22 of the top Web3 social impact developments of 2022
It has been a year. On the not-so-positive side, there have been a lot of challenges in Web3 in 2022. For one thing, the crypto markets experienced a significant downturn, with the overall crypto market cap dropping from its highs of over 2.8 trillion USD near the end of 2022, to just over 800 billion USD at the time this article was written.
Add to this the fact that there have been multiple scandals and historic collapses of prominent crypto players, such as Terra Luna, Celsius, and FTX, and it’s understandable why some would leave 2022 with a sense of pessimism towards Web3.
However, despite all these challenges, of which there have been many, 2022 has also been a year of incredible growth for Web3 social impact movements. Builders have continued to build, recognizing that the case for Web3 social impact remains intact, and nothing can stop its momentum.
So, in this article, to wrap up a rather tumultuous yet exciting year, we highlight 22 of the top Web3 social impact developments of 2022.
1. Social Impact DAOs gain momentum
Whereas 2021 was the year of the resurgence of the DAO, one could argue that 2022 was the year where social impact DAOs truly came to life. Over the past year, dozens of social impact DAOs have launched, or grown exponentially, with a particular focus on regenerative finance and decentralized science. Although many fizzled out, as is to be expected, many others continued building at an incredible pace, including the likes of Vita DAO, ReFi DAO, Earth Fund, and Gitcoin, among many others.
2. Quadratic funding revolutionizes crowdfunding
The name quadratic funding alone may sound complicated, but at its core, it is a revolutionary Web3 tool that will create a fairer and more democratic process for crowdfunding. It does this by allocating greater matching funds to the projects with support from the most individuals, as opposed to a dollar-for-dollar match, which is the norm in fundraising campaigns. The biggest player in quadratic funding is certainly Gitcoin, which launched its 15th funding round in September 2022, which used quadratic funding to provide grants to Web3 public good projects. To learn more about the basics of quadratic funding, and how it works, check out our blog post “Quadratic Funding and the future of crowdfunding”.
Quadratic Funding really took off in 2022, as more community members got involved in Gitcoin Grants, allowing their voices to be heard by supporting projects and causes important to them. Looking for evidence of this? Look no further than the success of Gitcoin’s most recent granting round, where $4.4M in funding was distributed to 1,495 grants, with contributions from nearly 40,000 individual donors. Gitcoin also recently partnered with UNICEF, one of the biggest NGOs in the world, to launch a granting round in support of ten impact-focused projects using blockchain and AI technology for social good.
3. Crypto philanthropy supports Ukraine
On February 24, 2022, Russia began its brutal war against Ukraine, causing immediate devastation to those living in Ukraine. In the day’s following Russia’s invasion, the Web3 community rallied in support of Ukraine, launching several fundraising initiatives to support humanitarian organizations working on the ground, including Ukraine DAO, as well as special funds from Endaoment and The Giving Block. Also, for the first time ever, we saw a government appeal directly to the international community for donations, with the Ukrainian Government posting their wallet address to twitter to accept direct donations in BTC, ETH, and USDT.
As a result, humanitarian organizations in Ukraine, as well as the Ukrainian Government, have received well over $100 Million dollars in cryptocurrency donations since the beginning of the war.
4. UN agencies embrace Web3
Throughout 2022, several United Nations agencies continued to embrace the potential of Web3. One in particular that went all in on Web3 was UNICEF. UNICEF, one of the largest NGOs in the world, was an early adopter of crypto philanthropy and granting, with the launch of their CryptoFund back in 2019. This fund continued to grow in size through 2022, with the total funds raised reaching 2527 ETH and 8 BTC. UNICEF took it to the next level in 2022, however, with the launch of their first NFT drop, which raised 240 ETH on public sale for the Giga initiative, which aims to connect schools in developing countries to the internet. More recently, they partnered with Gitcoin, as highlighted above, for a special granting round using the power of quadratic funding.
Beyond UNICEF, other UN agencies have also started seeing the potential of web3, including the UNDP, which recently released a report titled “#Web3for2030: How can Web3 help achieve the Sustainable Development Goals”. Another example is the recent partnership between Stellar and UNHCR, making it easier to deliver financial aid to Ukrainian refugees via the USDC stablecoin.
