NFTs had a frenzy in 2021, with sales surging to $25 billion, prompting a Dallas software developer to use the cash grab to wipe away millions in debt for lower-income families.

The medical debt project took form last fall in the way a lot do in the crypto space — through a group chat, which Joshua Lapidus started with blockchain experts he knew. They landed on a unique theme for their non-fungible tokens — toilet paper — to poke fun at how people were buying anything if it was an NFT. About 70% of the funds would go to charity.

The project dubbed Rainbow Rolls launched in October with 10,000 toilet paper NFTs for sale. The limit was later dropped to 1,000 rolls; so far, about 855 rolls have been bought through word of mouth.

Rainbow Rolls donated 20% of its sales, or $91,000, to New York-based RIP Medical Debt, which then used it to wipe out over $7 million in medical debt by buying debt in bundled portfolios. 

Click here to learn more about the Rainbow Rolls NFT and how they used proceeds to wipe out medical debt for lower-income families from our partners at the Dallas Morning News.



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