Ukraine traded their offered CryptoPunks NFT for 90 ETH worth $100,000 to boost its military effort over Russia. In March, the government of Ukraine approved the sale of the NFT obtained as a contribution for its fundraising event.
The Ukrainian government recognizes the value of cryptocurrency amid Russia invasion. Since it received monetary assistance in the form of crypto and non-fungible tokens (NFT).
CryptoPunk traded for 90 Eth for Ukraine military effort
On June 20, Alex Bornyakov, Ukraine’s deputy minister, stated that they traded CryptoPunk #5364 NFT for 90 Ethereum and acquired more than $1,000,000 at market rates for Ukraine’s military effort. This NFT was given to Ukraine in March as support of the AidForUkraine initiative. It was worth $2,60,000.
Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It's over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.
— Alex Bornyakov (@abornyakov) June 20, 2022
The CryptoPunk 5364 NFT was contributed to the Relief for Ukraine effort by member 0x165cd3, who purchased it on March 1, 2022, for 16.19 Ethereum, that was valued at $31,722. On April 27, just after being delivered to Ukraine, the NFT acquired a purchase request for 100 Ethereum valued $288,414. It was the biggest offer it had ever obtained.
Ukraine started accepting crypto after Russian military occupied
Ukraine started accepting crypto and NFT donations in late February, shortly after Russian military occupied the nation. The government is reported to have acquired over $135 million in cryptocurrency via cryptocurrency sponsorships and the selling of granted NFTs.
Yuga Labs’ recent purchase of CryptoPunk NFTs too has increased its worth. In March, Ukraine generated nearly $6.75 million by offering an NFT of the flag of Ukraine. Across the turmoil, the utilization of cryptocurrencies by Ukraine has served as a perfect example of the tremendous potential of cryptocurrencies in geopolitical scenarios. As traditional currency is hard to migrate quickly or is completely barred from trades.
Following Norway and Liechtenstein, Ukraine became the 3rd non-EU partner country to adopt the European Blockchain Partnership (EBP) as a spectator. Following this decision, the nation intends to broaden its interstate blockchain network ties with other nations.
