South African School Turns to NFTs to Sustain Scholarships

NFT


greyton house scholarships

Greyton House Village School, located in Greyton, a rural village about a 2-hour drive from Cape Town, South Africa, minted its first collection of NFTs in February 2022 and has already sold eight pieces, the last at $300 on OpenSea, a NFT. market.

According to the school’s principal, Marli Hoffman, the NFTs are helping to facilitate the school’s scholarship program.

At the time of writing this article, 35 of the institution’s students are already in full or partial scholarships for which they raise funds annually.

100% of the funds go to keep scholarship children in school.

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SEE ALSO: EXPLANATORY GUIDE: How to connect your MetaMask to OpenSea to buy and mint NFT

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Speaking about the school’s initiatives, Marli Hoffman, Principal of Greyton House Village School, said:

The more NFTs we sell, the more children we can support with scholarships and reduce the waiting list for applications. The only way to change the trajectory of poverty in our country from the bottom up is through education.

– Main School, Greyton House Village School

The school is selling artwork made by its own students who gave permission for these pieces to be sold for the cause.

Each piece is created using mixed media on paper before being digitized and minted at OpenSea. Also, one of the parents of the school, who is also a blockchain developer, helps to mint the artworks on the Opensea platform.

The first works of art sold for $250 each, about 0.1 ETH at the time, which was equivalent to a month’s school fee for a student at Greyton House, says Hoffman.

The school will continue to add to its NFT collection. It has also included a 5% royalty cost for each NFT traded going forward.

Hopefully this will create a passive stream of funds for the scholarship program.” Hoffman says.

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RECOMMENDED READING: Nelson Mandela Arrest Warrant NFT Sells For Over $130,000 On Momint NFT Market

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