Harvard Case - Blazing a Trail in the Charity Sector: Singapore's Metta Welfare Association Raises Funds by Selling NFTs
"Blazing a Trail in the Charity Sector: Singapore's Metta Welfare Association Raises Funds by Selling NFTs" Harvard business case study is written by Siaw Ling Lo, Graham Ng, Thomas Lim. It deals with the challenges in the field of Strategy. The case study is 10 page(s) long and it was first published on : Aug 16, 2023
At Fern Fort University, we recommend that Metta Welfare Association (MWA) continue its innovative approach to fundraising by leveraging NFTs, while strategically expanding its use and incorporating best practices to maximize impact and sustainability. This will involve a multi-pronged approach encompassing digital transformation strategy, strategic alliances, brand management, and corporate social responsibility.
2. Background
Metta Welfare Association, a Singaporean non-profit organization, has been providing essential services to vulnerable communities for over 60 years. Facing increasing funding challenges, MWA adopted a bold strategy in 2021 by launching a series of NFTs to raise funds. This initiative garnered significant media attention and attracted a new generation of donors, demonstrating the potential of blockchain technology for social good.
The case study focuses on the challenges and opportunities presented by MWA's NFT fundraising strategy. The key protagonists are:
- MWA Leadership: Committed to serving the community and exploring innovative solutions for funding.
- NFT Enthusiasts: A growing segment of individuals interested in supporting social causes through blockchain technology.
- Traditional Donors: MWA's established base of supporters who may be unfamiliar with NFTs.
3. Analysis of the Case Study
A. SWOT Analysis:
Strengths:
- Innovative Fundraising: MWA is a pioneer in using NFTs for charitable purposes, establishing a competitive advantage and attracting attention.
- Strong Brand Reputation: Decades of service have built trust and credibility with the community.
- Dedicated Staff: MWA boasts a committed team passionate about serving the vulnerable.
Weaknesses:
- Limited Technical Expertise: MWA lacks in-house expertise in blockchain technology and NFT development.
- Potential for Misunderstanding: Traditional donors may be apprehensive about NFTs and their implications.
- Volatility of NFT Market: The NFT market is prone to fluctuations, potentially impacting fundraising efforts.
Opportunities:
- Expanding NFT Applications: MWA can explore new NFT-based fundraising models, such as fractional ownership of assets or digital art auctions.
- Building Strategic Partnerships: Collaborating with blockchain companies and NFT marketplaces can enhance reach and expertise.
- Leveraging Social Media: MWA can utilize social media platforms to engage with a wider audience and promote its NFT initiatives.
Threats:
- Regulatory Uncertainty: The regulatory landscape surrounding NFTs is evolving, potentially impacting MWA's fundraising efforts.
- Competition from Other Charities: Other organizations may adopt similar NFT strategies, increasing competition for donor attention.
- Ethical Concerns: MWA needs to address potential ethical concerns associated with NFTs, such as environmental impact and potential for fraud.
B. Porter's Five Forces:
- Threat of New Entrants: The barrier to entry for new charities adopting NFT fundraising is relatively low, increasing competitive pressure.
- Bargaining Power of Buyers (Donors): Donors have a high degree of choice, making it crucial for MWA to offer a compelling value proposition.
- Bargaining Power of Suppliers: MWA relies on blockchain technology providers, potentially impacting its control over costs and operations.
- Threat of Substitute Products: Traditional fundraising methods remain viable alternatives, requiring MWA to differentiate its NFT strategy.
- Rivalry among Existing Competitors: The charity sector is increasingly competitive, necessitating innovative approaches like NFT fundraising.
C. Value Chain Analysis:
MWA's value chain can be analyzed by considering its core activities and how they contribute to its mission:
- Inbound Logistics: MWA receives donations, resources, and support from various sources.
- Operations: MWA provides essential services to vulnerable communities, including shelter, food, and education.
- Outbound Logistics: MWA distributes resources and services to beneficiaries.
- Marketing & Sales: MWA engages with potential donors through traditional and digital channels.
- Service: MWA provides ongoing support and care to its beneficiaries.
D. Business Model Innovation:
MWA's NFT fundraising strategy represents a significant business model innovation, leveraging blockchain technology to:
- Expand Donor Base: Attract a new generation of donors interested in supporting social causes through NFTs.
