Last winter when I first joined Steem, Lithuanian cultural weekly magazine “Literature and Art” didn’t get enough funding from Lithuanian Cultural Council. It was a drastic cut and they decided to protest by issuing the cover page completely blank. This is how they wanted to show their readers that the funding from the Cultural Council is vital for their survival. This protest had a big resonance in Lithuanian media. Everyone was talking about the issue of funding for cultural projects for at least a month.
Even though I was new to Steem, I started to see immediate opportunities for non-profit organisations, like this magazine. I found their Facebook page and reached out to the editor-in-chief through Messenger. I wrote they could sign up for Steem and start posting their archives and new posts on the blockchain.
Moreover, they could announce to their fans that they are moving to Steem and want their supporters and readers to join them. This was pre-HF20 days so onboarding was more difficult. Now any account with 5000 SP or more can start claiming and creating discounted accounts.
With prices being so low, it takes only about $1400 to become Dolphin and about $14000 to reach the Orca level. While this might be a lot for a single person, for an organization this might certainly be possible.
What if this magazine invested in Steem? Yes, we all know it’s a risk but fortune favors the brave and most people who are active on this blockchain even when the prices are low believe in the future of Steem.
Imagine if their most ardent readers from all over Lithuania joined Steem and started reading and supporting this magazine. Some of them would become active authors themselves. And by the way, this magazine could support its authors and fans too by upvoting their posts. It would become like a curation initiative we see in abundance on Steem.
Some of their fans would become investors too. Some might donate or delegate SP to the organization. And so their account value would grow. Little by little it would become less dependent from the outside funding from Lithuanian Cultural Council and other foundations.
I wrote some of these ideas to the editor of the magazine through Messenger and he replied with thanking me and saying they will explore this possibility. As far as I know as of today, they haven’t joined Steem yet.
I’m talking about this particular Lithuanian case, but do you think Steem could be an alternative funding source for non-profits worldwide in general?
Please share your thoughts in the comments.