- NFTs are playing an important role in raising funds for Ukraine
- Numerous NFT projects are helping raise money for Ukraine that will be used to provide humanitarian aid to Ukrainian citizens
- The Ukrainian officials are also planning to launch an NFT collection in near future.
Non-Fungible tokens or NFTs have become a saving grace for war-ridden Ukraine, a country that is currently battling a severe invasion from Russia.
Ukraine’s plea to global investors urging them to make crypto donations has played a pivotal role in the digital asset industry, illuminating several use cases of decentralized assets and how they are capable of transforming an entire economic infrastructure from head to toe.
NFT Projects Are Helping Ukraine Bolster Its Military And Geographical Frontiers.
Ukraine’s decision to accept cryptocurrency donations has played an instrumental role in bolstering the overall strength of the nation. The donations, which totaled a staggering $63.8 million at the time of publishing, have been used extensively by the Ukrainian government to fortify its frontiers and help the country fight the Russian forces.
Moreover, the country is turning towards NFTs to seek refuge and rebuild itself back to its former glory. As reported by Guardian, Ukrainian officials are planning to launch an NFT project to raise money for its people and help provide necessary aid to them. The country’s deputy minister of Digital communications Alex Bornyakov announced that the NFT collection will be “like a museum of the Russian-Ukrainian war. We want to tell the world in NFT format.”
Apart from that, there are other countless NFT projects funded by organizations that have been gaining mainstream momentum and are attracting heavy donations to help Ukraine and its citizens battle the ongoing war crisis. UkraineDAO, one of the most notable collaborations among Nadezhda Tolokonnikova, digital artist Trippy Labs, and PleasrDAO has managed to raise $6.7 million by selling NFTs of the Ukrainian flag on Ethereum.
Similarly, another NFT project called Holy Water NFT collection has managed to get 500 Ukrainian artists onboard to submit art to the Holy Water NFT collection and help raise funds for the people of Ukraine.
TIMEpieces, a web3 NFT community spearheaded by Time Magazine, has also announced an exhibition called ” Make Art Not War ” which intends to raise funds for Ukraine.
As per the official press release of TIMEpieces:
“Collectors will be able to bid on an auction of 60+, exclusive 1 of 1 piece featuring the TIME red border, available exclusively on OpenSea. Each artwork will have a starting bid of 0.22ETH, with 100% of proceeds supporting humanitarian & relief efforts for Ukraine with TIME and the artists waiving all royalties on primary and secondary sales. OpenSea, the NFT marketplace, is waiving their fees for the auction.”
Other notable NFT endeavors including Forza Ikonia, Vandalz for Ukraine, and ArtWarks Ukraine are also joining forces to help Ukraine rebuild itself and use the collected funds to strengthen its geographical frontiers. According to Alex Bornyakov, the money collected via digital assets is being used to buy military equipment and to fund media activities.
“We don’t use this fund to buy weapons at this point. We’re buying night-vision goggles, optics, helmets, bulletproof vests.” Bornyakov added (Via the Guardian)
Moreover, it was previously reported that crypto assets have been proven exceptionally resourceful for Ukrainians by helping them safeguard their assets amidst the falling economic and financial infrastructure.
A CoinShares blog reported an interesting insight on crypto trading in Ukraine.
“When times are desperate and where banks do not function correctly, it is often highly risky to transport physical cash. This is the case for many Ukrainians and Russians at present, consequently, crypto assets are seen as an attractive alternative. This has been a concept rarely tested until now, where we have seen Ukrainian crypto trading rise by 107% since the conflict began…We believe cryptocurrencies are being used as a hedge against falling domestic currencies and for their portability, particularly important for Ukrainian refugees, allowing them to cross borders without the risk of confiscation/theft of their assets.”