- Increase Transparency: Provide donors with verifiable proof of ownership and impact through the blockchain.
- Generate New Revenue Streams: Unlock new fundraising opportunities beyond traditional donations.
4. Recommendations
1. Digital Transformation Strategy:
- Develop In-House Expertise: MWA should invest in training its staff or hire experts in blockchain technology and NFT development.
- Establish a Digital Fundraising Platform: Create a user-friendly platform for creating, selling, and managing NFTs, enhancing transparency and efficiency.
- Embrace Data Analytics: Utilize data analytics to understand donor preferences, optimize NFT offerings, and measure campaign performance.
2. Strategic Alliances:
- Partner with Blockchain Companies: Collaborate with established blockchain companies to leverage their expertise and resources.
- Join NFT Marketplaces: List MWA's NFTs on reputable NFT marketplaces to expand reach and access a broader audience.
- Engage with Social Media Influencers: Partner with influencers in the NFT space to raise awareness and generate excitement.
3. Brand Management:
- Develop a Clear NFT Strategy: Articulate a clear vision and strategy for using NFTs to achieve MWA's mission.
- Communicate Value Proposition: Clearly communicate the benefits of supporting MWA through NFTs to both traditional and new donors.
- Build a Strong Brand Identity: Maintain consistency in messaging and branding across all digital channels, including social media.
4. Corporate Social Responsibility:
- Address Ethical Concerns: MWA should proactively address concerns related to the environmental impact of NFTs and potential for fraud.
- Promote Transparency and Accountability: Ensure that all NFT initiatives are transparent and accountable to donors.
- Invest in Sustainability: Explore ways to offset the environmental footprint of NFT creation and transactions.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of MWA's current situation, taking into account:
- Core Competencies: Building on MWA's strong brand reputation and commitment to serving the community.
- External Customers (Donors): Catering to the needs and preferences of both traditional and new donors.
- Competitors: Staying ahead of the curve by adopting innovative fundraising strategies.
- Attractiveness: Assessing the potential impact and financial viability of NFT fundraising.
All assumptions regarding market trends, technological advancements, and donor behavior are explicitly stated.
6. Conclusion
MWA's pioneering use of NFTs for fundraising presents a significant opportunity to secure a sustainable future for the organization. By embracing digital transformation, building strategic alliances, managing its brand effectively, and prioritizing corporate social responsibility, MWA can maximize the impact and sustainability of its NFT initiatives, attracting a new generation of donors and ensuring its continued success in serving vulnerable communities.
7. Discussion
Other alternatives not selected include:
- Abandoning NFT Strategy: This would limit MWA's ability to attract new donors and tap into emerging technologies.
- Focusing Solely on Traditional Fundraising: This would miss out on the potential of NFTs to expand reach and diversify revenue streams.
Key assumptions include:
- Continued Growth of NFT Market: The success of MWA's strategy depends on the continued growth and adoption of NFTs.
- Donor Acceptance: MWA needs to effectively communicate the value proposition of NFTs to traditional and new donors.
- Favorable Regulatory Environment: A clear and supportive regulatory framework is crucial for MWA's NFT initiatives.
8. Next Steps
MWA should implement its recommendations through a phased approach:
- Phase 1 (Short-Term): Develop a digital fundraising platform, establish strategic partnerships, and launch a pilot NFT campaign.
- Phase 2 (Mid-Term): Expand NFT offerings, refine marketing strategy, and monitor performance.
- Phase 3 (Long-Term): Integrate NFTs into MWA's core fundraising strategy, establish a robust governance framework, and continuously evaluate and adapt.
By following these steps, MWA can successfully navigate the evolving landscape of blockchain technology and secure a sustainable future for its vital mission.
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Case Description
Singapore-based Metta Welfare Association (Metta) had been keenly aware of the need to digitalise, and had taken steps to do so under the leadership of Felicia Wee, the Deputy Executive Director. With the coaching of its partners - NFT Ventures and Mega X World - Metta decided to embark on the sale of non-fungible tokens (NFTs) as a new avenue for fundraising. The charity's management committee was originally concerned that it could end up getting embroiled in money laundering. However, after a successful pilot in which transactions were conducted via credit cards in Singapore dollars instead of cryptocurrencies as was usually the case for NFT trading, its unease was allayed. Nevertheless, the question remained: should Metta continue to rely on NFT sales for its fundraising?
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