Disclaimer: The author’s opinions are their own and do not constitute financial advice in any way whatsoever.
As the market for NFTs continues to increase, more and more projects are entering the space with unique propositions. None of these projects, perhaps, brings a more altruistic vision for their collection than Praying Hands Club.
Praying Hands Club (PHC) is a non-profit charity organization based in Los Angeles that aims to fight homelessness by setting up a DAO (Decentralized Autonomous Organization) ecosystem charity fund. This system will be the first ever to continuously and autonomously raise money for their cause.
Their official website states:
“From our veterans to the disabled, to the stranger who is just down on their luck, we believe everyone needs a little support. Due to recent world events, many have been forced to search for food and even a warm roof over their head. […] We will be working with multiple community-picked charities from our own backyard in Los Angeles & beyond on this much-needed giveback. We’re here to lend a HELPING HAND.”
PHC’s economic model is rooted in a desire to give back to the community
PHC will offer a collection of 2,222 ERC-721 praying hands NFTs. Each NFT is randomly generated from a collection of 150 different traits. While each artwork is unique, some NFTs are rarer, and therefore more valuable than others, depending on the percentages of each property they contain. At the time of writing, the public minting is live and it’s therefore still possible for people interested in the project to mint a new praying hand at the price of 0.05 ETH.
Of the 2,222 minted hands, 500 will be reserved for various marketing drops, collaborations, and for the Helping Hands charity. The rest will be held by the community, with a limit of 11 praying hands per wallet to favorise a fair and non-biased distribution as well as to encourage community growth.
PHC will have an internal utility token called BLE$$ allowing Genesis Hands holders to benefit from rewards in the future. PHC’s goal is to become the first merchandise-backed NFT project. Via their national merchandise partnership with the company Whitelabel MFG, an important company in the US apparel market, the BLE$$ token will power PHC’s ecosystem as well as the HELPING HANDS initiative.
PHC’s website announces that they are “committed to creating a community where our members are engaged, rewarded, and offered access to both digital & physical experiences, activations & special events.”
The organization commits to distributing 11 BLE$$ tokens every day for 11 years to each NFT holder. Additionally, PHC plans to airdrop an additional amount of BLE$$ on the 11th of each month. This amount will be taken from an 11% royalty payment to their community while 11% from all partner merchandise sales will go to charity.
A solid team with an ambitious roadmap
Jai Snowdon, the project’s founder, is an Australian with 15 years of experience in branding and design. Jai partnered with artist and illustrator Bad Lucky and the company GenerativeNFTs to create this unique NFT collection.
The public mint for the Genesis Praying Hands is an early step in the project’s overall roadmap. The launch of the BLE$$ token is still to come, with announcements about merchandise partners and potential future NFT collections hinted at in the future. One of the last steps in the project’s roadmap is to potentially extend the ecosystem to the Metaverse with P2E games, fashion shows, and concerts in the members-only PHC Sandbox temple.
At the moment, there are a little under 1000 Praying Hands NFTs available to be minted. You can view the hands already minted on the NFT marketplace Opensea.
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This article was originally published on NewsBreak.
