What Are NFT Scholarships? (A New Way Students Are Funding College?... Don't Fall for the Hype)

Tired of competing for the same old scholarships? Some people are pushing "NFT scholarships" as this amazing new alternative. But they're not really a thing yet, and what does exist isn't worth your time.

These aren't the funding revolution they're marketed as. They're mostly just regular scholarships with extra steps and a lot more risk.

Key takeaways

• NFT scholarships are mostly hype; few real programs exist, and most just use NFT sales to fund normal scholarships
• Risks include scams, crypto crashes, and extra complexity without real benefits
• Stick to traditional scholarships for reliable funding; NFT versions aren’t worth your time

What is an NFT scholarship?

An NFT is basically a digital receipt that says you own something online. Can't be copied, lives on a blockchain, yadda yadda.

Here's where it gets weird: "NFT scholarships" are almost never actually scholarships distributed as NFTs. Instead, you've got two main flavors of disappointment:

1. Fake NFT scholarships: Companies sell digital art, use the money for regular scholarship programs, slap "NFT" in the marketing
2. Imaginary NFT scholarships: Theoretical concepts that sound cool in whitepapers but don't actually exist

The whole thing is like calling your lemonade stand a "blockchain beverage distribution network." Same lemonade, fancier name.

Real talk: I spent way too much time looking for actual examples of students getting scholarship NFTs. Found basically nothing that wasn't just normal funding with extra marketing fluff.

The Nextgrad reality check

NextGrad keeps getting mentioned as this big NFT scholarship success story. So I dug in.

Turns out they're selling a single NFT for, get this, $1,000,000. But it's not a scholarship at all. It's advertising access to their high school network for five years. You know, for when you have a million bucks lying around and really need to reach teenagers.

They do give out scholarships (about $650k total since they started), but those are completely separate from their NFT stuff. Just regular scholarships funded through their business operations.

This is basically the poster child for NFT scholarship marketing: take something normal, add blockchain terminology, and hope nobody looks too closely.

TuitionHero Tip

Universities, foundations, and trusted scholarship sites are far safer than flashy blockchain startups.

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Are these things even legit?

Short answer: Proceed with extreme caution.

Long answer: The technology works fine, but actual legitimate programs are rarer than unicorns. Most stuff you'll find falls into these categories:

Probably scams:

• Want money upfront
• Promise automatic payments through "smart contracts" (spoiler: they don't work)
• Can't explain how their system actually functions
• No track record of helping real students

Misleading but not illegal:

• Sell NFTs, fund regular scholarships, market it as revolutionary
• Use blockchain buzzwords for normal processes
• Technically deliver on promises but in the most boring way possible

Actually legitimate (rare):

• Clear about what they're doing (usually just fundraising)
• Don't promise magical blockchain benefits
• Have verifiable history of helping students
• Admit they're basically running normal scholarship programs

Crypto volatility warning: Even legitimate programs tied to cryptocurrency can see their funding evaporate overnight. That $10K scholarship fund could be worth $3K by the time you need it.

TuitionHero Tip

No legitimate scholarship asks for money to apply; if an NFT program requires you to buy an NFT first, that’s a red flag.

Who’s actually doing this? (Spoiler: Almost nobody)

After way too much research, here's what actually exists:

• NextGrad: Million-dollar advertising NFT + separate traditional scholarships. Not really "NFT scholarships"
• Random crypto companies: Sometimes sponsor students studying blockchain stuff. Normal scholarships, just from crypto-focused organizations
• Individual artists: Occasionally sell NFTs to help specific students. Sweet gesture, but not a reliable funding strategy
• Academic researchers: Write papers about potential applications. Zero actual programs

Missing entirely:

• Universities using blockchain for financial aid
• Large-scale NFT scholarship systems
• Any of the "automatic smart contract payments" promised in marketing materials

The whole "emerging field" is mostly emerging in Medium articles, not real life.

TuitionHero Tip

Only trust organizations that have verifiable proof of awarding real scholarships to real students. If you can’t find past recipients, it’s hype.

Should you bother? (Probably not)

Unless you enjoy chasing theoretical opportunities that might never exist, skip it.

Maybe consider if:

• You're studying blockchain/crypto specifically
• Traditional scholarships haven't worked out
• You have tons of free time for research
• You're comfortable with high-risk experimental stuff

Definitely skip if:

• You need reliable funding you can count on
• The word "cryptocurrency" makes you nervous
• You prefer dealing with established organizations
• You want to maximize your time-to-scholarship ratio

Better strategy: Focus entirely on traditional scholarships. They're boring, they work, and they won't disappear if Bitcoin crashes next week.

The realistic pros and cons of NFT scholarships

Why trust TuitionHero

At TuitionHero, we help you find the best private student loans by comparing top lenders and breaking down eligibility, interest rates, and repayment options. Whether you need additional funding beyond federal aid or a loan without a cosigner, we simplify the process. We also provide expert insights on refinancing, FAFSA assistance, scholarships, and student credit cards to support your financial success.

Frequently asked questions (FAQ)

Can I actually get money through NFT scholarships?

Technically? Yes, Practically? No. The few real programs just use NFT sales to fund normal scholarships. You're not getting magical blockchain money.

Do I need crypto to apply?

No. If someone asks for crypto payments or wallet connections, run away.

Are they taxable?

Scholarship money is scholarship money, regardless of how it was raised. Standard tax rules apply.

How do I avoid scams?

Stick with established organizations. If it sounds too good to be true and involves blockchain, it probably is.

Will this become a real thing eventually?

Maybe? But waiting for a maybe isn't a college funding strategy.

Final thoughts

NFT scholarships are a solution looking for a problem. Traditional scholarship systems work fine for distributing billions of dollars annually to students.

The "blockchain revolution" in education funding exists mostly in press releases and startup pitch decks. Real students need real money for real tuition bills, and that's still coming from traditional sources.

My advice? Apply for established scholarships from universities, foundations, and legitimate organizations. If the NFT scholarship revolution ever happens (big if), you'll hear about it. But don't hold your breath, or your tuition payments.

Focus on what works. Everything else is just noise with fancy branding.

Source

• Top 60 Tech Scholarships to Apply for in September 2025 | Bold.org
• NextGrad NFT
• Unlocking the Potential of NFTs in Research: Monetizing Research Projects through Blockchain - Fundesci