Ukrainian minister says NFT collection will tell the world about the war

Ukraine has promised to release non-fungible tokens (NFTs) that will enable the country to raise more funds to help the country in the war efforts. The Ukraine digital asset minister, Alex Bornyakov, has stated that the country would use NFTs to tell the story of the war.

Ukraine’s NFT collection

According to The Guardian, Bornyakov stated that this NFT collection will be “like a museum of the Russian-Ukraine war. We want to tell the world in NFT format.”

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NFTs have become increasingly popular over the past year, but they are now gaining a unique use case. The Ukrainian government has received overwhelming support from the cryptocurrency community, with more than $60 million donated in different cryptocurrencies.

Bornyakov has stated that each NFT in this collection will harbour a piece of art that tells a story from a trusted news source. “We want it to be cool, good-looking, and it takes time,” he added.

One of the donated digital assets was a CryptoPunk NFT valued at over $200,000. CryptoPunk NFTs are some of the most valuable collections, and the Ukrainian government is yet to sell them.

Bornyakov has stated that the money received through donations would be directed towards purchasing military equipment and financing media activities in the country.

Crypto activities in Russia and Ukraine

Ukraine’s economy has suffered under the pressure of the war, and crypto activities have skyrocketed as people look for alternative ways of saving their funds. However, crypto trading activities have also spiked in Russia.

Russia has faced heavy sanctions imposed by the US and other Western countries. The Russian ruble has fallen to all-time lows within the past two weeks, resulting in Russian residents looking for alternative ways of storing their wealth. Cryptocurrency exchanges have said that they will comply with the sanctions and block the accounts of sanctioned Russian individuals and entities. However, most of the leading exchanges, including Binance, Coinbase and Kraken, have said that they will not impose a unilateral ban on all Russian users without the legal authorization to do so.