Maxity NFT marketplace platform
Maxity is one of the first dedicated NFT marketplaces for charities to raise funds. The marketplace allows a charity to design, develop, market and sell NFTs which represent the work of the charity
Maxity encourages charities, NGOs and NFT designers to dig deep into the underlying environment and social issues, then recreate them into digital arts (NFTs). The NFTs can be arranged into collections, allowing donors to choose whether to buy one from several different collections, or to try to complete their collection. 98% of the initial sale value of each NFT goes directly to the charity. Owners of NFTs can resell their NFTs on the Maxity marketplace, and a percentage determined by the charity (Royalty fee) of the NFT sales value goes to the charity upon each resale.
Maxity’s marketplace helps connect people to the charitable causes they support. It helps charities understand the potential of NFTs, and work with them to identify NFTs that they can create in order to boost their donor engagement and publicise their mission. These NFTs will replace traditional fundraising badges or ribbons as acknowledgements for donors, which can be further used for personal (profile picture) or business (business logo) use.
NFTs present entirely new ways for organisations to engage with donors. Through Maxity, charities and NGOs are just discovering how they can leverage NFT fundraising to generate new streams of revenue and engagement. Maxity works with charities through each stage of the NFT lifecycle, from ideation to execution, aiming to provide a one-stop shop for showcasing and managing NFT charity projects and a platform for charities to generate revenue through accrual of resales.
Maxity is currently the world's largest market for charity NFTs. With Maxity, users can discover, collect, and sell NFTs linked to a cause that they support, while also giving back to society. NFT charity events for digital art are held to generate funds to be forwarded to the charities. We aim to create a new platform to fundraise towards solving global issues.
Maxity’s NFT marketplace launched in March 2022, and by August 2022 it had 84 charities onboarded. Most of these NGOs have begun to actively sell NFTs. These numbers are expected to increase dramatically as the benefits to charities become more widely known. Maxity is actively training charities (and donors) about the benefits that NFTs can bring. The Maxity NFT marketplace runs on the Polygon blockchain, and is expected to run in parallel on Ethereum after the merge in November (An upgrade shifting Ethereum proof-of-work to proof-of-stake framework). The marketplace consists of some smart contracts and a front-end dApp. It uses the ERC-721 standard for NFTs. NFTs are priced in Matic, which is the currency of the Polygon blockchain.
3.1 Functionality
Maxity’s front-end dApp allows charities to mint NFTs (individually and in bulk), and to list them for sale. A buyer can buy an NFT, in which case it is transferred by the smart contract to the user’s Ethereum address. Once owned by a user, the user can re-list the NFT, possibly at a new price, and another user can buy it. Users can buy and sell NFTs from each other. At the first sale, 98% of the sale price goes to the charity that minted it, with 2% going to Maxity as a service fee. On subsequent sales, a certain percentage (“royalties”) of the transaction amount goes again to the charity, and 2% to Maxity as service fee, with the remainder going to the seller and the NFT designer. The royalty percentage is set by the charity at mint-time, and can be up to 10%. In this way, the charity continues to benefit financially every time the NFT is traded.
Because charity donors may not be familiar with cryptocurrency and Ethereum addresses, Maxity supports payment by fiat currency using bank payment cards too. This is the greatest innovation in the NFT industry. Maxity, one of the few NFT marketplaces to support fiat payments, further lowers the barrier of Web2 users to enter the blockchain and NFT world. A user that doesn’t yet have an Ethereum address can still purchase (or be given) an NFT; if the user doesn’t cite an Ethereum address the NFT is held by smart contracts and servers, the NFT can be claimed by the user at any time in the future when they have downloaded a wallet (such as MetaMask) and established an Ethereum address.
Maxity marketplace supports NFT collections. A collection is a series of similar-looking NFTs that follow a theme. Typically they also have similar titles, differing by a serial number. Users can mint up to 10 NFTs in a single transaction. A collection can consist of any number of NFTs, but a collection of more than 10 will have to be minted in several steps. (The limitation of 10 minted NFTs at a time is to ensure that transaction sizes don’t become unwieldy.)
To increase NFT selling opportunities, the Maxity marketplace has integrated a timed auction function allowing users to bid on NFTs. Auction creates an exciting atmosphere, motivating donors who have been caught up in the competitiveness of bidding, to bring the price of NFTs higher. Sometimes donors wish to collect all the NFTs in an NFT collection, and will spend all dimes to win at all costs. In the end, it is the donors and charities who receive most of the benefits, with one enjoying the pleasure of winnings and one receiving a great amount of donations.
3.2 Royalty models
The Maxity NFT platform allows charities to earn “royalties” when its NFTs are sold on the secondary market. At mint time, a royalty percentage is set (from 0 to 10%) by the charity. Then, if a donor owns an NFT minted by the charity and sells it on to an additional donor, the distribution of the amount the additional donor pays is as follows:
Maxity gets 2% of the amount, as its fee;
The charity gets the royalty according to the royalty percentage set at mint time;
The first donor gets the remainder.
The charity may have used an artist supported by artist royalties. If this is the case, then the charity stipulates the artist at mint time. On the primary sale of the NFT, 90% of the sale value goes to the charity, 8% goes to the artist, and 2% to Maxity. On a secondary sale, 20% of the charity royalty part goes to the artist, 80% of the charity royalty part goes to the charity, 2% of the sale goes to Maxity, and the remainder goes to the seller.
