With more than $55 million already raised via crypto donations, Ukraine has announced that it will launch an NFT collection to fund its Armed Forces.
Cryptocurrency has become the most popular means of supporting Ukraine's government’s cause, as the country continues to defend its territory from the Russian invasion. Ukraine’s Vice Prime Minister, Mykhailo Fedorov has been quite vocal on Twitter to garner financial support for the nation’s Armed Forces and relief efforts.
In a recent tweet from his official Twitter handle, he informed that the Ukrainian government will soon issue an NFT collection to fund its military. Wondering what are NFTs? Learn all about them here.
Without giving any further details about the NFTs, Fedorov wrote that the government had scrapped its earlier plan of rewarding crypto donors with an airdrop. And that it will issue an NFT collection now instead.
This move comes as Ukraine’s total amount of crypto donations received till press time exceeded $55 million. While the majority of these donations have gone to the government, a small percentage has been sent to the Come Back Alive NGO that supports ‘real-time needs of defending Ukraine’.
As per Elliptic, a blockchain data and analytics firm, over 105,000 crypto asset donations have streamed into the country ever since the beginning of the Russian attack. These donations include proceeds from a CryptoPunk NFT sale worth $200,000+, $5.8 million donated by Gavin Wood, the founder of the Polkadot multichain protocol; as well as a single $1.86 million transaction that seems to have originated from an NFT sale wallet that was originally set up to fund Julian Assange’s cause.
The Vice Prime Minister who is also the country’s Minister of Digital Transformation had earlier posted an appeal for crypto donations through Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), earlier on Feb 26, 2022. The acceptable cryptos were expanded to Polkadot (DOT). Solana (SOL) and Dogecoin (DOGE) later.
Global NFT market has crossed $25 billion
According to DappRadar, a company that tracks top NFT collections, sales, and market rankings, the global NFT market crossed $25 billion last year. This is a significant rise from its $100 million humble beginning in 2020.
The soaring prices of NFTs have also prompted crypto skeptics to issue their own warnings, dubbing the NFT craze as nothing but a speculative bubble, waiting to burst. Modesta Masoit, the Head of Finance and Research at DappRadar said that the Ukraine move has proven to be a ‘watershed moment for the entire crypto industry and blockchain tech.