As the Russia-Ukraine impasse enters its second month, amid western sanctions on Russia, the government of Ukraine, stretched by funds due to the spoils of the way is looking out for alternative ways to improve its battered wealth by raising funds through the sale of Non-Fungible Tokens, known as NFT.
Mykhailo Fedorov, Ukraine Digital Transformation Minister while announcing the collection on microblogging platform, Twitter, boasted that “while Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech.” All funds sales are expected to go to the Ministry of Digital Transformation, in a bid to support the “army and civilians” of Ukraine.
The NFT collection, dubbed “Meta History: Museum of War,” links blockchain tokens with a news item about “every substantial event of the war” ,together with an illustration from an artist.
With the project built on an NFT sales platform from blockchain company Fair.xyz, NFTs totaling 54 are currently being listed, and this would cover the first three days of the war in later February.
Announced early this month, the launch of the NFT will come in place of an initial plan to “airdrop” free tokens to people who had donated cryptocurrency to Ukraine, but the airdrop plan suffered from a piracy scam, and complaints and fears that not all crypto donors will be able to receive the tokens, according to Vice. But it should be noted that at the moment, there is no plan in the offing to give earlier donors an advantage in the sale of the new NFTs.
With cryptocurrency and all forms of digital transactions playing vital roles on both sides of the war, Ukraine in particular has latched on the 21st century currency to bypass banks and local currency limitations, while also capitalizing on crypto hype to solicit donations.
Authorities in Ukraine has also announced that it raised $54 million in crytocurrency within the first three weeks of the war but that may yet be a a significant understatement according to a different estimate.
The Russian invasion of Ukraine, which began February 24, 2022 will throw up more balance and imbalance and the crypto world is about just another hit.