Crypto donations now represent a significant fraction of charitable giving worldwide. Nonfungible token (NFT) charity fundraisers, which involve the sale of NFTs of artistic works with the proceeds donated to philanthropic causes, have emerged as a novel development in this space. A unique aspect of NFT charity fundraisers is the significant potential for donors to reap financial gains from the rising value of purchased NFTs. Questions may arise about the motivations of donors in these charity fundraisers, resulting in a negative social image. NFT charity fundraisers thus offer a unique opportunity to understand the economic consequences of a donor's social image. We investigate these effects in the context of a large NFT charity fundraiser. We identify the causal effect of purchasing an NFT within the charity fundraiser on a donor's later market outcomes by leveraging random variation in transaction processing times on the blockchain. Further, we demonstrate a clear pattern of heterogeneity, based on an individual's decision to relist (versus hold) the purchased charity NFTs (a sign of strategic generosity), and based on an individual's degree of social exposure within the NFT marketplace. We show that charity-NFT "relisters" experience significant penalties in the market, in terms of the prices they are able to command on other NFT listings, particularly among those who relist quickly and those who are more socially exposed. Our study underscores the growing importance of digital visibility and traceability, features that characterize crypto-philanthropy, and online philanthropy more broadly.

翻译：加密货币捐赠现已成为全球慈善捐赠的重要组成部分。非同质化代币（NFT）慈善募捐活动——通过销售艺术作品NFT并将收益捐赠给公益事业——是这一领域的新兴发展。NFT慈善募捐的独特之处在于，捐赠者有可能通过所购NFT的升值获得财务收益。此类募捐中捐赠者的动机可能引发质疑，导致负面社会形象。因此，NFT慈善募捐为理解捐赠者社会形象的经济后果提供了独特契机。我们通过一项大型NFT慈善募捐活动研究这些效应。利用区块链交易处理时间的随机变异，我们识别出在慈善募捐中购买NFT对捐赠者后续市场表现的因果影响。进一步地，我们基于个体是否重新上架（而非持有）所购慈善NFT（策略式慷慨的信号）及其在NFT市场中的社交暴露程度，发现了明确的异质性模式。研究表明，重新上架慈善NFT的捐赠者会面临显著市场惩罚——他们在其他NFT交易中的定价能力下降，尤其体现在快速重新上架者及社交暴露度较高者中。本研究凸显了数字可见性与可追溯性（加密慈善及更广泛在线慈善的核心特征）日益增长的重要性。