NFTs as part of Ukraine’s crypto fundraising efforts

NFT backed by Pussy Riot member raises $6.7 million for Ukraine

An NFT of Ukraine’s flag has raised over $6.7 million for the country’s defenses as cryptocurrency donations continue to flood in following the Russian invasion.
Organized by UkraineDAO, an initiative backed by a member of the Russian activist group and feminist punk band Pussy Riot, the sale saw thousands of users bid for a share of the digital image. The fundraiser comes just days after Ukraine’s government  via Twitter that it is now accepting cryptocurrency donations. The country’s vice prime minister, Mykhailo Fedorov, has also called for online contributions while  cryptocurrency exchanges to block Russian users.

NFTs, or non-fungible tokens, allow buyers to prove ownership of a virtual asset — in this case, a digital version of Ukraine’s blue and yellow flag. Although the NFT was produced as a single edition on the Ethereum blockchain, bidders were able to take shared ownership of the item, with contributions ranging from 0.00001 ether (under $0.03) to 44 ether ($128,000), according to a listing  on NFT sale platform PartyBid.
The sale attracted over 3,200 individual contributions in 72 hours, amounting to just over 2,258 ether (equivalent to about $6.7 million at the time the auction concluded on Wednesday). Organizers said all the funds will go towards “Come Back Alive,” a campaign supporting Ukraine’s military.
Donors will receive tokens proportional to the size of their contribders, they will be able to vote on future sales of the NFT, although UkraineDAO said it hoped to “discourage” people from trading shares and urged owners to keep them “as a reminder of our world’s ongoing humanitarian needs.”

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