- Lucky Friday Labs, a Web3 software developer, launched the Teddy DAO Foundation last month a charitable initiative centered around the on-chain NFT collection Teddy DAO.
- The project conducts daily NFT auctions for teddy bear-themed NFTs by Yumi on Moonbeam.
Last month, Lucky Friday Labs, a Web3 software developer, introduced an innovative philanthropic initiative named the Teddy DAO Foundation. This initiative revolves around an on-chain NFT collection named Teddy DAO, developed in collaboration with the renowned online fundraising platform JustGiving and MoonbeamNetwork, which employs Polkadot’s proof-of-stake consensus mechanism.
Since its inception, it has successfully garnered more than $8,000. It positions itself as a “socially beneficial NFT project” dedicated to creating a positive impact.
6/ Leveraging Polkadot tech to change fundraising as we know it, @TeddyDaoNFT, a Web3 Charity NFT project in collaboration with @JustGiving & @MoonbeamNetwork, has raised over $8K since its launch. Learn more about supporting charities on Polkadot: https://t.co/KRl7gZ5uBr
— Polkadot (@Polkadot) August 14, 2023
Teddy DAO conducts auctions for its unique NFTs featuring teddy bears every day. These NFTs, crafted by digital artist Yumi and established on the cross-chain smart contract platform Moonbeam, will be up for bidding. Those who win the auctions can direct the funds generated to any of the 400 charitable organizations endorsed by JustGiving.
Users can endorse various charitable organizations, including Cancer Research UK, Alzheimer’s Society, British Red Cross Society, and ActionAid.Initially, Teddy DAO will convert the cryptocurrency into traditional currency and subsequently donate the generated funds to the chosen charity via the JustGiving platform.
According to their website, In its long-term vision, Teddy DAO 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.
David Chapman, the founder of Teddy DAO, said in an interview with CoinDesk that the project drew inspiration from a previous NFT sale he conducted a year ago. A unique collectible was auctioned during that sale, resulting in a remarkable $15,000 raised in support of the humanitarian organization UNICEF. He highlighted that 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, a decentralized autonomous organization (DAO), is focused on expanding its community to make positive societal contributions collaboratively.
According to Oliver Shaw-Latimer, Senior Director of Payments and Innovation at JustGiving,
” 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.” Oliver went on to describe the collaboration as “thrilling and groundbreaking.”
Crucial Elements Poised to Influence Polkadot’s Price in 2023
Polkadot is displaying 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 bullish trend.
The cryptocurrency’s performance throughout the year has been lackluster. It initially showed positive returns of 15.78% at the start of the year, but these gains dwindled over time. Over six months, it experienced a negative return of -6.03%. In the most recent month, the return has been -8.44%, and over the last seven days, it stands at -0.20%, underscoring a prolonged bearish trend.
The value of Polkadot has declined over the past few months. As of the current writing, DOT cryptocurrency is 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. However, in the event of increasing selling volume, the price could break through supporting SMA, resulting in lower highs and lows.
