New group launches NFT marketplace for Democratic candidates, causes
A new group is launching a marketplace to raise money for Democratic candidates and causes, as the political firms look to incorporate the nonfungible tokens that have become popular in sports and entertainment circles.
Front Row announced Monday that it is launching the political world’s “inaugural NFT marketplace” to convert memorabilia, media and art into “valuable digital assets” to boost support for Democratic organizations, causes and missions.
The marketplace is launching operations through a partnership with the Texas Democratic Party, which will sell “political digital relics” that support the party’s agenda, especially protecting voting and abortion rights.
NFT purchases will be treated like campaign contributions, according to Axios, which first reported on Front Row’s announcement. Buyers and campaigns will have to abide by campaign finance regulations.
Political organizations and campaigns will first create an NFT, decide how many tokens it is and then set a price, according to Axios. Purchasers will then be able to buy the NFT on the Front Row website, just like donors would give money through the Democrats’ Act Blue website.
The payment from the sale of the NFT will then be sent to the campaign that created the nonfungible token.
Federal candidates will not be allowed to sell NFTs for more than $5,800 — the maximum contribution allowed per cycle — but PACs and party committees will be able to increase their prices according to campaign finance law, according to Axios.
One of the first NFTs for sale is a poster, with animation, of the arrest warrants for the Texas Democratic lawmakers who fled the state this past summer to prevent passage of a restrictive voting rights bill.
The starting price is $1,000.
Parker Butterworth, co-founder of Front Row, said in a statement that NFTs are going to “become a powerful addition to any political fundraising effort,” adding that they will give Democrats a fundraising advantage.
“Today’s launch is a landmark moment for the future of political fundraising,” he added.
Front Row also announced that with every NFT sold it will donate a portion of the proceeds to carbon capture and reduction efforts located throughout the world.
NFTs have become popular in the world of sports and entertainment, with some companies selling NFT baseball cards. The tokens are unique data units that usually represent a photo, video or other digital file.
Front Row said the launch of its marketplace “means NFTs are no longer just for collecting rare art or rookie sports cards but can serve as a medium for individuals to easily contribute to progressive political.”
Minnesota gubernatorial candidate Scott Jensen (R) put two NFTs up for sale last month to raise money for his 2022 campaign.
He claimed to be the first political campaign to launch such an effort.
We are the FIRST political campaign in history to release our own line of NFTs! Check out the first two in our State Fair series.
— Scott Jensen (@drscottjensen) September 1, 2021