On Friday, Ukraine began auctioning off a collection of non-fungible tokens (NFTs) as part of a cryptocurrency fundraising campaign that has so far raised more than $65 million for its war effort, according to Kyiv.
As one might expect, the “museum” is a website rather than a physical structure. Its collection, which was created with the ministry’s help, documents recent events in the Russian-Ukraine conflict, including personal perspectives from Ukrainian and international digital artists.
Each day in the fight is commemorated by a succession of digital pictures, which include silhouettes of jets, screengrabs of news stories, and a cartoon-style representation of an explosion. Three days after Russia launched its assault, Ukraine’s Ministry of Digital Transformation began seeking for donations in digital currencies such as bitcoin and ether, which Moscow refers to as a “special military operation.”
According to a message on the collection’s website,
“The new NFT series was meant to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine,”
Non-fungible tokens are a sort of cryptocurrency that gained a lot of traction last year. They employ bitcoin’s technology to track who owns a digital file, such as an image, video, or piece of writing.
Ukraine’s NFTs cost around $475
Ukraine’s deputy minister of digital transformation, Alex Bornyakov, said that bulletproof vests, helmets, meals, and medicines have all been purchased for Ukraine’s troops with crypto donations thus far.
NFTs are typically purchased with cryptocurrencies like Ethereum (ETH). Ukraine’s NFTs will cost 0.15 ether, or just over $475, at first. According to the website, the funds will be sent directly to Kyiv’s digital crypto wallets. However, many onlookers were perplexed by the rapid increase in NFT sales, wondering why so much money being spent on products that don’t exist.
Nonetheless, in recent months, they have become a popular fundraising tool, with groups of people combining their crypto assets to buy NFTs to promote awareness for a specific cause.