5. ReFi Spring…spring…summer…fall…and winter?
Regenerative Finance, or ReFi, continued to grow to new heights over the past year, with the summer of 2022 being called the “ReFi Summer”. But the momentum of the ReFi movement didn’t stop there and continued to grow into the fall and winter. Dozens of new ReFi projects and protocols were launched, and many more continued to grow, focusing on everything from tokenizing natural assets to financing agricultural projects in remote regions, and everything in between. Some of the most notable projects that continued to grow in 2022 include ReFi DAO, Regen Network, Toucan Protocol, and Treejer, among others. A detailed database of ReFi projects can be found HERE. The most recent Gitcoin grants round, for example, was full of ReFi grant proposals, with 4,217 donors crowdfunding ~$115k to nearly 200 projects in the Climate Solution stream, with a total matching pool of $464,000.
6. Charitable NFT drops - a new medium for fundraising
Whereas 2021 was the year that crypto philanthropy really took off, 2022 was the year that many charities began engaging with NFTs as a new way to raise funds for their causes. One example of this was the recent launch of ChangeDAO’s independent platform for NFT Giving, which had its inaugural drop on NFTuesday, Awaken Your Inner Child, led by prominent Web3 Changemakers Bryan Brinkman and Rizzle. The project, in support of Upbring’s Crypto Endowment Fund for Better Childhoods, sold out in 30 minutes, raising 8.16ETH.
DoinGud, another prominent platform for social impact NFTs, continued to grow engagement on their platform with the launch of their Gud Souls membership program, an important step in their roadmap to building a decentralized impact protocol. They also partnered with Gitcoin for their GR15 granting round, enabling artists to directly support grantees with the sale of their NFTs.
Sostento, a 501c3 charitable organization that supports frontline health care workers, also recently launched a charitable NFT drop, Turnout for Burnout, in partnership with Artblocks and Endaoment, which is “a fundraising effort dedicated to finding solutions for burnout and combatting the resulting symptoms in local healthcare worker populations.”
7. Building a more inclusive Web3
One of the most common criticisms of Web3 is that it is dominated by so called “crypto bros”, a group of hyper-masculine bros only interested in making a quick buck through speculation. But as those of us working in Web3 know, there is far more to the community than this single subset of the population. However, there is no point in denying that Web3 is still dominated by males, many of whom are from wealthy backgrounds.
Thankfully, there are projects and collectives looking to change this and build a more inclusive Web3. Throughout 2022, we saw the growth of many of these projects and collectives including Women of Web3, Web3 Women In Science, and the Women in Web3 conference, which was recently hosted in Miami.
We also saw the launch of NFT projects with the goal of building inclusion in Web3, including the Metapride Land Charity Collection, which launched during pride month, and World of Women, which released its second collection in March of 2022.
8. Crypto UBI continues to grow
Throughout 2022, the movement for crypto universal (or unconditional) basic income (UBI) continued to gain momentum. For those who aren’t as familiar with UBI, at its core, it is essentially a guaranteed regular payment made to individuals, meant to supplement their income. Most crypto UBI experiments have taken place in underserved communities, such as refugee settlements or rural and remote regions. In 2022, those participating in and contributing to crypto UBI protocols continued to grow.
impactMarket, a leader in crypto UBI, for example, has seen over $8 million transacted on its ecosystem, with $3 million being distributed in UBI to over 45,000 beneficiaries. It even reached #1 on the Celo blockchain in activity.
GoodDollar, another prominent crypto UBI platform, has grown to 478,000 active members from across 183 countries. GoodDollar is also making exciting progress on their road map, with one example being the recent approval of GoodDollarV3 with support from 99.9% of the GoodDollar community that voted.
9. Decentralized Science takes over
Over the past year, the Decentralized Science, or DeSci, movement has gained incredible momentum. Dozens of DeSci projects have launched with the goal of addressing some of the pain points faced by scientists, such as a lack of funding, an overly bureaucratic system, and a lack of ownership and compensation for scientists.
A great example of a DeSci project that grew to new heights over 2022 is VitaDAO, a Web3 movement dedicated to “collectively funding, and advancing longevity research in an open and democratic manner.” To date, VitaDAO has provided over $3 million USD in funding to over 200 research projects, and recently launched the Longevity Prize, a $300k+ granting program with support from prominent Web3 leaders such as Vitalik Buterin, as well as contributions from over 6800 Gitcoin donors.
