The non-fungible token is gaining momentum in the political sector, after demonstrating its potentials in the economic sector. The NFT is indeed bringing changes to the electoral landscape around the world. During the last presidential election in South Korea, for example, the Democratic Party used non-fungible tokens to reach young voters.
This time, the NFT comes into play for the election campaign of the next US President. Yes, companies in the NFT sector are hungry for success. They fight against all odds to have the least exploited markets, even if the web3 still leaves enough free field for all commercial imaginations.
This new initiative, which has its roots in United States is from DataVault Holdings. The company plans to provide non-fungible tokens to those who have participated in political committees. Their first goal in this approach is of course marketing.
DataVault Holdings on the political scene
On September 21, the legal representative of DataVault Holdings spoke with an official of the FEC or Federal Election Commission of the United States. During this interview, the lawyer advanced to the head of the FEC the plan of DataVault Holdings to provide NFTs to all those who participated in the political committees.
Since the company cannot go against the sovereignty of the governmentthey had to inquire about the recommendations of the FEC.
In this project, DataVault Holdings emphasizes being a commercial vendor only. The company does not take on political colors.
To reiterate its purely commercial initiative, the company proposes to distribute these NFTs in the form of electoral souvenirs. The company plans to market these NFTs as vendors of various goodies would do during election campaigns. Unlike those goodies though, DataVault Holdings offers something innovative.
What does the FEC say?
The FEC is called upon to analyze this situation to determine what DataVault Holdings can and cannot do. In fact, DataVault Holdings cannot violate government campaign finance laws. He therefore needs to know from A to Z what the FEC authorizes in this sector.
Legal representatives of DataVault Holdings and the FEC therefore spoke, and the two parties raised an opinion issued in 2019. For the FEC to mention in this opinion that NFTs represent the same values as goodies used in election campaigns. In this sense, companies that promote NFTs can very well work on election campaigns.
The DataVault Holdings Project
DataVault Holdings’ goal is to assign a value of $10 to each NFT. This allows campaign committees to earn $10 for each NFT and DataVault Holdings to earn a $3 transaction fee for each exchange.
The project is correct and entirely justifiable in its commercial quality. However, the government must remain vigilant to avoid being enlisted in cases of dubious financing, such as in the case of fundraising campaigns for theIslamic State.
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Election campaign in the USA: NFTs are essential
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