PROJECT CASE STUDY:

Web3

Project Overview:

We built a framework for PBS to accept crypto donations and developed NFTs with Solidity, a popular blockchain language for writing smart contracts, to showcase how Web3 can be used for fundraising.

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Opportunities

Cryptocurrency is one of the biggest innovations in the rise of Web3. In 2021, non-profits received more than millions in donations from cryptocurrency. NFTs can be used as a donation medium, but another real opportunity is attaching them to membership, ticketing and collaboration with creators.

Prototype: Astrolodogs

We built an NFT experiment called Astrolodogs (note: the dogs are not associated with any PBS content) and took them as far as the stage of minting. NFTs introduce the concept of digital scarcity, which is made possible through a transparent and immutable ledger on a blockchain.

How It Works:

The innovation team developed it's own smart contracts that allowed them to mint ERC-721 compliant tokens (NFTs). Once these tokens were minted, they were immediately available on market places such as OpenSea.

Key Features:

Each astrological sign was represented by a single dog breed.
Each dog has attributes that align to the personality associated with its sign.

Major Findings

PBS is one of America's most trusted organizations so we do not believe it is necessary for PBS transition to a trustless environment, on the blockchain, but accepting crypto donations is an opportunity to remain flexible.

Prototype Takeaways

What Went Well:

This technique allows a large set of images (often 300-10,000) to be created from a small set of assets crafted by a small team or even a single artist.

What Were The Challenges:

If you are a capitalist you may generally think that functioning markets improve lives. Bringing credible scarcity and authenticity to digital markets allows for a new form of wealth exchange. As such the powers behind Web3 and most of the wealth are in the hands of few, which is an antithesis to the idea of decentralization.

What Needs Improvement:

Some users may not place as much value on mass produced art vs a “1 of 1” unique piece of art. Although, currently, most of the biggest projects are large generated sets.