{"id":2464,"date":"2022-01-22T01:02:55","date_gmt":"2022-01-22T01:02:55","guid":{"rendered":"http:\/\/www.giveffect.com\/blog\/?p=2464"},"modified":"2025-01-13T16:48:21","modified_gmt":"2025-01-13T21:48:21","slug":"5-technology-ideas-for-nonprofits","status":"publish","type":"post","link":"https:\/\/wordpress.giveffect.com\/5-technology-ideas-for-nonprofits\/","title":{"rendered":"5 Smart Technology Ideas For Nonprofits [Cryptocurrency to Robotics]"},"content":{"rendered":"

Tech innovations in the nonprofit sector are growing faster than ever. From cryptocurrency to robotics, these technology ideas for nonprofits can help your nonprofit to both compete for every donation and become a more efficient workplace. These smart tech suggestions aim to give you some fresh ideas for your nonprofit. And from cryptocurrency to remote offices, some may give you a different perspective on some technology you\u2019ve been working with already.\u00a0<\/span><\/p>\n

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Cryptocurrency<\/b><\/h2>\n

While this isn\u2019t exactly one of the newest <\/span>technology ideas for nonprofits<\/span>\u00a0on the block, it is becoming more relevant and even critical to nonprofits, every day.\u00a0<\/span><\/p>\n

What is it?<\/span><\/i> Cryptocurrency is a complex online system that uses cryptography (or extremely complex encoding, called blockchain) to create virtual currency. To put it more simply, it\u2019s like a dollar bill that exists on the internet that is almost impossible to counterfeit. Online currencies are often not regulated and can be difficult to manage. They often exist in somewhat of a gray legal area where there is no official government supporting or regulating their value. And some nations have taken steps against crypto, while other nations have moved to support it. Individual kinds of online currencies can have different rules or limitations placed on them by their creators. For example, there may be a total limit on the amount of currency in circulation. Or a schedule for when a new currency is released of one type or another.<\/span><\/p>\n

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Why does it matter? <\/span><\/i>Despite what may seem like a dubious support structure, cryptocurrencies have exploded. The most popular currency, Bitcoin, currently (as of Jan. 21, 2022) is valued at around $36,000 for one. That\u2019s right, one bitcoin is the equivalent of $36,000. That probably instantly grabs your attention and shows you just how much money that could be at play here for any nonprofit. Like any currency, the exact exchange rate can vary and fluctuate, and cryptocurrency does tend to be more unstable than most. For example, over the past six months, Bitcoin has had lows around $29,000 and highs around $67,000.<\/span><\/p>\n

But more importantly, cryptocurrencies can mean massive amounts of money and a very quickly growing market of investors and curious laymen that are taking part. Overall, an estimated 16 percent of Americans say they have personally invested or traded in cryptocurrency at<\/span>\u00a0some point, according to a Pew Research study<\/span><\/a><\/span>.<\/span> That percentage equates to about 50 million people. Of that, young people, 18-29 are using it even more, with 31 percent saying they have invested or traded it. Broadly, it\u2019s fairly well represented across all classes and incomes. For example, 17 percent of high-income, 17 percent of middle-income, and 15 percent of low income say they have used it. And even more importantly, it\u2019s growing, almost doubling from an estimated 15 percent in 2019, according to Statista.\u00a0\u00a0<\/span><\/p>\n

OK wow, now what can I do? <\/span><\/i>How you leverage this massive, quickly growing market of cryptocurrency is pretty easy: simply set up a system that can accept payments. A system like \u201cThe Giving Block<\/span>\u201d<\/span> allows nonprofits to fundraise and accept cryptocurrencies in an automated system and provides resources to learn more about it. The Giving Block and other companies make this one of the easiest <\/span>technology Ideas for nonprofits to implement.\u00a0<\/span><\/p>\n

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NFTs (Non-fungible tokens)<\/b><\/h2>\n

Now you may have been somewhat familiar with cryptocurrency, but NFTs (or non-fungible tokens) are one of the newer <\/span>technology Ideas for nonprofits.<\/span>\u00a0NFTs use the same extremely complex encoding to create virtual items, not currency.\u00a0<\/span><\/p>\n

What is it?<\/span><\/i> The key difference is NFTs are not \u201cfungible\u201d which means these items are not directly\u00a0exchangeable for other currencies, like other crypto or cash. There is no normal exchange rate for them. These non-fungible tokens can be thought of as more like one-of-a-kind investments, like a piece of art, real estate, or sports trading\u00a0cards. while they typically have assessed value to similar items that have sold, the actual value would be decided when you actually do sell it and set by what the buyer is willing to pay.<\/p>\n

