Be Best initiative, a campaign focused on children's issues and advocating against cyberbullying.
"We've put out surveys to more than 14,000 grassroots donors and a couple things stand out: One, they're tired of hyperbolic emails, two, they want to be recognized and connect with other grassroots supporters of that campaign," Forde said."So with NFTs, electables allow them to connect with other grassroots supporters and be recognized for their contribution."
"It's not something that the agency has gotten a lot of questions on, and certainly there have been no formal request of the Commission as a whole to weigh in on this," Weintraub told ABC News."My sense is that it's just not that common yet."
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