- The NFT of Ukrainian flag was sold to a pool of donors for $6.75m.
- The sale of the flag was organized by Ukraine DAO, who is raising funds for Come Back Alive.
- The funds will be used to supply food, medical requirements and other necessities.
As the Washington Post put it, Russia‘s invasion of Ukraine has become “the world’s first crypto war.” And, following a tweet from the Ukrainian government, the country has received an estimated $40 million in crypto contributions, with NFTs adding more than $7 million to this amount.
On March 2, an NFT of the Ukrainian flag was sold to a group of contributors for $2,250 ETH ($6.75 million). The flag was auctioned off by Ukraine DAO, a form of community-led corporation with no central authority co-founded on February 24 by Russian Pussy Riot member Nadya Tolokonnikova. Proceeds will be contributed to Come Back Alive, which will provide food, medical supplies, and other essential services to civilians and Ukrainian military personnel. Donations continue to be welcomed.
Meanwhile, the New York-based artist Olive Allen, who is of Russian descent, is auctioning off a painting named E (No to the War), which depicts a blue bear with yellow characteristics clutching a banner. She is one of 59 artists who have given work as part of a Time magazine and OpenSea NFT marketplace effort.
Allen stated on Instagram,
I’m Russian and I stand in solidarity with the people of Ukraine. It breaks my heart to see what is happening right now. I’m against this devastating war and the Russian government. Putin has truly lost his mind and his actions have no justification. I stand for Peace and Freedom. Today and every day.
However, there are worries that Russia may utilize cryptocurrencies to avoid Western sanctions. But, for the time being, it looks that Ukraine is profiting greatly from the ease through which digital money may be transferred across borders.
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