NFTs have arrived in the campaign world. Do you wonder WTF an NFT is? The California FPPC has been kind enough to issue a 6-page opinion on how to deal with NFTs on the campaign trail.
To start, what is an NFT? It’s a non-fungible token. Many conversations around the water cooler are eclipsed by trying to explain NFTs. The Verge tries to explain it this way: ‘“Non-fungible” more or less means that it’s unique and can’t be replaced with something else…At a very high level, most NFTs are part of the Ethereum blockchain.”
Ok, that cleared things up. Moving on from a definition, the next question is why would NFTs be a part of a political campaign? Because in a crowded election year, campaigns try innovative ways to get attention. Also, NFTs can be used to raise money. That is why the FPPC got involved. L.A. City Attorney candidate Teddy Kapur asked about the rules so they could sell NFTs. In a nutshell, the FPPC said that campaigns can sell NFTs. They should be treated like any other item of value that a campaign sells such as campaign paraphernalia (hats, t-shirts, buttons) or food.