The Ministry of Digital Transformation of Ukraine stated that it had sold 1,282 NFTs on the first day of sale for a total of 190 ether (an approximate value of $662381) at press time (9:50 IST). The NFT sales revenue will be used to reconstruct cultural and heritage sites devastated during the conflict with Russia, such as museums and theatres.
The Ukrainian MetaHistory NFT-Museum tweeted the progress of the sale, with the final public count reported at 1,153 NFTs sold for over $500,000. To commemorate reaching the half-million mark, the nation also announced that it would give away one of the unique NFTs for free.
Official NFT Collection of the Ukrainian Government,
Is live!
To celebrate $500,000+ raised, we will be giving away one of our unique NFTs.
To enter
1. Follow @Meta_History_UA
2. Like and retweet this postMint Now: https://t.co/ig8rEIPZxh#NeverForgetThis pic.twitter.com/7ImhvMk5OD
— META HISTORY: Museum of War (@Meta_History_UA) March 31, 2022
Furthermore, META HISTORY revealed that only those who possess one of the NFTs would be able to acquire the prospect of 100 winning artworks, as well as the first four artworks made under the initiative.
We’ve already sold 1153 artworks and the sales go on. Our goal is 1million!
Have raised more than 500k USD by now!
Only NFT owners will be able to buy the masterpieces of the Prospect 100 winners and the very first four artworks soon. Support Ukraine! pic.twitter.com/HfK747cpxN— META HISTORY: Museum of War (@Meta_History_UA) March 31, 2022
Ukraine’s reliance on crypto amid war
After the Russian invasion of Ukraine began in late February, individuals all over the globe began contributing cryptocurrencies to various non-governmental organisations (NGOs) that were assisting in the war effort. Ukraine hopped on board swiftly and began releasing official wallet accounts to which anyone could donate.
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
— Ukraine / Україна (@Ukraine) February 26, 2022
In response, the crypto community and businesses came out in force, donating millions of dollars in bitcoin and even NFTs. According to the government’s official website for contributions, the country has received more than $70 million in cryptocurrencies. Ukraine currently allows donations in a variety of cryptocurrencies and ranks fourth in terms of adoption worldwide. It also now formally acknowledges cryptocurrency as a legal asset.
Crypto, an important humanitarian instrument
When their respective financial systems collapsed due to conflict and sanctions, citizens in both Ukraine and Russia turned to cryptocurrency to try to rescue their riches.
At the time, the Human Rights Foundation’s chief strategy officer, Alex Gladstein, described crypto as an “essential humanitarian instrument” that helps individuals live in harsh situations such as war.
Gladstein believes that the fact that crypto cannot be frozen, filtered, or used without identification is critical.
