Blockchain for Good Event Night 2021: Blockchain Association Singapore and NTUC-U Care Fund Raise S$401,211 in Singapore’s first Non-fungible Token (NFT) Charity Auction

  • Guest-of-Honour Mr Tan Chuan-Jin, Speaker of Parliament, presented the tokens of appreciation to the donors
  • In conjunction, the Blockchain Association Singapore inked a Memorandum of Understanding (MOU) with the NTUC-U Care Fund to continue using blockchain technology for fundraising purposes.
  • The charity auction raised a total of S$401,211 worth of donations for the NTUC-U Care Fund from Blockchain Association Singapore corporate members and the general public, exceeding the original target of S$250,000.

SINGAPORE, Nov. 23, 2021 — Blockchain Association Singapore (BAS) and the National Trades Union Congress U Care Fund (NTUC-U Care Fund) jointly hosted the Blockchain for Good Event Night 2021 on 11 November 2021 to recognise BAS corporate members who have contributed to Singapore’s first Non-Fungible Token (NFT) charity auction, ‘Blockchain for Good’. The inaugural charity auction raised a total of S$401,211 from BAS corporate members and the general public for the NTUC U-Care Fund, exceeding the original target of S$250,000. The event was graced by the Guest-of-Honour, Mr Tan Chuan-Jin, Speaker of Parliament, who also witnessed a Memorandum of Understanding (MOU) signing ceremony between BAS and NTUC-U Care Fund to continue the use of blockchain technology for fundraising purposes.

The Blockchain For Good campaign is a joint initiative between BAS and NTUC-U Care Fund aimed at supporting various assistance programmes, including helping families defray their cost of living and their children’s school expenses, as well as caring for the elderly. The NFT charity auction took place between 4 -10 October 2021 and was a great success.

The NTUC-U Care Fund was established in 2009 to consolidate the Labour Movement’s fundraising efforts to better the welfare of low-income union members and their families. Since its inception, the NTUC-U Care Fund has strived to make a difference in the lives of its low-income members and their families by helping them to lessen their financial burden.

Blockchain For Good saw personal NFT contributions from public figures such as Speaker of Parliament, Mr Tan Chuan-Jin, and Yang Amat Mulia Pengiran Anak Hamlatul Arsy Mulia, daughter of HRH Prince Haji Sufri Bolkiah. Corporate partners across various industries such as Singapore Airlines, KrisShop, Drew & Napier, and the Singapore FinTech Festival were also involved in the charity auction.

Two industry players within the blockchain and NFT ecosystem, Ether Cards, and A&A Blockchain were also recognised for their immense support behind Blockchain For Good through their capacity as Platinum sponsors. Corporates across multiple industries such as Algorand Foundation, BeLive, FTAG, RegTank and CoinHako also expressed their support through their donations.

Singapore has made a number of remarkable records in the blockchain space. With regards to NFTs, digital artist Mike Winkelmann sold a piece titled ‘Everydays: The First 5,000 days’ for a whopping S$93 million to Singapore-based entrepreneur Vignesh Sundaresan, proving a marked increase in interest for NFTs. Singapore has shown a willingness in embracing emerging technologies like blockchain and is fast becoming a safe haven for crypto-assets through its regulatory framework. The Monetary Authority of Singapore (MAS) has issued three Digital Payment Token (DPT) licenses to date, also announcing Central Bank Digital Currency (CDBC) trials such as Project Dunbar alongside the central banks of Malaysia, Australia, and South Africa.

The NFT market is set to continue growing both locally and globally as organisations all around have recognised the potential of NFTs. Consumer giants Nike and Louis Vuitton have been reported to be taking close looks at NFTs, while other organisations across industries such as Visa, ONE Championship, and Vogue have recently made moves in the NFT market through acquiring or launching their own NFTs.

Quotes

Commenting on the success of Blockchain For Good, Mr Chia Hock Lai, Co-Chairman of BAS said, “It is our first time doing an NFT charity auction raising more than $400,000 worth of funds to help lower-income union members and their families. I hope this unique initiative will pique the interest of corporates and individuals to come on board through similar means for us to make this a sustainable fundraising effort for a worthy cause.”

Mr Tan Chuan-Jin, Speaker of Parliament, said, “I commend NTUC-U Care Fund and BAS for organising this innovative and meaningful fund-raising initiative in support of the community. While it is always refreshing to explore and embrace emerging technologies, I am heartened that in this instance, it also fundamentally contributes to the noble cause of helping families in need with their cost of living, as well as caring for the elderly. With such collective efforts, I am confident that we can continue to make a positive social impact, and build a more caring and inclusive Singapore. This is what the SG Cares spirit is about, galvanising the community to care for the vulnerable in our midst – be it by donating what we can or by volunteering our time – and making sure that no one is left behind.”

Mr Zainal Sapari, NTUC Assistant Director-General and Director of NTUC Care and Share Department, said, “NTUC-U Care Fund has been exploring new ways to raise funds for our beneficiaries. We are excited by BAS’s proposal to raise funds through NFTs and are truly heartened to be the selected beneficiary of BAS’s Blockchain For Good initiative, where the funds raised will go towards supporting our lower-income members and their families who may need an additional boost to tide through these difficult times. We look forward to the continued partnership with Blockchain Association Singapore for future Blockchain For Good initiatives.”

Ether Cards Founder, Mr Andras Kristof, said, “Using this revolutionary technology in a manner that positively impacts so many people for the greater good is exactly why Ether Cards exists. This message of hope to those in need is even more critical during this global crisis. This is just the first of many ways in which Ether Cards will continue to actively seek how dynamic NFT technology can be used to support those in need.”

About Blockchain Association Singapore

The Blockchain Association Singapore (BAS) seeks to empower its members and the community to leverage blockchain and scalable technologies for business growth and transformation.

The Association is designed to be an effective platform for members to engage with multiple stakeholders – both regional and international – to discover solutions and promote best practices in a collaborative, open, and transparent manner. It aims to promote blockchain literacy and build a strong talent pipeline for the digital economy in Singapore.

For more information, please visit: https://singaporeblockchain.org

About Blockchain For Good

Blockchain For Good (BFG) is a Corporate social responsibility (CSR) initiative of the Blockchain Association Singapore (BAS). We have been supporting the PolyFinTech100 API hackathon for the past few years whereby we groom talented poly students in the areas of blockchain.

In 2021, we decided to expand our CSR to run an NFT Charity Auction with the NTUC-U Care Fund, to raise funds for supporting various assistance programmes, including helping families defray their cost of living and their children’s school expenses, as well as caring for the elderly.

For more information, please visit: https://singaporenft.org/

About NTUC-U Care Fund

The NTUC-U Care Fund was established in 2009 to consolidate the Labour Movement’s fundraising efforts to better the welfare of lower-income union members and their families. Through the collective efforts of the NTUC-affiliated unions, association and social enterprises, together with management and tripartite partners, $113 million has been disbursed since 2009 to help workers affected by the economic downturn and fund our assistance programmes. Since its inception, the NTUC-U Care Fund has strived to make a difference in the lives of its lower-income members and their families by helping them to lessen their financial burden.

For more information, please visit : https://www.ntuc.org.sg/wps/portal/up2/home/aboutntuc/ucare

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