Ukraine to Launch NFT Collection Depicting Events From Russia War to Raise More Crypto Funds

Ukraine announced an NFT project on March 3 after cancelling airdrops for those who donated crypto to the government.

By Shomik Sen Bhattacharjee | Updated: 14 March 2022 18:05 IST

Ukraine to Launch NFT Collection Depicting Events From Russia War to Raise More Crypto Funds

Photo Credit: Twitter/ Ukraine

Ukraine provided more details about its proposed strategy to raise funds through NFTs

Highlights

Crypto activity in Ukraine, Russia has picked up massively
Ukraine’s economy has suffered under the pressure of the war
Each NFT will feature art depicting a news story from trusted sources

Ukraine's Deputy Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov had last week promised to release non-fungible tokens (NFTs) that will enable the country to raise more funds to help support its armed forces in the ongoing war efforts. Ukraine's Deputy Minister of Digital Transformation of Ukraine on IT industry development, Alex Bornyakov, has now stated that the country will feature art representing news stories about its war with Russia and sell them as NFTs. Bornyakov had tweeted last week that the funds raised through crypto so far has helped the country buy thousands of bulletproof vests, packed lunches, medicine items, and other supplies for the armed forces.

As per a statement by Bornyakov to The Guardian, the country is creating an NFT collection which will be “like a museum of the Russian-Ukraine war. We want to tell the world in NFT format.” Bornyakov said that each NFT in the collection will harbour a piece of art that tells a story from a trusted news source. "We want it to be cool, good-looking, and it takes time," he added.

The Ukrainian government announced an NFT project on March 3 after cancelling airdrops for those who donated crypto to the government. "We will announce NFTs to support Ukrainian Armed Forces soon," Mykhailo Fedorov said in a tweet, without giving any further details of the project.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

NFTs have become increasingly popular over the past year, but they are now gaining a unique use case with the Ukrainian government has received overwhelming support from the cryptocurrency community, with more than $76 million (roughly Rs. 580 crore) donated in different cryptocurrencies, as per blockchain security firm SlowMist.

One of the donated digital assets to the Ukrainian cause so far is a CryptoPunk NFT valued at over $200,000 (roughly Rs. 1.5 crore). CryptoPunk NFTs are some of the most valuable collections, and the Ukrainian government is yet to sell them.

While crypto activity in Ukraine has skyrocketed as people look for alternative ways of saving their funds, trading activities have also spiked in Russia.

Meta Revises Guidelines, Not Okay to Call for Assassination of Head of State

However, Russia has faced heavy sanctions from numerous countries causing the Russian Ruble to fall to numerous all-time lows within the past two weeks, which resulted in Russian residents looking for alternative ways of storing their wealth.

Cryptocurrency exchanges have said that they will comply with the sanctions and block the accounts of sanctioned Russian individuals and entities. However, most of the leading exchanges, including Binance, Coinbase and Kraken, have said that they will not impose a unilateral ban on all Russian users without the legal authorisation to do so since such action goes against crypto's censorship-resistance rationale.

This week on Orbital, the Gadgets 360 podcast, we dive into Apple's Peek Performance event. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.