South African School Turns to NFTs to Sustain Scholarships

As of this writing, 35 of the institution's students are already on full or part scholarships which they fundraise for annually. 100% of funds go to keeping scholarship children in school.

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Greyton House Village School, situated in Greyton, a country village roughly 2-hours drive from Cape Town, South Africa, minted its first collection of NFTs in February 2022 and has already sold eight pieces, the latest selling for $300 on OpenSea, an NFT marketplace.

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

As of this writing, 35 of the institution’s students are already on full or part scholarships which they fundraise for annually.

100% of funds go to keeping scholarship children in school.

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SEE ALSO: EXPLAINER GUIDE: How to Connect Your MetaMask to OpenSea to Buy and Mint NFTs

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Speaking about the school’s initiatives, Marli Hoffman, Greyton House Village School Principal, 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.

– School Principla, Greyton House Village School

The school is selling artworks done by their own pupils 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 on OpenSea. Moreover, one of the parents in the school, who also happens to be a blockchain developer, helps to mint the artworks on the Opensea platform.

The first few artworks sold for $250 each, about 0.1 ETH at the time, which is one month’s school fees for one pupil at Greyton House, Hoffman says.

The school will continue adding to its NFT collection. It has also included a 5% royalty cost to each NFT traded in the future.

Hopefully this will create a passive stream of funding for the scholarship programme,” Hoffman says.

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RECOMMENDED READING: NFT of Nelson Mandela Arrest Warrant Sells for Over $130,000 on the Momint NFT Marketplace

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