In order to raise funds in cryptocurrencies, Ukraine is planning to launch an NFT collection depicting events from the invasion by Russia.
Crypto currencies and NFTs donations has helped Ukraine bolster its efforts in repelling the Russian forces. After the government made an appeal, the crypto donations reached $60 million. This also included a CryptoPunk NFT worth more than $2,00,000.
“Crypto assets proved extremely helpful in facilitation of funding flows to the Armed Forces of Ukraine,” wrote Ukraine’s deputy minister of digital transformation, Alex Bornyakov on his Twitter handle. Thanking the donors, Bornyakov stressed that the crypto donations have been saving the lives of Ukrainian soldiers.
The nation has developed new ways to employ digital assets to help fund its defense. Funds received from Ukraine’s war NFT collection would be used for the nation’s war efforts, Bornyakov revealed.
Each NFT would represent a piece of art depicting a story from the war. Additionally, according to Bornyakov, the collection is expected to be ‘cool and good-looking.’
The government first announced a proposal to drop NFTs on March 3 after calling off a planned airdrop to people donating crypto for the nation’s cause.
Bornyakov also shared a picture showing the equipment that had been bought using the crypto donations. 5,550 bulletproof vests, 3,427 medicines, 60 walkie-talkies and 500 helmets were among the items that were purchased with the crypto donations.
Reportedly, the minister has claimed that the donations are not being used to buy weapons currently. He said that they are rather funding media activities and buying military equipment using the money.
Talking about the NFT collection which will mark the events in the Russian invasion, Bornyakov shared that it would be “like a museum of the Russian-Ukrainian war.” He added that it is aimed at highlighting the dark event to the world through the “NFT format.”
The minister shared that each NFT token would have an art depicting a story backed by trusted news sources. “We want it to be cool, good-looking, and it takes time,” he added.
The use of digital assets has played a crucial role in the Russian-Ukrainian war. According to Bornyakov, Ukraine’s ‘digital diplomacy’ has delivered results. Several social media platforms have blocked Russian state media like Russia Today and Sputnik.
the total amount donated to Ukraine in crypto had crossed $83.5 million as of last week. Of that, 52.54% of the donations went directly to the Ukrainian government. Additionally, Bitcoin and Ether combined made for 67.73% of all donations.