Ukraine Raises Over $600K via NFT Sales to Rebuild their Cultural Sites

Ukraine contemplates using the NFT sales to rebuild its various cultural sectors, including museums and theaters that were vigorously destroyed amidst its war with Russia.  

Ukraine Nft Sale
Aerial view of the historical center of Lviv, Ukraine. UNESCO’s cultural heritage.

Ukraine sold around 1282 NFT on the very initial day of sale for a total of 190 ETHER (ETH), which intends to be approximately $655,000 presently, reported by Bloomberg news quoting an email from the Ministry of Digital Transformation. 

The NFT issue aimed to document the war through artwork that attributes various destruction, fires burning, Ukrainian soldiers, and flags. The Ukraine Meta history NFT-museum made an official statement by tweeting regarding the progress of the sale over the day, declaring the last tally at 1,153 NFTs sold for more than $500,000. The team also proclaimed giving away one of the unique NFTs for free to celebrate the half-million sales hit.  

“We’ve already sold 1153 artworks, and the sales go on. Our goal is 1million! We 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!” Metahistory announced further on Twitter.  

When Russian began its invasion of Ukraine in late February, individuals across the world donated cryptocurrency to countless NGOs that were aiding in the war. Ukraine promptly dived on board and tweeted official wallet addresses that individuals could donate to. 

The market and cryptocurrency emerged in full force and contributed millions in cryptocurrency and even in NFTs. Since the war began, the government’s official website collected donations beyond $700 million in cryptos.  

Due to rising crypto donations, the nation officially recognized crypto as a “legal asset.” Now Ukraine accepts plenty of cryptocurrencies and holds a fourth position in the world regarding adoptions.  

Few of the received donations have been spent on shielding gears and medical supplies for soldiers. 

Amid the war scenario, two countries’ respective economies have broken apart, and to preserve their wealth, citizens of both Russia and Ukraine turned to crypto. Following the tremendous contributions, they informed the decision of conducting an airdrop for everyone who had donated ETH.  

Less than 24 hours later, the nation canceled the nascent scheme to airdrop an official cryptocurrency and reported it would emphasize issuing NFTs to raise funds. 

CEO of Helios fund, Francesco Madona, tweeted on bitcoin usage “1/2 crazy story, my webmaster escaping from Ukraine 2 hours before the government closes the border for men of war age, bank ATMs were blocked of course, and he who upon my advice had preloaded his hardware wallet with #Bitcoin, makes it in time to cross the Polish border and withdraw.” 

Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, referred to Bitcoin as a significant “humanitarian tool” enabling people to endure the crucial part of their lives.  

“The fact that it can’t be frozen, the fact that it can’t be censored, and the fact that it can be used without ID is very, very important,” he said. 

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