Last month, Lucky Friday Labs, a Web3 software developer, launched an innovative philanthropic project called the Teddy DAO Foundation. This initiative revolves around an on-chain NFT collection named Teddy DAO, which was developed in collaboration with the renowned online fundraising platform JustGiving and the MoonbeamNetwork, which utilizes Polkadot’s proof-of-stake consensus mechanism.
Since its launch, Teddy DAO has successfully raised more than $8,000. Its mission is to create a positive impact, with the project positioning itself as a “socially beneficial NFT project”. Every day, it holds auctions for its unique NFTs featuring teddy bears, crafted by digital artist Yumi and established on the cross-chain smart contract platform Moonbeam. Those who win the auctions can direct the funds generated to any of the 400 charitable organizations endorsed by JustGiving.
Users can contribute to various charitable organizations, including Cancer Research UK, Alzheimer’s Society, British Red Cross Society, and ActionAid. At first, Teddy DAO will convert the cryptocurrency into traditional currency and subsequently donate the generated funds to the chosen charity via the JustGiving platform. In the long-term, it intends to use the extensive network of 450,000 charities affiliated with JustGiving as a fundamental part of its mission to address tangible global issues through contributions in cryptocurrency.
The founder of Teddy DAO, David Chapman, said in an interview with CoinDesk that the project drew inspiration from a previous NFT sale he conducted a year ago. This sale featured a unique collectible, which resulted in a remarkable $15,000 being raised in support of the humanitarian organization UNICEF. This event not only underscored the demand for charitable donations backed by NFTs but also demonstrated the potential for this approach to attract individuals new to Web3.
Functioning as a registered 501(c)(3) entity, Teddy DAO is a decentralized autonomous organization (DAO) that focuses on expanding its community to make positive societal contributions collaboratively. Senior Director of Payments and Innovation at JustGiving, Oliver Shaw-Latimer, commented on the collaboration, “As digital currencies become more mainstream, we’re pleased to be able to start to offer our charities the opportunity to benefit from donations originating from the blockchain.” He went on to describe it as “thrilling and groundbreaking.”
Polkadot is showing a pattern of lower lows and indicating a bearish momentum. Analyzing the price data of the Polkadot cryptocurrency reveals its current downtrend. After reaching a high of $54.98 within the past 52 weeks, it dropped significantly to $5.25, signifying a prolonged bearish trend.
Over the past few months, the value of Polkadot has declined. It is currently trading at $4.93 and attempting to recover from this level. Maintaining this level might allow the Polkadot price to continue its upward movement, aiming for the initial and secondary targets of $5.57 and $6.04. Conversely, if the DOT price fails to sustain this level and drops, it could reach the nearest support levels at $4.81 and $4.52. In the event of increasing selling volume, the price could break through supporting SMA, resulting in lower highs and lows.
