Ukraine sells NFTs to finance its reconstruction

Ukraine continues to be bombarded by Russia, and the administration hopes to be able to restore the damaged areas. On the first day, a sale of non-fungible tokens (NFTs) garnered almost $660,000, which will be used to resurrect cultural landmarks.

The sale is being carried out by MetaHistory NFT Museum, a virtual museum. The NFTs sold documents of the war in Ukraine; they are works of art that depict the country’s devastation over several weeks:

Official NFT Collection of the Ukrainian Government,

Is live!

To celebrate $500,000+ raised, we will be giving away one of our unique NFTs.

To enter
1. Follow @Meta_History_UA
2. Like and retweet this post

Mint Now: https://t.co/ig8rEIPZxh#NeverForgetThis pic.twitter.com/7ImhvMk5OD

— META HISTORY: Museum of War (@Meta_History_UA) March 31, 2022

According to an email obtained by Bloomberg, the deal went down without a hitch. In the first 24 hours, 1,282 coins were sold against 190 ethers (ETH). This equates to a current price of more than $660,000. The collection’s current floor price is roughly 0.19 ETH, or $665. The goal of this sale, according to the virtual museum, is to raise one million dollars. The money will be used to reconstruct cultural sites devastated by the Russian invasion, like theaters, museums, and other cultural organizations.

Ukraine is still reliant on cryptocurrency.

Russia does not appear to have a real strategy for cryptocurrencies, contrary to what several pundits and politicians thought.

Ukraine, on the other hand, seized blockchain tools early in the conflict, and this sale of NFTs is another example. Mykhailo Fedorov, the country’s Deputy Prime Minister, confirmed the strategy:

“We are using technologies from the future to document the history and rebuild our country’s economy once the war is over. »

In total, the government of Ukraine would have managed to collect more than 70 million dollars in cryptocurrencies. He also received non-fungible tokens, which he has yet to sell. This is of course the first time that a country at war has relied in this way on crypto-assets and the blockchain, which thus show their flexibility while the price of the local currency hryvnia (UAH) has fallen sharply these last months.