On Friday, Ukraine began auctioning off a collection of non-fungible tokens (NFTs) as part of a cryptocurrency fundraising campaign that has so far raised more than $65 million for its war effort, according to Kyiv.
The ‘Meta History: Museum of War’ collection is a collection of digital images that each represent a particular day in the conflict, including silhouettes of warplanes, screengrabs of news headlines, and a cartoon-style image of an explosion.
Three days after Russia launched its assault, Ukraine’s Ministry of Digital Transformation began seeking donations in digital currencies such as bitcoin and ether, which Moscow refers to as a “special military operation.”
The new NFT series was meant “to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine,” according to a message on the collection’s website.
NFTs (non-fungible tokens) is a sort of crypto asset that gained a lot of traction last year. They use bitcoin’s technology to track who owns a digital file, such as an image, video, or piece of text.
According to Ukraine’s deputy minister of digital transformation, Alex Bornyakov, the country’s crypto donations have so far been used to purchase protective vests, helmets, lunches, and medicines for its soldiers.
NFTs are typically purchased with cryptocurrencies like ether. Ukraine’s NFTs will cost 0.15 ether, or just over $475, at first. According to the website, the money will be sent directly to Kyiv’s digital crypto wallets.
Many onlookers were confused by the rapid increase in NFT sales, wondering why so much money was being spent on products that don’t exist.
Nonetheless, in recent months, they have become a popular fundraising tool, with groups of people combining their crypto assets to buy NFTs to promote awareness for a specific cause.