Ukraine to launch NFT collection to raise more crypto funds representing Russian war events

Ukrainian Deputy Prime Minister Mykhailo Fedorov and the Minister of Digital Transformation promised last week that the country would release non-fungal tokens (NFTs) that would allow it to raise more money to support its armed forces in their ongoing war efforts. Alex Bornyakov, Deputy Minister of Digital Transformation in Ukraine, has stated that he will now feature art that represents the news of the country’s war with Russia and sell it as an NFT. Bornyakov tweeted last week that funds raised so far through cryptocurrencies have helped the country buy thousands of bulletproof vests, packaged meals, medicines and other supplies for the armed forces.

Bornyakov told The Guardian that the country was creating an NFT collection that would be “like a museum of the war between Russia and Ukraine.” We want to tell the world in NFT format. ” Bornyakov said each NFT in the collection would take a work of art that tells a story from a trusted news source. “That way, we want it to look good, and it takes time,” he added.

The Ukrainian government announced an NFT project on March 3 after canceling airstrikes for those who provided the government with cryptography. “We will announce the NFTs soon to support the Ukrainian Armed Forces,” said Mykhailo Fedorov. tweetwithout giving further details of the project.

NFTs have become increasingly popular in recent years, but now they are getting a unique use case because the Ukrainian government has received tremendous support from the cryptocurrency community, donating more than $ 76 million (580 million rupees) in various cryptocurrencies. SlowMist for every blockchain security company.

One of the digital assets donated to the Ukrainian cause so far is a CryptoPunk NFT worth more than $ 200,000 (approximately Rs 1.5 crore). CryptoPunk NFTs are one of the most valuable collections, and the Ukrainian government has yet to sell them.

While cryptocurrency activity has risen in Ukraine while people are looking for alternative ways to save funds, trading activity has also risen in Russia.

However, Russia has been hit hard by a number of countries, with Russia’s ruble falling sharply in recent weeks, and as a result, Russian residents have sought alternative ways to preserve their wealth.

Cryptocurrency exchanges have said they will enforce sanctions and block the accounts of sanctioned Russian individuals and entities. However, most major exchanges, including Binance, Coinbase and Kraken, have said that they will not impose a unilateral ban on all Russian users without legal permission, as this action goes against the reason for the censorship-resistance of cryptography.

Cryptocurrency is a non-regulated digital currency, not a legal tender and subject to market risks. The information provided in this article is not intended to be financial advice, commercial advice or any kind of advice or recommendation offered or accepted by NDTV. NDTV shall not be liable for any losses arising from investments based on any recommendations, forecasts or other information contained in this article.

Source link


Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button