The Ukrainian government said it has raised over US$500,000 through sales of non-fungible tokens, in an ongoing bid to fund its war efforts.
The Vice Prime Minister of Ukraine and the country’s current Minister of Digital Transformation, Mykhailo Federov, said over a thousand NFTs had been sold in the first 24 hours since the Ukrainian MetaHistory: Museum of War started offering them for sale.
The MetaHistory: Museum of War is an NFT museum chronicling the ongoing crisis in Ukraine, to “preserve the memory” of real-time events and collect funds for the country’s war efforts.
Run by the Ukrainian government, the museum sells tokens paired with an official news piece and an illustration from a participating artist – either Ukrainian or international.
The museum said 100% of its proceeds goes to its army or its civilians and said it was preparing to auction off four artworks, which only owners of the museum NFTs can bid for.
The museum also told Bloomberg the funds will go towards rebuilding Ukraine’s cultural institutions, which were destroyed when Russia invaded.
The sale might mark the first time NFTs have gotten widespread official government backing.
But this isn’t the first time Ukrainian authorities have embraced digital assets.
When war broke out on 25 February, the government in Kyiv quickly set up a page for those looking to donate cryptocurrency, and said they have raised over US$70 million dollars since.
Ukraine’s Deputy Minister of Digital Transformation said the funds will go towards buying bulletproof vests, medicine and even lunches for its soldiers, many of whom are civilian volunteers.
*Featured image from MetaHistory
By Samantha Chan \ 09:30, 4 April 2022