Ukraine began auctioning off a collection of non-fungible tokens (NFTs) on March 25, expanding a cryptocurrency fundraising push that Kyiv expresses has already organized more than $65 million for its war efforts.
The ‘Meta History: Museum of War’ is a series of virtual photos – including silhouettes of warplanes, screengrabs of news, and a cartoon-style picture of an explosion – every picture marking a different day in the conflict.
Ukraine’s Ministry of Digital Transformation began appealing for donations in digital tokens like Ethereum and bitcoin a few days after Russia launched its invasion, which Moscow calls a special military operation.
The latest NFT series was about spreading truthful information among the digital community globally and taking donations for the assistance of Ukraine,” as per the information given on the website.
Non-fungible tokens (NFTs) are crypto-assets that burst in popularity in 2021. These tokens use blockchain technology, from an image to a video or piece of text.
Ukraine has obtained supplies for its military with its crypto donations, including bulletproof vests, helmets, launches, and medicines, Alex Bornyakov, Ukraine’s deputy minister of digital transformation, expressed on Twitter.
Users purchase NFTs with cryptocurrencies such as ether. Ukraine’s NFTs will cost 0.15 ether or around $475 initially. After that, the collected funds will go directly to Kyiv’s digital crypto wallet, according to the donation’s website.
The explosive rise in NFT sales left many observers baffled, like why so much money is expended on items that don’t physically exist.
Still, they have become a famous fundraising tool in recent months, with groups of people pooling their crypto funds to buy NFTs to raise awareness of a particular cause.