The Morris County Republican Committee today unveiled a new fundraising initiative ahead of the 2022 midterm elections: branded non-fungible tokens (NFTs) that the county committee will sell to donors.
NFTs, which first gained traction last year in cryptocurrency communities, are uniquely identifiable images stored on a blockchain that can be bought and resold. Morris County Republican chair Laura Marie Ali said that her party is the first Republican Party in the country, and the first party of any kind in the Northeast, to sell collectible NFTs.
“It’s a very special, unique class of digital asset,” Ali said. “If you’re thinking about a piece of artwork… this is a digital version of that. Why is that cool? Because it’s explosive.”
The initiative, which will formally launch when sales begin this Thursday, is still in its pilot phase, and Ali said that there will be only three classes of NFT to begin with: Take Back NJ, Gold, and Platinum. The Gold and Platinum NFTs will also come with tangible benefits like reserved seats at this year’s Morris County Republican convention.
At least at first, the NFTs will only be purchasable with real money – $50 for Take Back NJ, $500 for Gold, and $1,000 for Platinum – and not with bitcoin or other cryptocurrencies.
“We always use your donations for campaigns, and for getting good Republicans elected,” Ali said. “But now, when people want to support the Republican Party, they’re actually going to be buying an asset that they’ll be able to hold. And because it’s scarce and hopefully very much in demand, you’ll also be able to resell it.”
While the Morris County Republicans may be the first affiliate of the Republican Party to sell NFTs, many other candidates and elected officials across the nation have begun to embrace the world of cryptocurrencies and NFTs. Blake Masters, a prominent candidate for U.S. Senate in Arizona, raised $550,000 last month by selling branded NFTs, while newly elected New York City Mayor Eric Adams received his first paycheck in bitcoin.