Would this work to raise money for a nonprofit cause?

Okay, a nonprofit sets up a mailing list whose intent is for people to put their names on it to receive lots of ads from sponsors, so that those advertisers can provide funding for the nonprofit organization.

The people who sign up for it do it knowing that it’s just signing up for lots of spam, but do it to get money for their cause of choice.

Would that work? It seems like an awesome idea. I’ve never heard of it being done before though. Maybe I’m wrong.