Ukraine’s Digital Transformation Ministry approves charity NFT project benefiting war efforts

advertisement

Mykhailo Fedorov, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, on Thursday tweeted out support for Avatars for Ukraine, a non-fungible token (NFT) project directly benefiting humanitarian and defense tactics in Ukraine. 

The project involves 70 digital artworks that emerged as a result of the Russia-Ukraine war, featuring Ukrainian imagery and resistance to Russian forces. All proceeds from digital art sales fund Ukrainian war endeavors. Avatars for Ukraine is approved by the Ukrainian Ministry for Digital Transformation and will release its first NFT on May 19. 

This is not the first time that Ukrainian officials adopted blockchain technology to fund efforts for the war. In April of this year, the Ukrainian government launched a website for people to buy and sell NFTs that benefit Ukraine’s war efforts in addition to raising over $100 million in crypto donations. 

Avatars for Ukraine also joins a trend of NFT projects helping to donate funds to charity, usually involving some or all of the proceeds of NFT art directly benefiting a charitable organization.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More