Fundraising in the Metaverse
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A little knowledge about an emerging technology can go a long way. Talk about the metaverse has been steadily growing, so there's a possibility that the conversation will leak into board meetings, strategic planning before landing on your desk.
Here are some opinions we have on the metaverse:
The first charities to capitalize on fundraising opportunities in a metaverse will share two key characteristics: an incredibly high tolerance for risk, and access to a high level of tech expertise. What could that look like? On one hand, it could be a nimble grassroots organization with tech-savvy leadership or volunteers. Or, it could be a mega-charity with dedicated innovation funding and the ability to hire top-notch development teams. We don't see much early adoption happening in the space between.
Metaverse experiences will bring together communities of people that care about an issue who might otherwise not have connected. The internet has been facilitating this since its inception, and metaverse communities are just the latest form it will take. Gathering is not inherently bad, but consider that the people, places, animals or things we're helping won't likely be showing up in a metaverse any time soon. What could this mean for agency, participation and equity in our program design and delivery?
You're doing serious work. But, your first forays into the metaverse will likely need to be playful. The processing power of handheld software is holding back the hyper-realistic experiences that the metaverse might one-day offer, and one of the strongest economic incentives to solve this is driven by gaming – an industry larger than movies, music and any sport in North America. If people flock to the metaverse in droves, then there's a good chance they'll do it seeking out fun, and escapism.
What are your thoughts on fundraising and the metaverse? Reply to this email and let us know, or even better post and tag us on Twitter or Linkedin so that others can join in the conversation as well.
Additional Reading and Resources
Why Nonprofits Need to Be Early Explorers of the Metaverse by Nonprofit Tech for Good
Nonprofit Marketing in the Metaverse by Myles McDonough at Free Range
Should charities care about the Metaverse? by Helen Olszowska for Charity Digital
Fundraising, Philanthropy and the Metaverse - Emerging Trends by Usha Menon
The Metaverse + Nonprofits - Your thoughts?! (video) by Amber Melanie Smith