10. Charities continue to embrace crypto philanthropy
Despite the poor market conditions, and likely lower overall crypto donations in 2022 versus the bull market of 2021, charities are signing up in masses to begin accepting cryptocurrency donations, recognizing that it not a matter of if, but when crypto philanthropy becomes a staple in the charitable giving space.
To date, thousands of non-profits now accept cryptocurrency donations, such as UNICEF, Save the Children, the American Cancer Society, Mental Health America, The Leukemia and Lymphoma Society, United Way Worldwide, CARE, Feeding America, and even some University endowments.
Platforms like Endaoment and The Giving Block, which facilitate cryptocurrency donations to non-profits, have continued to grow their presence in the charitable space, while some charities have also opted to accept cryptocurrency donations directly to their self-custodial wallets.
11. Blockchain supports smallholder farmers
One of the most compelling use cases for blockchain, is how it can provide financial inclusion to traditionally underserved communities, and this is certainly the case for smallholder farmers. Throughout 2022, we saw the continued growth of Web3 projects supporting smallholder farmers, providing them with access to funding, financial services, and access to valuable market tools. Check out some of these incredible projects HERE.
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12. Ethereum transitions to proof of stake
One of the biggest Web3 stories of 2022 was undoubtedly Ethereum’s transition from proof of work to proof of stake. What was most significant about this transition, was that it reduces the Ethereum blockchain’s energy consumption by approximately 99.9%. The importance of this cannot be understated, as Web3 aims to build a more sustainable financial system and shift away from the narrative that “cryptocurrency is terrible for the environment”.
13. NFTs as the new protest art
Beyond Web3, 2022 was a very challenging year for humanity as a whole, with Russia’s war of Ukraine, the overturning of Roe V. Wade, and the stripping of education rights for women and girls in Afghanistan, among many other crises. Protest art has longbeen a tool to fight back during times of oppression, and in 2022, some artists made use of a new medium for their protest art, NFTs.
One of these projects, by Cowgirl DAO, with the tagline “We’re angry, so we’re getting organized” launched the “10K F--K YOU” collection with the goal of fighting back against the stripping of reproductive rights in the United States, while helping raise funds for non-profit organizations supporting abortion rights. Another example is Chinese dissident artist Badiucao’s NFT Collection Beijing 2022, which “included five pieces of art depicting the Chinese government’s oppression of the Tibetan people, the Uyghur genocide, the dismantling of democracy in Hong Kong, the regime’s omnipresent surveillance systems, and lack of transparency surrounding the COVID-19 pandemic.”
14. Building a culture of mental wellbeing in web3
Web3 is incredibly fast moving. One day can feel like one week, and there always something going on in the space, making it hard to disconnect. Thankfully, throughout 2022, many Web3 projects emerged that are looking to build a culture of wellness in web3. One of the most notable project is Moments of Space, a Web3 platform that “lets you meditate any time, any place, so you can easily find a moment of clarity and stillness, no matter how busy life gets”, which is now available on the App Store. They also recently released an on-chain Open Letter, asking community members to commit to revolutionizing wellbeing in Web3, which to date, has received over 35,000 wallet signatures.
Check out our interview with Moments of Space HERE.
15. The Web3 community stands up for reproductive rights
In June 2022, the Supreme Court of the United States overturned Roe V. Wade, laying the groundwork for the stripping of reproductive rights in the US. As a result, we saw many Web3 leaders and organizations come together, rally behind reproductive rights, and commit to raising funds in support of nonprofit organizations advancing reproductive rights in the US and around the world.
One example is Endaoment’s Protect Reproductive Rights Fund, which, to date, has received over $240,000 in donations for nonprofits supporting reproductive rights. We have also seen a number of NFT projects emerge that aim to raise awareness and funding for organizations supporting reproductive rights. One example, which is highlighted above, is CowgirlDAO, which launched the “10k F--K YOU collection” with proceeds from sales of the NFTs being donated to charities via Endaoment, under the advisement of CowgirlDAO.
