The Impact Project extends the philanthropic lifecycle by leveraging Ethereum and digital representations of donations (tokens). "Impact" tokens are non-transferable and can be used to gain access to communities, games, giveaways, etc. They are called “Impact” tokens because they represent an effort to make an impact by helping the global economy, environment, or society. The Minimum Viable Product (MVP) of The Impact Project tackles how to make donations a trustless process rooted in transparency. Usually, you trust that the charity you donate to will make sure the most impact is realized by your donation. Charities can easily fall short with mismanaged projects. An example of moving towards removing trust would be donating a commodity (mosquito net) to a charity. Allowing creators of NFTs to create a philanthropic royalty on a NFT is one goal of the project. Use Cases! - Proving donations: Zora wants to buy carbon-offset credits. Zora (donator) sends ETH to a smart contract wallet address in return for charity-specific “Impact” tokens. Zora now has a provable, digital representation of their donation. - Supporting values: @trevorjonesart wants to leverage his community and support https://water.org/. Trevor Jones can support his charity of choice by incorporating a royalty on the NFT. Now, water.org captures the sales from the primary and secondary market. Buyers of the artwork receive an "Impact" token to represent their support. Wallets holding the "Impact" token can be sent a report to highlight the impact they had with their purchase. - Donation to the water.org smart contract wallet address and receives water.org specific "Impact" tokens. Holders of the token can join a community to meet other users who value providing clean drinking water to less-fortunate individuals. Token holders can enter exclusive events, raffles, giveaways, etc.
How It's Made
To get a better idea of this, I’ll walk through an example. Say I want to support clean drinking water in a developing country. I’d send funds to smart contracts wallet addresses and receive ‘x’ amount of “Impact” tokens in return. I can use these “Impact” tokens to meet new people with similar values, enter raffles for physical swag, receive impact reports from the charity (to see what impact I truly had based on the amount of tokens I have), etc. Scenario: An artist wants to mint an NFT that has a social impact. To do so, the artist visits the webpage of “The Impact Project” listing verified projects and their smart contract wallet addresses. ~ the flow ~ Mint NFT: The artist mints the NFT with the smart contract wallet address as the co-creator and recipient of the royalty. Buy NFT: A buyer purchases the NFT, a % of the sale goes to the smart contract wallet address, the smart contract sends the buyer’s address a non-transferable ERC-1155 “Impact” token. This token now represents the buyers support for the cause. Link to Real World: The smart contract wallet address holds the donated capital. The contract executes an order to the charity’s webpage to buy the agreed upon asset (tree, rice, mosquito net, book, etc.). Post-Sale: Personalized impact reports will be sent to wallet addresses holding the ERC-1155 token address.