Ukraine Raises Over $600,000 Through The Selling of NFTs To Help Rebuild Cultural Sites.
The earnings from the sale of NFTs will be used to repair museums, theaters, and other cultural and heritage facilities that have been devastated as a result of Ukraine’s war with Russia.
According to Bloomberg News, Ukraine sold 1,282 NFTs on the first day of sale for a total of 190 Ether (ETH), or about $655,000 at the time of writing, according to an email from the Ministry of Digital Transformation.
The funds will be used to rehabilitate cultural and heritage assets including as museums and theaters that were damaged during the conflict with Russia.
Throughout the day, the Ukrainian MetaHistory NFT-Museum tweeted updates on the transactions, with the final public count standing at 1,153 NFTs sold for more over $500,000. To commemorate reaching the half-million mark, the nation also announced that one of the unique NFTs will be given away for free.
META HISTORY also stated that the original 100 winning artworks, as well as the first four artworks made under the initiative, would be available only to anyone who possessed one of the NFTs.
Ukraine’s reliance on cryptocurrency in the midst of a war
When Russia launched a full-scale invasion of Ukraine in late February, citizens all over the globe began contributing cryptocurrency to various non-governmental organizations (NGOs) that were assisting in the war effort. Ukraine hopped on board almost afterwards and began releasing official wallet addresses for people to donate to.
As a result, the crypto community and businesses came out in force, donating millions of dollars in cryptocurrencies and even NFTs. According to the government’s official website, the country has received more than $70 million in cryptocurrency donations since the conflict began.
Ukraine currently accepts a variety of cryptocurrencies as donations and ranks fourth in the globe in terms of acceptance. It also now recognizes cryptocurrency as a legal asset.
Following the enormous inflow of donations, Ukraine announced that everyone who gave ETH will get an airdrop. However, less than a day later, the government announced that it will abandon plans to airdrop an official cryptocurrency in favor of releasing NFTs to generate revenue.
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