Ukraine Launches NFT ‘Museum of War’ in Conflict with Russia Amid Crypto Crowdfunding Push

Ukraine began auctioning a collection of non-fungible tokens (NFTs) on Friday in an extension to a cryptocurrency fundraising push that Kyiv says has already raised over $65 million (about Rs 495 crore) for the war effort. collected more.

The ‘Meta History: Museum of War’ collection is a series of digital images – including silhouettes of warplanes, screengrabs of news reports and a cartoon-style image of an explosion – each marking a different day in the conflict.

Ukraine’s Ministry of Digital Transformation began appealing for donations in digital tokens such as bitcoin and ether three days after launching an invasion of Russia in what Moscow calls a “special military operation”.

New NFT According to a message on the archive’s website, the series was “to spread truthful information among the digital community in the world and to collect donations to support Ukraine”.

Non-fungible tokens (NFTs) are a type of cryptocurrency Property that exploded in popularity last year. They use the technology behind bitcoin to record who owns a digital file, from an image to a video or piece of text.

Ukraine’s Deputy Minister of Digital Transformation Alex Bornyakov said Ukraine has so far bought supplies for its military with its crypto donations including bulletproof jackets, helmets, lunches and medicines. Twitter this month.

NFTs are usually purchased with cryptocurrencies such as Ether. The starting price of Ukraine’s NFT is 0.15 . will be ether, or just over $475 (about Rs 36,230). According to the website, the funds will go directly to Kyiv’s digital crypto wallet.

The explosive growth in NFT sales has left many observers wondering why so much money is spent on items that don’t physically exist.

Nevertheless, they have become a popular fundraising tool in recent months, with groups of people pooling their crypto funds to buy NFTs to raise awareness of a specific cause.

© Thomson Reuters 2022

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