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Ukraine Sells CryptoPunk NFT To Aid War Efforts

Ukraine Sells CryptoPunk NFT To Aid War Efforts

Last updated 30th Nov 2022
Disclosure
  • Ukraine government sells NFT donated to it in March
  • The NFT was worth three times before the crypto market crash

The Ukrainian government has sold the CryptoPunk NFT for over $100,000, to aid the nation in its war efforts against Russia, the country’s Deputy Minister of Digital Transformation Alex Bornyakov said.

“#CryptoPunk #5364 has been sold for 90 ETH. It's over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine,” the minister said.

The Cryptopunk #5364 NFT was donated to the Ukrainian crypto fund in March in March this year.

Support for Ukraine against Russia

Since Russia invaded Ukraine on February 24, an outpouring of support has streamed in from various avenues and personalities from across the world.

Apart from humanitarian aid from various organizations, Ukrainian officials have been appealing to the global crypto community to support their fight by donating crypto assets while artists have actually resorted to releasing non-fungible tokens (NFTs) themed around Ukraine and channeling proceeds to the cause.

Ukraine has raised over $135 million in cryptos

Over $135 million in cryptocurrency donations were raised by mid-May, as corroborated by the country’s Deputy Minister of Digital Transformation.

In the first week of March, $6.75m was raised by a crypto group, through the sale of an NFT of the Ukrainian flag. A few weeks back, this year’s Eurovision champions, the Ukrainian rap group Kalush Orchestra auctioned off their trophy from the music competition to raise almost $1m in ETH for the fund.

A bulk of these funds have already been used to provide important essentials such as food for civilians and protective gear for the country’s soldiers, with President Volodymyr Zelenskyy reiterating his belief that digital assets can bring about an economic breakthrough for countries like Ukraine considering Russia’s threats to its banking system.

Murtuza Merchant

Murtuza Merchant

Murtuza Merchant is a senior journalist, having been associated with various publications for over a decade. An avid follower of blockchain tech and cryptocurrencies, he is part of a crypto advisory firm that advises corporates – startups and established firms on media strategies.