Opinion: How the City of Toronto can fund community projects using NFTs

What Is An NFT? 

NFTs are digital assets that are stored on a distributed ledger such as a blockchain or hashgraph. Unlike traditional cryptocurrencies, NFTs are not interchangeable. Each NFT is a unique item that can be bought, sold, or traded. 

The main high-level categories of NFT usage are proof of authenticity, ownership, and/or membership.

Because NFTs are stored on a blockchain, they are immutable and can’t be duplicated. This makes them ideal for collecting and trading digital assets.

Some of the most popular NFT use cases are digital art, music, and other forms of creative content. 

In the gaming industry, they can represent in-game items such as weapons, vehicles, and virtual land. 

The City of Miami used NFTs to help fund community projects by collaborating with local artists and businesses. 

What Will The Toronto Themed NFT Do?

The City of Toronto can issue an NFT collection in collaboration with local artists, businesses, and events just like the City of Miami. 

The NFT will act as a pass that grants holders access to special events and unique city experiences.

NFT holders can access these events at no charge and also gain special perks such as free drinks or customer service benefits. 

The revenue from the NFT sales can be used to fund community projects, events and improve public spaces. 

How Can The City Of Toronto Launch This Project?

The City could launch this collection using popular NFT marketplace technology such as OpenSea or Salesforce.

OpenSea is the world’s largest marketplace for buying, selling, and discovering crypto collectibles, gaming items, and other digital assets. 

Toronto could also partner with Salesforce and join the Salesforce NFT Cloud pilot program. The program offers a suite of tools and services to help organizations launch and manage their NFT collections and can be combined with existing Salesforce Customer 360 tools. 

NFT Cloud also provides integrations to existing e-commerce marketplaces for buyers and sellers to discover and trade NFTs. As a result, the Salesforce NFT Cloud pilot program could provide the City with a turnkey solution for launching and managing its NFT collection.

Who Will Make The Toronto Themed NFTs?

As the most populous city in Canada, Toronto is a hotbed of culture and diversity. And what better way to reflect that than through digital art? 

The Toronto NFT Community Art Project can run a contest for local artists from the Greater Toronto Area to create exclusive Toronto-themed art. The project would use artwork that captures the city’s unique character, from its skyline to its neighbourhoods. 

Artists can submit their work for consideration in the NFT art selection process. Selected pieces will be minted as NFTs and sold at a special auction. 

The proceeds from the sale could be split between the artist and the project, with a portion of the proceeds going towards supporting local community initiatives. 

What Can The City Of Toronto Use The Funding For?

Toronto Parks are utilized daily by residents for a multitude of activities such as dog walks, picnics, playground time, and more. It is important that these parks are in the best condition possible so that everyone can enjoy them to the fullest. 

Renovations and maintenance such as playground renovations, landscaping, public restrooms, and clean-up can help achieve this goal. playgrounds provide children with a place to explore, be physically active and make new friends. 

Landscaping can ensure park grounds are beautiful and welcoming, while public restrooms and clean-up help to maintain hygiene and safety standards. 

By investing funds raised from the Toronto NFT collection in Toronto Parks, we are Investing in the health and happiness of our city’s residents.

One of the most important places in any city are the community centres. They are a place where people can come together to socialize, stay active and have fun. That’s why it’s so important that Toronto’s community centres are well-maintained and up-to-date. 

Renovations funded by the Toronto NFT project can help to ensure that residents have access to recreational facilities that meet their needs and enable them to be involved in their community. 

By making sure that community centres are accessible and welcoming, we can encourage more people to get involved in physical activity and make Toronto a healthier place to live.

Another way to spend the raised funds from the Toronto NFT project is to invest in community events. These events can help to bring people together and build a sense of pride in the city. They also provide an opportunity to showcase the diverse cultures and talents of the community. 

By investing in community events, the city would be sending a message that it values its citizens and is committed to facilitating positive social interactions. In addition, community events can provide a boost to the local economy by generating revenue from ticket sales and concessions. 

Ultimately, investing in community events is a smart way to use the raised funds from the Toronto NFT collection. It would benefit both the citizens and the economy of the city.

Author Bio 
Julian Lankstead is a Salesforce Consultant and the Founder of JulianLankstead.com. He helps businesses increase revenue by providing strategies to improve business process efficiency. You can connect with him here.

by Julian Lankstead

photo by Barbora Dostálová 

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