Johnny Depp, NFTs and the future of charitable fundraising
ICYMI Johnny Depp sued Amber Heard in a case of defamation.
The trial ended with Amber Heard owing Depp $10M+.
What you may not know, is that during that time, Johnny Depp created his own NFT project called Never Fear Truth.
Before launching the project, Depp announced that he would donate all proceeds to charity.
(Which he’s just done - about $800,000 worth - to 4 different charities).
Although this was a weird way to drive sales (always better if you don’t have to go through a lawsuit to get media attention), it highlights a couple of cool things about NFTs - specifically, how they can be used to serve charities and their donators.
Generating money through digital art sales is a revenue stream that didn’t really exist, even just a few years ago.
For charities with the right audience, or those looking to expand into new demographics, NFTs could be the perfect vehicle.
NFTs sales are all publicly tracked on the blockchain, so users can see exactly where where their money is going.
Immutable transparency? We'll take it.
NFTs have the potential to grow in value, which gives folks greater incentive to donate.
E.g. While the imagery in the NFTs sold by Depp was not specifically related to the case, they were sold during the trial - and their prices increased in-line with the media attention.
If / when the next chapter in the Depp vs. Heard story happens, holders will own an asset that has the potential to increase in value.
(It's a weird case study, but this new incentive structure can be applied in a bunch of different ways).
So, while it may not be advisable to market NFTs off the back of your next court case - at least, in this case, the project had a positive impact.
