U.S. lawmakers are bracing for an avalanche of new legislation, from social funds to crypto taxes. In the midst of debating and campaigning, a group of Democratic party fundraisers is turning to non-fungible tokens (NFT) for an alternative stream of revenue.
A new Democrat-backed group Front Row is planning to launch a political NFT market. The platform will be exclusively used for Democratic party campaigns and causes.
Through this new politically themed NFT Marketplace, a political campaign creates an NFT, establishes the necessary tokens, and then sets the price.
Moreover, Front Row follows the traditional campaign finance laws which limit the price of NFTs and transaction transparency. This implies a price cap of $ 5,800, which is the maximum contribution per cycle for federal applicants. However, political action committees (PACs) and party committees have different guidelines.
Those who purchase NFTs through the Front Row website are considered donors, much like traditional campaign donors. All revenue goes toward the campaign, with exception of a transaction fee, collected by Front Row.
NFT policies
Front Row states that it will only sell NFTs from “verified people, organizations or campaigns that operate in the progressive space.” The platform’s first round of NFTs up for grabs are from the Texas Democratic Party.
Currently, the website has pixelated the NFTs of several Texas Democratic representatives such as Chris Turner and Toni Rose. All NFTs offered by applicants are priced at $ 250.
This political NFT platform may be the first of its kind in the U.S. However, another politician took advantage of digital collectibles earlier this year. Scott Jensen of St. Paul Minnesota released an NFT political series during his gubernatorial race last August. Additionally, the American news organization AP sold an NFT of the 2020 presidential election results that were recorded on the Ethereum blockchain.
