Ukraine is using NFTs to raise funds, demonstrating the decentralized, trustless nature of blockchain technology at its best. The recent invasion of Ukraine has created uncertainty, turmoil, and geopolitical risk worldwide. Millions of investors have suffered massive losses due to volatility in the global financial markets. With rising global inflation, fears of tapering liquidity, and the United States Federal Reserve raising interest rates, havoc is wreaking havoc on the global economy.
Furthermore, the delinking of SWIFT messaging services for leading Russian banks is causing concern among the country’s entrepreneurs while also impacting other economies with strong Russian trade ties. Ukraine DAO, a collaboration between Nadezhda Tolokonnikova, digital artist Trippy Labs, and artist collective PleasrDAO, has sold 10,000 NFTs of the Ukrainian flag on the Ethereum network with a one-of-a-kind NFT of the flag. It has so far raised more than $6.7 million to assist Ukraine’s military.
An NFT of the Ukrainian flag sold for 2,258 Ether (ETH) ($6.5 million at press time) via the Party Bid service. The proceeds from the NFT sale were donated entirely to the Come Back Alive organization, which assists the Ukrainian military, volunteers, and their families.
In Ukraine, 7.5 million children are caught in the crossfire, facing displacement, trauma, prolonged disruption of education, and loss of family income. Save the Children has raised funds to assist families who have been disproportionately affected by Ukraine’s crisis. The organization accepts over 60 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Cardano (ADA), and Dogecoin (DOGE).
Many cryptocurrency investors see the Russia–Ukraine conflict as a game-changer that could solidify the utility of cryptocurrencies and blockchain technology in people’s minds. However, it’s too early to tell whether this will change the narrative on how governments around the world view crypto-assets and NFTs.
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