ArtServe Becomes First Broward Art Nonprofit To Accept Cryptocurrency
The move was lauded by Broward County Mayor Mike Udine, who called it “smart” in light of ArtServe's bustling activity and year-around exhibit schedule.
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Fort Lauderdale's iconic arts incubator, ArtServe, now accepts most types of cryptocurrency as payment for donations, art and some events and classes, becoming the first art-based nonprofit in Broward County to do so.
"Blockchain has become a major force in the art world," ArtServe Executive Director Jason Hughes said. "Given South Florida's status as both a hemispheric financial hub and annual home to Art Basel, ArtServe is right on-trend with offering cryptocurrency options."
The move was lauded by Broward County Mayor Mike Udine, who called it "smart" in light of ArtServe's bustling activity and year-around exhibit schedule.
Through a link on ArtServe's website via the Charity Navigator-endorsed Endaoment, donors and those opting to pay with cryptocurrency can use more than 900 types of ERC-20 Ethereum-based tokens. All others can contact Endaoment to make an "over-the-counter" gift or payment with any other type of digital asset.
Endaoment is the first non-profit organization built on the Ethereum blockchain. Ethereum is considered a superior form of blockchain because it not only allows for peer-to-peer payments, but it is also used to create smart contracts that enable a specific output when a specific set of predefined rules is satisfied.
"The art world has recognized the boundless potential behind blockchain in its embrace of NFTs," Broward Cultural Division Director Phil Dunlap said. "ArtServe now leveraging blockchain to support artists in our community is a natural fit."
To view the ArtServe page on Endaoment, click here.
"The great news is that, as property, cryptocurrency donations are now tax deductible in the United States, so cryptocurrency donations to 501(c)3 charities like ArtServe receive the same tax treatment as stock donations," Hughes explained.
To access the ArtServe crypto donor and payment link, click here.
ArtServe is located at 1350 E. Sunrise Boulevard, Ft. Lauderdale, FL 33304. Call (954) 462-8190 or email information@artserve.org.
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