Innovator and visionary, board member of Tesla Inc. and SpaceX, Kimbal Musk is certain that Web3's ethos and practices can be of great use in philanthropy.
"$100,000,000,000 per year just in America"
Kimbal Musk has taken to Twitter to share that the implementation of Web3 in philanthropy could unlock twelve-digit funds for the philanthropy segment.
Using Web3 to decentralize philanthropy has the potential to unlock $100 Billion per year, just in America, spent on bureaucracy 🤠— Kimbal Musk (@kimbal) November 26, 2021
This jaw-dropping sum can be added to the volume of money in this sphere just in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly advance its resource-efficiency.
Namely, Web3 tools are going to eliminate the 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 only bureaucracy—from philanthropy.
Crypto and charity: long road ahead
In 2021, numerous charity initiatives somehow utilize Web3 instruments. Typically, major charity foundations add mainstream cryptocurrencies as payment tools.
As covered by U.Today previously, DeFi project Munch created a purpose-made platform for The Giving Block charity conglomerate that features 200 non-profits.
Also, many NFT products are conducting charity giveaways. Namely, Binance and Tron-backed APENFT co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.