Cathay has collaborated with non-profit organisations, The Hub Hong Kong and Articoin, to use blockchain and NFT (Non-Fungible Token) technology to open new and sustainable fundraising channels for NGOs – a sector devastated by the COVID-19 pandemic. The initiative began with a painting competition for underprivileged young people aged from six to 18 years. With the theme "My Home in Sham Shui Po", the competition alludes to a working-class area of Hong Kong that was particularly hard hit by the pandemic. Winning entries in the children's and teenager's categories were minted as 5,000 NFTs to be sold as limited edition, exclusive collectibles for donors on Cathay's shopping platform, Cathay shop, and Articoin's platform.
While Non-fungible digital assets have been criticised for their adverse environmental impact, Articoin's "Proof-of-Capacity"; blockchain technology consumes 2,600 times less energy than conventional NFT platforms and their Green NFTs come with a CO2 offset through carbon credits. All net funds raised from the sale will go to support much-needed educational and development programmes for underprivileged children organised by The Hub Hong Kong.
