APR 28, 2022
Ukraine continues to use crypto and NFTs to fund the two-month long ongoing Russia-Ukraine war.
Mykhailo Fedorov, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, tweeted that the Ukrainian government will accept war effort contributions in the form of nonfungible token (NFT) donations and purchases. Via the official “Aid for Ukraine” crypto fund, individuals can donate cryptocurrency, fiat and now NFTs. So far the initiative has raised over $60 million, according to the website.
All funds go toward supplying Ukrainians with weapons, medical gear, medical kits and other expenses outlined on the Aid for Ukraine website. Total expenses amounted to $45,103,538 by April 14. The Aid for Ukraine platform is powered by crypto exchanges FTX and Kuna, and staking provider Everstake.
The Ministry of Digital Transformation of Ukraine is the beneficiary organization of several NFT projects including Russia For Sale, which sells Russian lands in the form of NFTs, and Holy Water, which supports local Ukrainian NFT artists, among others. Those who buy an NFT from one of the organizations will contribute directly to Ministry’s crypto wallet.
At the time of publication, the NFTs donated by “UkrainianCryptoFund” and available to bid on in OpenSea come from collections such as CryptoPunks, mfers, MoonCats, TIMEPieces by Time Magazine, CREYZIES and Chubbiverse Frens. All of these collections only accept Ether (ETH) for payment.
Just as the Ukrainian government has fully embraced digital assets to support humanitarian efforts, many Ukrainian and Russian citizens have had to familiarize themselves and accept using crypto to support themselves. Cointelegraph spoke with some of the people who experienced the advantages of Bitcoin (BTC) firsthand and some of the blockchain companies that have been thriving amid the war.
Fedorov first signaled in a tweet on March 3 that the government would soon be using NFTs to help pay for its military. Since then, the Ministry of Digital Transformation of Ukraine has also launched a virtual NFT gallery to keep alive the memory of the war.
Images courtesy of Unsplash, Istock & Feepik