Ukraine seeks to take the help of NFTs to fund war

NFTs are facing mainstream demand, as the utility of these assets have been spiking. The ongoing war between Ukraine and Russia is attracting several eyes. Although no nations are stepping forward to help Ukraine, Mykhailo Fedorov, the Ukrainian deputy prime minister has announced that the nation will issue Non-Fungible Tokens (NFTs) to fund their military as they try to defend themselves. Notably, the announcement came in the week after the nation received more than a couple of hundred million pounds from the sale of war bonds.

Ukraine embraces crypto assets

The government of Ukraine is in talks with the International Monetary Fund (IMF) and the World Bank over emergency help. According to the tweet from the Ukrainian minister, the sale of NFTs will soon begin.

However, the nation has no plans to sell any fungible tokens of which digital assets are a prime example. According to the deputy prime minister, Non-Fungible Tokens are a one-of-a-kind asset in the digital world that can be bought and sold like any other piece of property. But these assets have no tangible value.

However, following the latest NFTs sale announcement by the government of Ukraine, we can conclude that the nation is embracing digital assets for new ways to raise funds. These funds will help the nation in managing its military expenses.

World Bank and IMF is working on a multi billion package

Through war bonds sale, Ukraine was able to raise 8.1 billion hryvnia which is about $270 million. In the auction of war bonds, each of the bonds has a nominal value of 1k hryvnia and was offering 11% interest.

According to Fedorov, the proceeds from the sale of bonds will be used to meet the needs of their Armed Forces.

Besides, the World Bank and IMF said that they are working on a multi-billion package for the nation defending itself. Meanwhile it is notable that millions of dollars have been donated to the nation through Bitcoin anonymously.

On Saturday, the nation announced and asked the world to stand with them and they are now accepting Bitcoin, Ethereum, and Tether donations. Amid the announcement, addresses for two cryptocurrency wallets which collected $5.4 million in the major assets and other coins.