"Why are we doing this?" is a question we often get asked, and one that we often ask ourselves, the answer to which is quite simple: frustration with the status quo.
The non-profit sector is suffering at a time when political and economic disruption means it will be needed most, and donations are falling, along with trust in institutions of public character more generally. Across different countries, scandals have marred the sector’s reputation and created disillusionment among donors, resulting in stricter regulation, higher compliance costs, and impacting small charities disproportionately.
On the other side of the proverbial universe, the luxury sector faces its own problem - excess inventory. Regardless of the product, be it condominiums, cars or handbags, inventory is a perennial problem that the luxury industry has to deal with, but discounting is rarely an option and so the market is typically oversupplied. This results in some outrageous outcomes: beautiful million-dollar homes can sit empty for years, performance cars in on dealership parking lots left unsold, or in the case of fashion houses like Louis Vuitton, merchandise being physically destroyed simply to preserve scarcity.
We think we can solve for both these seemingly disparate problems simultaneously by employing an old, tried-and-tested system - the charity prize raffle - and combining it with a new, promising technology (i.e. blockchain) to create a win-win proposition for all parties involved.
Our proposal is to create an international, issue-agnostic, prize raffle platform, run primarily for the purposes of fundraising for registered charities, and have our business processes and infrastructure built around the transparency and solidity of the Ethereum blockchain framework.
We're very fortunate to have the backing and support of an experienced group of investors, mentors and advisors to help us deliver what we hope will be a fun, entertaining and above all meaningful experience for all our users. But as the hit single from The Carpenters goes - we've only just begun - and we will constantly strive to improve as we continue to grow and learn.
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