The world’s first Microsoft Excel-based NFT art collection has gone on sale as part of an effort to raise money for the victims of the war in Ukraine.
Commissioned by Datarails, a financial planning platform that integrates closely with Excel, the five pixel art portraits of Ukrainian President Volodymyr Zelensky and other scenes from the conflict.
While Excel art in itself is nothing new and others have previously turned spreadsheet doodles into NFTs, the Datarails sale marks the first time an XLS file (the typical Microsoft Excel file format) has been tokenized and placed on a blockchain.
NFTs, but different
NFTs, or non-replaceable tokens, are a type of collectible that shows ownership of a particular digital asset, be it an image, video, or piece of music. While the asset itself can be freely replicated and shared, the associated NFT is unique and can be traded on the secondary market.
However, NFTs have been the target of much criticism since they exploded into the public consciousness last year. Some people bought NFTs at extortionate prices based on the implicit promise of return on capital just for their appreciation plummets (opens in new tab)while others have their tokens have been stolen by scammers and hackers.
The NFT revolution also had to give emerging artists a new way to monetize their work. But they have also often been used by celebrities and other high profile individuals to make a quick buck.
Nevertheless, Datarails believes that the NFT sale is the ideal way to generate money for a good cause. In this scenario, the NFTs are not investment vehicles, but more like a perk to a traditional donation.
“Excel is the canvas used by everyone in finance to create ideas, innovation and financial models. In this experiment, we took this concept one step further,” said Didi Gurfinkel, co-founder and CEO of DataRails.
“Excel has literally been used as a palette to produce a unique experience for CryptoArt and spreadsheet enthusiasts to own. We hope this project will help showcase the broad canvas of Excel while raising money for the plight of those in Ukraine.”
Each NFT is sold at a price of 1 ETH, which currently equates to approximately $1,900. In total, therefore, the sale should bring in nearly $10,000, all of which will be donated to Heart to Heart International, a non-profit organization dedicated to improving access to healthcare worldwide.
When asked why DataRails specifically chose Heart to Heart International to receive the proceeds from the NFT sale, rather than the many other charities committed to the victims of the war in Ukraine, Gurfinkel had this to say:
“Heart to Heart International is a fantastic charity whose mission we believe in. It improves access to healthcare around the world by ensuring that quality care is delivered equitably in under-resourced communities and in disaster areas, including the situation in Ukraine .”
To view or purchase the Microsoft Excel NFTs, visit the DataRails website here (opens in new tab).