Ukraine’s Crypto Push: Launching NFT ‘Museum of War’ to Fund Battle Effort

Ukraine is expanding its cryptocurrency campaign to fund its military with the sale of non-fungible (NFT) tokens in an effort to chronicle the Russian invasion through artwork.

The Meta Historical past: Museum of Battle collection includes digital photos that illustrate the key points of each day of the war, which has now entered its second month.

According to the website of the NFT gathering, launched on Friday by Ukraine’s Ministry of Digital Transformation the goal of the collection is both to raise funds for military and civilians as well as “to preserve the memory of the actual events of that time.”

NFTs is a type of crypto asset that uses the same technology as bitcoins to track who owns digital files, from pictures to videos or textual content.

The submissions show the diplomatic operations, military operations and human suffering of the conflict. Images of warplanes as well as screengrabs, explosions, and information stories are meant to convey the trauma faced by Ukrainians in addition to their resiliency.

The website stated that “the NFTs are personal reflections accompanied by information.” The NFTs are created chronologically, according to the events “so that the true history can be preserved and treasured.”

It stated that “Artists would depict how the conflict was perceived by the peaceful inhabitants of Ukraine, from its full outbreak until the second of Ukrainian Victory Celebration.”

CoinDesk reported that Ukrainian and international artists who wish to submit their work can send a portfolio of their artwork to be reviewed by the administrators.

The museum will then mint the NFTs on the Ethereum Blockchain.

Reuters reported that NFTs can be purchased using cryptocurrencies such as ether. The initial value of Ukraine’s NFTs is 0.15 ether or just over $475.

According to Alex Bornyakov, Ukraine’s deputy minister for digital transformation, crypto donations have been used to purchase bulletproof vests and helmets as well as lunches, medicines, and even bulletproof vests.

Bornyakov stated earlier in March that the nation had created its own website to accept crypto donations of up to $60 million.

Bornyakov told CoinDesk, Ukrainian President Volodymyr Zelensky “shares [our] vision” about cryptocurrency funding for the country to help it deter Russian aggression. The deputy minister said, “Now we have all the support of the President.”

The Ukrainian authorities have created their own website to accept donations in crypto currency, which are an important part of the war effort.


Posted

in

by

Tags: