Ukraine launches NFT ‘Museum of War’ in Crypto Crowdfunding Push amid conflict

Ukraine began auctioning off a collection of non-negotiable tokens (NFTs) on Friday in an expansion of a cryptocurrency fundraiser that Kyiv says has already raised more than $ 65 million (about Rs 495 crore) for its war effort. .

The ‘Meta History: Museum of War’ collection is a series of digital images – including silhouettes of warplanes, screenshots of news reports and a cartoon-style image of an explosion – each marking a different day in the conflict.

Ukraine’s Ministry of Digital Transformation has begun soliciting donations in digital tokens such as bitcoin and ether three days after Russia launched its invasion, calling Moscow a “special military operation”.

The new NFT series was intended “to disseminate truthful information among the digital community around the world and to raise donations in support of Ukraine,” according to a message on the collection’s website.

Non-fungible tokens (NFTs) are a type of cryptocurrency asset that exploded in popularity last year. They use the technology behind bitcoin to record who owns a digital file from a picture to video or piece of text.

Ukraine has so far bought supplies for its military with its crypto donations, including bulletproof vests, helmets, lunches and medicines, Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov said on Twitter this month.

NFTs are usually purchased with cryptocurrencies such as Ether. Ukraine’s NFTs will initially cost 0.15 Ether, or just over $ 475 (about Rs. 36,230). According to the website, the funds will go directly to Kyiv’s digital crypto wallets.

The explosive rise in NFT sales has left many observers confused as to why so much money is being spent on items that do not physically exist.

Yet in recent months, they have become a popular fundraising tool, with groups of people pooling their cryptocurrencies to buy NFTs to raise awareness of a specific issue.

© Thomson Reuters 2022

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