Sale of Donated CryptoPunk NFT Brings $100K For Ukraine’s Military Effort

• Donations were made in March to the Ukrainian crypto fund with CryptoPunk #5364.
• The NFT was sold to an unidentified bidder for 90 ETH on Thursday.

Over $100,000 has been collected for Ukraine’s military effort against Russia via the sale of a donated CryptoPunk NFT, the government of Ukraine stated. Donations were made in March to the Ukrainian crypto fund with CryptoPunk #5364. The NFT was sold to an unidentified bidder for 90 ETH on Thursday. Tokens based on the blockchain representing ownership of digital or physical assets are known as NFTs.

It was disclosed by Ukraine’s Deputy Minister for Digital Transformation, Alex Bornyakov, who coordinates the country’s wartime crypto fundraising.

A Case Study For Potential Advantages

After Russian soldiers invaded Ukraine in late February, the country started taking contributions in cryptocurrency and NFT. More than $135 million in crypto contributions and sales of given NFTs have been recorded since then. Cryptocurrency groups generated $6.75 million for Ukraine’s military effort by selling one NFT of the country’s flag. This year’s Eurovision winners, Ukrainian rap group Kalush Orchestra, auctioned off their trophy to generate over $1 million in ETH for the charity a few weeks ago.

Non-lethal equipment for Ukraine’s military, including protective jackets and medical supplies, are purchased through the crypto fund. As a result, the Ukrainian government has no control over how the money is used. The fund’s treasury is managed by the Ukrainian crypto exchange Kuna, which is used to pay for the purchases of volunteers.

Since it is difficult to transfer fiat money (like US dollars) during hostilities, Ukraine has provided a case study for the potential advantages of using crypto in geopolitical conflicts.

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