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Ukraine raised over $600,000 through NFT to rebuild cultural sites

Ukraine sold 1,282 NFTs on the first day of the sale for a total of 190 Ether (ETH), or about $655,000 at press time, according to Bloomberg News. It is reported that the country intends to use the proceeds to rebuild cultural and heritage sites such as museums and theaters that were destroyed during the war with Russia.

Ukraine intends to use the proceeds from the sale of NFTs to rebuild museums

The MetaHistory NFT Museum shared about the sales progress with 1,153 NFTs sold, raising over $500,000. Ukraine also announced they will be giving away one of these unique NFTs for free to celebrate reaching the half million milestone.

Additionally, MetaHistory says only holders of one of the NFTs are eligible to purchase the 100 prospective winning artworks, as well as the first four artworks created in the project. When Russia began its full-blown invasion of Ukraine in late February, people from all over the world began donating cryptocurrencies to various Non-governmental organizations to help the invaded country. The Ukrainian government quickly posted official wallet addresses where people could donate.

Official NFT Collection of the Ukrainian Government,

Is live!

To celebrate $500,000+ raised, we will be giving away one of our unique NFTs.

To enter
1. Follow
2. Like and retweet this post

Mint Now: https://t.co/ig8rEIPZxh pic.twitter.com/7ImhvMk5OD

— META HISTORY: Museum of War (@Meta_History_UA)

In response, the crypto community and industry got active and donated millions of USD in crypto and even NFTs. The official government website for donations says the country has received over $70 million in crypto since the war began.

Ukraine now accepts donations in a multitude of cryptocurrencies. The country has the fourth highest crypto adoption rate in the world. They have also officially legalized cryptocurrencies.

Bitcoin is a humanitarian tool

Citizens of both Ukraine and Russia turned to cryptocurrencies to try to save their wealth as their financial systems collapsed amid war and sanctions.

At the time, the Human Rights Foundation’s chief strategy officer Alex Gladstein said that Bitcoin is an important humanitarian tool that allows people to survive in extreme situations, such as war.

“The reality is that Bitcoin cannot be frozen, cannot be censored, and can be used without an ID. This is very, very important,” Gladstein said.