Ukraine Readies NFT Sales as Crypto Donations Surpass $60M

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Ukraine is launching a webpage to sell the approximately 300 non-fungible tokens it received as donations to help the country’s war effort.

The NFTs include a given CryptoPunk which is expected to fetch around US$200,000 ($264,000), according to Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine. Only between 5% and 10% of donated NFTs have value, he said in an interview. The webpage, which could be launched within the week, will also offer 10 NFT collections created by independent companies that have pledged all profits to Ukraine.

“We just want to show how many people are doing this and how they are inspired by these events, and how they want to help Ukraine,” Bornyakov said. Sales will be made through OpenSea, the largest NFT marketplace.

Crypto donations have been used by the Ukrainian government as it attempts to raise funds for everything from body armor to medical supplies. The nation has sold about $770,000 worth of what it calls museum NFTs, which debuted last week and show scenes from the war, Bornyakov said. The museum’s NFT sale could wrap up as early as this week, when digital art sales hit $1 million.

“I think it’s even more impactful” than just making crypto donations, Bornyakov said. “Then you can store a piece and it will stay with you until you decide to sell it. He’s still there, he still reminds people of what happened.

Ukraine received 32 bitcoins worth around $1.5 million yesterday, Bornyakov said. To date, it has raised over $60 million in digital coin donations.

So far, the Ukrainian government has spent around $41 million on items such as body armor, helmets and medical supplies, Bornyakov said.

Meanwhile, another pledged donation will be used to help refugees. In a few weeks, around 66,000 Ukrainians will receive a digital wallet with $300 worth of crypto, thanks to a $20 million donation raised by the Stellar Development Foundation, Bornyakov said. People with children and low-income residents will be given priority, and wallets can be used at MoneyGram locations, he said.

The NFT auction site will be accessible via https://donate.thedigital.gov.ua/.

Bloomberg

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