Lawmakers in the U.S. are preparing for an avalanche of new legislation, from social funds to crypto taxes. In the midst of debating and campaigning, a group of Democratic party fundraisers is turning to non-fungible tokens (NFT) for an alternative stream of revenue.
A new Democrat-backed group, Front Row, is planning the launch of a political NFT marketplace. The platform will be exclusively used for Democratic party campaigns and causes.
Through this new politically-themed NFT marketplace a political campaign creates an NFT, establishes the tokens needed, then sets the price.
Moreover, Front Row follows the traditional campaign finance laws which limit the price of NFTs and transaction transparency. This entails a price cap of $5,800, which is the maximum per-cycle contribution for federal candidates. However, political action committees (PACs) and party committees have different guidelines.
Those who purchase NFTs through the Front Row website are considered donors, similar to traditional campaign donors. All revenue goes toward the campaign, with exception of a transaction fee, collected by Front Row.
Front Row states it will only sell NFTs from, “verified individuals, organizations or campaigns that operate in the progressive space.” The platform’s first round of NFTs up for grabs are from the Texas Democratic Party.
Currently, the website has pixelated NFTs of multiple Texas Democratic representatives such as Chris Turner and Toni Rose. All candidate-featured NFTs have a price of $250.
This political NFT platform may be the first of its kind in the U.S. However, another politician took advantage of digital collectibles earlier this year. Scott Jensen of St. Paul Minnesota released a political NFT series during his gubernatorial race this past August. Additionally, the American news organization AP sold an NFT of the 2020 presidential election results that were recorded on the Ethereum blockchain.
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