Tokens can come in the form of almost any digital file, although image files are probably the most common form. The key difference between an NFT and just a regular image file on your computer is that an NFT is secured by the same blockchain encoding as cryptocurrency.\u00a0<\/span><\/p>\n

Why does it matter?<\/span><\/i> While it may sound kind of odd that an online image could be considered a valuable investment, some very serious amounts of money have been trading hands over tokens. For example, since these items are investments, famed auction houses like Christie\u2019s have been holding auctions for top NFTs. In October, Christie\u2019s sold five digital works of art NFTs<\/a><\/span> for just over $1.2 million.\u00a0<\/span><\/p>\n

But it is important to note that NFTs are far newer and not nearly as popular as cryptocurrencies. While this could offer an opportunity of getting in on the new \u201chot\u201d idea closer to the ground floor, it could also come with risks if it fizzles out. Notably, the numbers aren\u2019t as big for NFTs in comparison to general cryptocurrency. It\u2019s estimated that about 250,000 people trade NFTs on one of the largest marketplaces, OpenSea, according to CNet<\/span><\/a><\/span>. While that\u2019s far lower than crypto trading, there are also some unique opportunities that cryptocurrencies don\u2019t offer.\u00a0<\/span><\/p>\n

OK wow, now what<\/span><\/i> can I do? <\/span><\/i>NFTs, while riskier, also present some new possibilities, like partnerships with artists, particularly known NFT artists. For example, the artist Beeple held an auction for one of his pieces on Twitter for the charity Open Earth Foundation and raised $6 million dollars<\/a><\/span>. That\u2019s right, $6 million dollars for one charity in one sale.<\/span><\/p>\n

This kind of possible partnership with any celebrity or artist could lead to a new untapped revenue stream for nonprofits. No, it won\u2019t likely lead to $6 million for every nonprofit, but a fun idea for a fundraiser on a smaller scale could be to introduce the technology ideas for nonprofits of NFTs to your local\/regional communities, where they can say they \u201cpurchased a trendy NFT\u201d for a good cause.\u00a0<\/span><\/p>\n

These partnerships don\u2019t have to be with just a single celebrity or artist. For example, they can be with businesses like Charmin Toilet Paper. They recently did an NFT advertising campaign<\/a><\/span><\/span>, but the proceeds of the sales went to Direct Relief Charity. Remember, too, doesn\u2019t have to be a big, Fortune 500 business, it can be a smaller, local business.\u00a0<\/span><\/p>\n

Even if you don\u2019t have the massive success of the above examples, you will still almost certainly expose your nonprofit to a new group of possible donors. And it\u2019s a group with a clear interest in this type of fundraising.<\/span><\/p>\n

You can find programs that will help you create NFTs for your nonprofit, or work with local businesses or artists that are more familiar with the technical details. <\/span><\/p>\n

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The Metaverse<\/b><\/h2>\n
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This is one of the newer technology ideas for nonprofits and may seem a little weird if you\u2019re not familiar with it.\u00a0 The metaverse is the sum of all shared virtual spaces<\/a><\/span>, and you\u2019re probably thinking \u201cthat sounds pretty vague and expansive?\u201d and you would be right. But what exactly does that mean?<\/span><\/p>\n

What is it? <\/span><\/i>As stated above, it\u2019s what people are calling the sum of all shared virtual spaces. This even technically includes cryptocurrency and NFTs, the new technology described above as they exist in a shared virtual space, namely the exchanges and auction sites. But more often, when people are discussing the metaverse now, it\u2019s focused on VR (virtual reality) and AR (augmented reality).\u00a0<\/span><\/p>\n

Virtual reality is when someone joins a virtual world, usually by putting on a VR headset and participating in activities inside that world that only exists in a computer program. VR gaming is a great example of this. Augmented reality is when you introduce digital elements into your perception of the real world, like looking through a phone or special glasses. You can think of it as an added \u2018filter\u2019 for a video or photo you take on your phone.<\/span><\/p>\n

A great example of the metaverse could be the movie, “Wreck-It Ralph.” A collection of digital worlds, but instead of a video game character you can access it with a VR headset. Everyone else who has a VR headset can also access this world along with you. You can have events or meetings or play games inside the world; maybe even go to a virtual store, a virtual bank, or a virtual workplace.\u00a0<\/span><\/p>\n

Now you still may be a little confused about how it works exactly, and perhaps the easiest way is to look at this video created by CNet that pulls together several Facebook\/Meta videos that describe how just one company, Facebook is working inside the metaverse:\u00a0<\/span><\/p>\n