16. Charities get creative with crypto fundraising
Beyond just accepting cryptocurrency donations, 2022 was a year when nonprofits got creative with cryptocurrency fundraising, and new tools emerged for non-profits to join the crypto philanthropy movement. As highlighted above, one of these tools was NFT drops, which many charities made use of in 2022, but we also saw the launch of Upbring’s Crypto Endowment Fund for Better Childhoods, the first-of-its-kind crypto endowment fund which enables donors to “to give cryptocurrency and maximize the impact of their gift by letting its value grow with the market”. The launch of this fund sets the stage for other nonprofits who believe in the growth potential of cryptocurrency, and creates an opportunity for donors to maximize the impact of their donations.
17. Decentralized social media gains momentum
2022 was certainly an interesting year in the world of social media, most notably with the recent debacles at Twitter, which saw users leave the platform in droves, with many looking for alternative platforms. This is where decentralized social media comes in. One of the biggest beneficiaries of this migration of users was Mastodon, a “free, open-source decentralized social media platform”, which saw it’s user base soar from 300,000 to 2.5 million between October and November of 2022.
Recently, we also saw the launch of a new web3 social app, Diamond, on the DeSo blockchain. This new social media platform, which is similar in feel to twitter, stores all content posts, and social data on-chain, enabling for greater transparency in social media.
18. Support for Web3 impact builders grows
Throughout 2022, we saw the launch and growth of incubator, accelerator, and support programs for Web3 social impact builders. One of the most notable examples, is ReFi DAOs Founders Circles, a founder-led support circle program which launched its first cohort in the summer of 2022, with 72 founders, culminating with Gitcoin GR15. It was found that, of those that submitted grants through GR15, they received an average of $9k more in grant funding that the average Gitcoin grant.
Another great example is Seed Club, which kicked off its fifth accelerator cohort in September of 2022, which included a number of web3 social impact builders like Moments of Space, PsyDAO, and SheFi.
19. Incentivizing healthier living with Move2Earn?
In 2022, we saw the growth of so called “Web3 lifestyle apps”, or “Move2Earn” protocols, which aim to incentivize healthier living. One of the best examples, of course, is STEPN, “a Web3 lifestyle app that leverages tokenized incentives based on blockchain networks to encourage people to be active outdoors.” STEPN celebrated its one year anniversary in September 2022, having experienced massive growth over the year, and expanding to nearly 5 million users by their one year anniversary. At the time of writing this article, STEPN users have collectively run nearly 150 billion metres, and burned over 9 billion calories as a result.
Another example of a Web3 project incentivizing healthy behaviors, which officially launched in 2022, is Wheelcoin, which gives users the potential to earn coins by walking, cycling, or taking public transit. Their app is now available in the App Store and Google Play. Also, check out our interview with WheelCoin’s Founder Boyd Cohen HERE.
20. DeFi for good is here to stay
2022 was a challenging year for Decentralized Finance, or DeFi. We saw the collapse of several DeFi protocols, which resulted in investors losing substantial sums of money. At the same time, we continued to see progress being made by those who see the potential of DeFi tools to build a more financially inclusive and equitable world. In 2022, we saw new partnerships that made used of blockchain based tools to provide financial aid to refugees, the growth or crypto UBI projects that provide a basic income to underbanked populations, and the growth of numerous projects that aim to provide essential financial services to underbanked populations such as Xcapit and Kotani Pay. Despite the challenges faced in the world of DeFi in 2022, one thing was made clear: DeFi for good is here to stay.
21. A focus on education and onboarding
Recognizing that there are many barriers to entry to Web3, 2022 was a year where heavy focus was placed on creating high quality educational content and supporting the onboarding of new users. One project which launched in 2022 is Web3 Academy, which has a goal of “Guiding entrepreneurs, businesses, and creators into Web3”. They offer a free course, The Web3 Rabbit Hole, which helps newcomers “get up-to-speed on the foundational components of Web3 so you can confidently build, work, use or invest in the fastest growing technology in history!”
Another project that gained momentum in 2022, is LearnWeb3DAO, a collective with the mission to “create a grassroots organization that creates fully-fledged developers and brings them into the ecosystem.” They offer a free online course to help developers get up to speed on Web3, which, to date, has taught over 50k devs.
22. Building through the noise
Arguably one of the biggest developments of Web3 social impact in 2022, is the fact that despite the market conditions, and despite enormous macro challenges impacting the space, it did not deter those using Web3 to build for a better future. It showed that the momentum is unstoppable, and that this technology is a revolutionary force for good. So, here’s to building off this momentum, and continuing to show the world the good of Web3 in 2023!
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