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 donors' motivations in these charity fundraisers, potentially 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 perceived strategic generosity) and based on an individual's social exposure within the NFT marketplace. We show that charity-NFT 're-listers' experience significant penalties in the market regarding the prices they can command for their other NFTs, particularly among those who are more socially exposed. Finally, we report the results of a scenario-based online experiment, which again support our findings, highlighting that the re-listing a charity NFT for sale at a profit leads others to perceive their initial donation as strategic generosity and reduces those others' willingness to purchase NFTs from the donor. Our study underscores the growing importance of digital visibility and traceability, features that characterize crypto-philanthropy, and online philanthropy more broadly.

翻译：加密货币捐赠如今已占据全球慈善捐赠的显著份额。非同质化代币（NFT）慈善筹款活动——通过出售艺术作品的NFT并将收益捐赠给慈善事业——已成为该领域的一项新颖发展。NFT慈善筹款活动的一个独特之处在于，捐赠者有很大可能从所购NFT的升值中获得财务收益。这可能会引发关于捐赠者参与此类慈善活动动机的质疑，进而可能导致负面的社会形象。因此，NFT慈善筹款活动为了解捐赠者社会形象的经济后果提供了一个独特的机会。我们在一次大型NFT慈善筹款活动的背景下研究了这些效应。通过利用区块链上交易处理时间的随机变异，我们识别了在慈善筹款活动中购买NFT对捐赠者后续市场结果的因果效应。此外，我们基于个体选择转售（相对于持有）所购慈善NFT的决定（这是感知战略性慷慨的一个标志），以及基于个体在NFT市场中的社会曝光度，展示了一种清晰的异质性模式。我们发现，慈善NFT的"转售者"在市场上为其持有的其他NFT所能获得的价格方面遭受显著惩罚，尤其是在社会曝光度更高的群体中。最后，我们报告了一项基于情境的在线实验结果，该结果再次支持了我们的发现，强调将慈善NFT转售以获利的行为会导致他人将其初始捐赠视为战略性慷慨，并降低他人从该捐赠者处购买NFT的意愿。我们的研究凸显了数字可见性与可追溯性日益增长的重要性，这些特征是加密货币慈善乃至更广泛的在线慈善所共有的。