In an effort to raise money for Ukraine’s war effort, Ukraine started auctioning off a group of non-fungible tokens (NFTs) on Friday. Ukraine says it has already raised more than $65 million (roughly Rs. 495 crores) through this cryptocurrency fundraising push.
This collection of digital images, called “Meta History: Museum of War,” includes silhouettes of warplanes, screengrabs of news reports, and a cartoon-style picture of an explosion. Each one marks a different day in the war.
Ukraine’s Ministry of Digital Transformation started asking for donations in digital tokens like bitcoin and ether three days after Russia started its invasion, which Moscow calls a “special military operation.” This is what Ukraine’s Ministry of Digital Transformation wants.
BTC and ETH both make money. Most altcoins move up the price ladder, but not everyone is happy about it.
According to a message on the website for the new NFT series, it was meant “to spread truthful information around the world and raise money for Ukraine.”
Non-fungible tokens (NFTs) are a type of cryptocurrency asset that became very popular last year. They are used to show ads. When they record who owns a digital file, they use the same technology that is used to make bitcoin. This can be anything from a picture to a video or piece of text.
Deputy Minister of Digital Transformation Alex Bornyakov said on Twitter this month that Ukraine has already bought things for its soldiers with crypto donations, like bulletproof jackets and helmets as well as lunches and medicines for them to eat.
CIP is a new service from CoinDCX that lets people invest in crypto every week in the same way that they would with a SIP.
Cryptocurrencies like Ether are used to buy NFTs. Ukraine’s NFTs will cost 0.15 Ether, or about $475. (roughly Rs. 36,230). Those funds will go directly to digital crypto wallets in Kyiv. That’s what the website says, too.
Many people were surprised by how quickly NFT sales rose. They didn’t understand why so much money was spent on things that didn’t exist. But recently, groups of people have been using crypto funds to buy NFTs to raise money for a certain cause.
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