These arrangements are summarised in the table below:
3.3 Maxity DAOs
Maxity has established decentralised autonomous organisations (DAOs) to expand its core ecosystems.
3.3.1 Charity DAO
Charity DAO is made up of charities and Maxity ambassadors. The DAO facilitates NFT fundraising for charities, focusing on raising funds in emergency contexts, such as the sudden onset of natural disasters, war and other situations where humanitarian relief is needed. Charity DAO aims to respond rapidly in such situations, by creating, completing and releasing NFTs for charities within 24 hours. This helps raise funds quickly and effectively to respond to the crisis.
Charity DAO has established the Stop Climate Change NFT collection. This NFT project, which is a limited collection of 100 NFTs, aims to increase awareness of serious climate change issues among top decision makers. Climate change is no longer a future problem, it is a current reality. The artist combines natural climate, disasters, and human imagery through painting and collage techniques to demonstrate the interdependent relationship between humans and their environment.
Charity DAO NFT designers have created an optical illusion NFT collection in support of the women, children, and elderly people of the Ukraine. Ukraine family support is a limited collection of 80 NFTs. Funds from sales of this collection will be distributed to the people affected by the Ukraine crisis.
Freedom for Women is an NFT collection in collaboration with Charity DAO. The decision to withdraw federal support for termination of pregnancy in the United States directly affects half of the American population – women. The data is clear, attempts at ending pregnancy will continue even when there is no safe route to do so. There will only be more women who do not survive unsafe termination. The rich colours in this NFT represent the right to bodily autonomy for all women around the world - the painting depicts a girl stretching her limbs in the air, free and flexible; illustrating that women flourish as human beings when able to make their own decisions.
As well as these NFT series in response to crises, Charity DAO has issued NFT tickets, which provide access to all of Charity DAO's benefits and services. Ticket holders will be eligible for the MAX token rewards according to their contribution; they will also be eligible for the Charity DAO token airdrops, and a certain number of Charity DAO tokens will be allocated according to their contribution. Ticket holders can enter the Maxity Metaverse to claim various charitable tasks, accumulate a certain amount, and have the opportunity to receive Metaverse virtual land rewards.
Charity DAO members have the obligation to promote the Charity NFT project on Charity DAO and Maxity platforms; and to raise funds for the charity NFT released by Charity DAO.
When a user buys a Charity DAO NFT, then 90% of the sale price goes to the particular cause represented by the NFT being sold; the remaining 10% paid to Charity DAO. Members of Charity DAO share the management fee according to their contribution.
3.3.2 Artists DAO
Artists DAO is an artists’ community that aims to empower artists to design meaningful NFTs. It is composed of artists that have created NFTs on behalf of charities. Artists DAO also runs NFT design training courses, promotes successful artists. It has a mentoring programme for young and aspiring artists. Members of Artists DAO bring more artists to join the DAO, and participate in the mentoring programme.
The Maxity platform rewards artists through the royalty programme. When an NFT is minted, a percentage of the first-sale and resale amounts can be declared, and on each sale this percentage is transferred to Artists DAO. Members of Artists DAO also get rewarded with MAX token. When an artist designs an NFT, they can choose whether to obtain the services of Artist DAO or not.
3.3.3 Influencer DAO
The idea of Influencer DAO is to harness social media influencers (on platforms like YouTube, Instagram, TikTok, Twitter, etc.) to promote charities, and to feature in NFTs. To achieve this, Maxity will collaborate with several key opinion leader agencies in the UK. We will recruit top influencers with this partnership, and issue exclusive NFTs for them on the Maxity NFT marketplace. They will be chosen from influencers on social media platforms such as Instagram, Twitter, Tiktok, etc., that have more than 200M followers.
The influencers will be used to support charities. Each one will be matched with a set of carefully chosen charities that are fitting to the influencer's interests, so that the influencer can promote the NFTs for the charities. There will be attractive incentives of MAX Token and Influencer DAO Token for their contributions. Artist DAO will also create charity NFTs for the influencers that make significant contributions.
Influencer Dao has a separate tokenomics, and is governed by all Influence DAO members, with IEO planned in 2024.
3.4 Donor community building
Donors to a charity have much in common with each other, namely, the interests and objectives of the charity they are supporting. The charity would benefit greatly from building a community among its donors, to give them the opportunity to discuss the charity’s work and become more involved. But this is difficult to achieve: donors may be geographically distributed (preventing meeting at events the charity might organise), and online fora are usually clunky and painful for donors to use.
Maxity NFT marketplace is our first step in helping charities form donor communities. Through the marketplace, donors can showcase the NFT collections they have acquired, and transact with each other. Donors might be interested in completing a particular NFT collection created by the charity, and hence compete with each other to bid for the NFTs they need.
In the community, charities and NGOs synchronise their operations and plans to donors, engaging with their contributors proactively to refine donors’ experiences.
In the future, the Maxity platform will support other kinds of donor engagement. Donors will be able to look at projects the charity is considering undertaking, in a virtual reality setting. They can vote for projects they like, and pledge financial support for them. Charities will be able to try out new ideas, and see which ones gain approval from their donor communities.
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