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Sunday, September 25, 2022
HomeNewsUkraine crowdsourcing Crypto War Funds by offering NFT Collection

Ukraine crowdsourcing Crypto War Funds by offering NFT Collection

To fund its defence efforts against the ongoing war waged by Russia, the Ukrainian government is now offering non-fungible tokens (NFTs) to cryptocurrency donors. The announcement of the upcoming NFT collection follows the cancellation of a planned airdrop, as confirmed by Ukrainian Vice Prime Minister Mykhailo Fedorov.

The airdrop was axed after a fake account minted seven billion “Peace World Tokens” that analysts suspect was created through spoofing by a third-party,  which have now been tagged by Etherscan as “misleading” and that the tokens could be spam or phishing.

For its donation efforts, the Ukraine is accepting Bitcoin, Ethereum, TetherDogecoinSolana, and Polkadot, as well as NFTs. According to Elliptic, a cryptocurrency analytics firm, Ukraine has received more than US$55 million (~RM230 million) in cryptocurrency since 26 February, though that still dwarves in comparison to the US$270 million (~RM1.13 billion) it has raised so far from the country’s sale of war bonds.

UkraineDAO, a crowdfunding effort led by Russian art collective Pussy Riot and NFT studio Trippy Labs, managed to raise 2258 ETH (~RM28.2 million) by offering an NFT of the Ukrainian flag. Fedorov has not revealed exactly when the Ukrainian Armed Forces NFT collection will be coming out or how many pieces will be available.

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