Ukraine Govt. to use NFT to fund its war against Russia

Ukraine will probably be the first country in the world to officially issue and recognize NFTs.

As end of war with Russia is nowhere near, Ukraine a small country in comparison to Russia is facing crunch of funds to purchase weapons to fight with Russian army.

Now, Ukraine government has decided to use the Crypto community to fund its war resources. Its Ministry of Digital Transformation has started auctioning of a collection of non-fungible tokens (NFTs) on 25th March to give a boost to cryptocurrency fundraising.

Using NFT in collaboration with Ukrainian NFT artists community, Ministry of Digital Transformation of Ukraine makes Ukraine probably the first country in the world to officially issue and recognize NFTs.

The primary motive of this NFT launch is to raise funds for the war affected people. According to a message on the collection’s website Meta History Museum of War, it also intends to preserve the memory of the real events of that time and spread truthful information among the digital community in the world.

The NFT titled ‘Museum of War’ reflects the history of the Russian invasion with unique digital art. It is presented in chronological order.

It is an outcome of combined efforts of the Ukrainian Government, the blockchain community of Ukraine and the artists from all over the world.

According to Coindesk the first drop is likely to come by Tuesday.

A Drop in NFT lingo means release of an NFT project with details of exact date, time and price of the NFT to be launched. It is some kind of first trailer of a movie.

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 one marking a different day in the conflict.

Ukraine has already received a substantial amount of support from the crypto community in the form of donations.

The use of Non-fungible tokens (NFTs) for the purpose of charity is not done for the first time though the cause were different.

This class of crypto asset is gaining popularity day by day. NFTs are built on the same technology as Bitcoin, i.e., Blockchain technology.

It keeps an immutable record of who owns a digital file. NFT is a piece of digital art which can be as simple as a drawing or a tweet to complex versions like audio track, video games and video clips.

The “non-fungible” part means that the artwork has only one specific owner. Though it can be duplicated and re-shared easily, the ownership rights are reserved with only one person.

NFTs are usually bought with cryptocurrencies. The initial cost of Ukraine’s NFTs will be 0.15 ether, or just over $475. According to the website, 100% of funds from the sale will go directly to the official crypto-accounts of the Ministry of Digital Transformation of Ukraine to support army and civilians.

The scale of money being spent on sale and purchase of NFTs has left most of world scratching their head in disbelief. One wonders how such large amount of money can be spent on something which does not exist in real world.

The art pieces exist only in digital format, even then the sale of NFTs for philanthropic cause are gaining extreme popularity in the whole crypto community. Many celebrities including Hollywood stars, sports persons, singers have invested in some sort of NFTs.