Ukraine has raised over $600,000 through NFTs, which will be used as war bonds to help finance the war effort in Ukraine, beginning by rebuilding the country’s museums, theatres, and other cultural institutions that have been destroyed in the Russian invasion.
In less than a day, the Ukrainian MetaHistory NFT-Museum sold 1,282 artworks for 190 ETH on behalf of the Ministry of Digital Transformation, according to Bloomberg.
The art depicted in the NFTs tell the story of Russia’s invasion of the country, illustrating the wreckage of buildings, fallen soldiers, and burning flags – all displayed as NFTs to solemnize the events of the previous two months, since the invasion began in February.
“We’ve already sold 1153 artworks and the sales go on. Our goal is 1 million,” tweeted the Museum’s official account. Moreover, the Museum also revealed plans to auction four artworks in the future that will be open to only holders of these NFTs.
Mykhailo Fedorov, the country’s Vice Prime Minister, tweeted that “while Russia uses tanks to destroy Ukraine, [they] rely on revolutionary blockchain tech.”
“NFT-Museum is launched. The place to keep the memory of war. And the place to celebrate Ukrainian identity and freedom,” he continued.
War bonds a new utility for NFTs?
The geopolitical crisis between Russia and Ukraine has been described as the world’s first crypto war – while Ukraine has raised millions in donations via the crypto community, Russia continues its attempts to circumvent Western sanctions with the asset class.
NFTs, however, have found a new form of utility in the form of “war bonds,” which we haven’t seen before, given Russia’s sudden and impulsive invasion of the country. The money raised through NFTs can be used as war bonds to help aid the country’s defense, while simultaneously helping Ukraine rebuild its cultural infrastructure.
Since Russia’s invasion, Ukraine has raised over $60 million in cryptocurrency donations. Blockchain analytics firm Elliptic noted that the bulk of all donations was done via Ethereum (ETH), with Bitcoin (BTC) and stablecoins following closely.
Zelensky’s latest legislation
Recently, Ukraine’s president Volodymyr Zelenskyy signed the country’s first crypto framework to confer legality to the asset class. The Virtual Asset Law allows for both foreign and Ukrainian crypto exchanges to operate legally in the country.
“It creates conditions for launching a legal virtual asset market in Ukraine. The new market will be regulated by the National Securities and Stock Market Commission,” the release stated.
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