Restaurateur, chef and entrepreneur Kimbal Musk points to another unusual use case for decentralized industry
- “$ 100,000,000,000 a year just in America”
- Crypto and charity: the road is long
Innovator and visionary, board member of Tesla Inc. and SpaceX, Kimbal Musk is certain that the ethics and practices of Web3 can be of great use in philanthropy.
“$ 100,000,000,000 a year just in America”
Kimbal Musk shared on Twitter that implementing Web3 in philanthropy could unlock twelve-figure funds for the philanthropy segment.
Using Web3 to decentralize philanthropy has the potential to unlock $ 100 billion a year in America alone spent on bureaucracy 🤠
– Kimbal Musk (@kimbal) November 26, 2021
This mind-boggling amount can add to the volume of money in this sphere only in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly improve the efficiency of its resources.
Namely, Web3 tools will remove unnecessary elements of bureaucracy from this trending sphere.
Mr Musk’s Twitter audience agreed with his statement, while some commentators added that Web3 instruments could eliminate corruption – not just bureaucracy – from philanthropy.
Crypto and charity: the road is long
In 2021, many charitable initiatives are using the Web3 instruments in one way or another. Typically, major charitable foundations add traditional cryptocurrencies as payment tools.
As covered by U.Today previously, the DeFi Munch Project created a platform specifically designed for charity conglomerate The Giving Block which includes 200 nonprofits.
In addition, many NFT products organize charitable gifts. Namely, the APENFT, supported by Binance and Tron, co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.