Morris County NJ Republican Committee selling NFTs
The Morris County Republican Committee is getting creative in its efforts to raise campaign funds selling non fungible tokens or NFTs.
So far, the committee has sold more than 40NFTs as part of the organizations 2022 digital marketing and fundraisingcampaign.
NFTsareunique digital tokensthat can be bought,sold and storedonline using blockchain technology and prove the authenticity of an item, virtual or not.The fundraiser kicked off 11 days ago, and so far, the committeesoldmore than $15,000 worth of limited edition collectible MCRC NFTs to finance Republican campaigns.
“We are excited because we have proven that there is demand and interest from donors who wish to receive and collect digital NFTs,” said Committee Chair Laura Ali.
The MCRClaunch sale began in late January when 39 platinum level NFTs, 199 gold and 500 Take Back NJ digital buttons became available on the MCRC website. Buyers can choose betweenthree NFT levels and must complete their purchase onlinewith a credit card. According to Ali, the sale will run for the next fewweeks with platinum NFTs selling for $1,000, the Gold for $500 and the buttonsfor $50 each.
Although NFTs are stored and secured digitally using blockchain technology, buyers of the platinum and gold NFTs will receive real-worldbenefits includingVIP seating for the MCRC convention next month. They will also receivea complimentary ticket for a pre-convention event at the Grand Caf. Ali expects the NFTs will sell out in the coming weeks. Those who purchase a “Take Back NJ” digital button gain membership to “Morris Countys Take Back New Jersey Club,” whichincludes access to an online group.
The Morris County Republican Committee is the first Republican organization in the stateto createand sell its own NFTs in an effort to raise funds for political campaigns. NFTs became popular among cryptocurrency and bitcoin users last year.
“I believe they will sell out once more donors learn about them and recognize the real-world perks that come with these NFTs,” Ali said.
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According to the MCRC, 12 platinum, eightgold and 20 “Take Back NJ” NFTs were sold, but Ali said a glitch in their system last week left “incompletetransactions”that theyhope to get resolved this week to reflect the true numbers sold. The MCRC will launch another round of NFT sales after their spring convention.
“We pride ourselves on our innovative and out-of-the-box thinking and know that generating political NFTs is a great strategy to incorporate in our digital marketing plan,” Ali said.
Several Morris County mayors have purchased NFTs, Ali said. She did not disclose the names or the NFT level they purchased.
For decades, political parties and committees have raised money by selling tickets to dinners and cocktail receptions.Ali said”those avenues still work but coming out of the age of COVID, theyare “innovating new ways for people to connect” with them.
The committee partnered with GoNFTYourself, a company that helps brands, artists and personalities mint, market and sell NFTs. Since the MCRC NFTs are limited, the organization expects its value to grow. Purchasers of the NFTs can choose to resell their tokenson digital marketplaces like OpenSea and connect their NFT to their crypto wallet.
“You can buy more than one and have the ability to resell them. But we encourage you to hold on and enjoy the benefits and special surprises that come with being a member,” read the MCRC’s website.
The MCRC must still comply with theNew JerseyElection Law Enforcement Commission donor regulations as they sell NFTs to raise funds for campaigns. Globally, 165,000 NFTs worth nearly $160million were bought since Monday, according to thewebsiteNFT Stats.
Last May, the New Jersey Devils andFanaply announced the first NFT collectiblespartnership in theteam history.The teams’ NFTs feature imagesinspired by iconic moments in Devilshistory, the team’s fanbase and their “Made in Jersey” brand campaign.
Jessie Gomez is a local reporter for DailyRecord.com and NorthJersey.com.For unlimited access to the most important news from your local community,please subscribe or activate your digital account today.
Email:jgomez@gannettnj.com
Twitter:@jessiereport