Ukraine is selling NFTs to raise funds during Russian invasion

The NFT collection follows a shuttered crypto airdrop program.

Photo by UP9/CC BY SA 3.0

A collection of non-fungible tokens (NFTs) entitled “Meta History: Museum of War”, based on the timeline of Russia’s invasion of Ukraine, is being used to raise defense funds for Ukraine. All funds will go to aiding the country’s army and civilians.

Ukraine’s Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine Mykhailo Fedorov launched the collection with an energetic Tweet. “While Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech,” said Fedorov.

The collection includes NFTs from various artists for every key moment in the war. “Meta History: Museum of War” contains a timeline of the first three days of the February invasion of Ukraine by Russia in the form of 54 NFTs. Each NFT will be released in the order of events they represent. The first NFT will go up sometime next week, reports The Verge.

Ukrainian officials had announced plans to fund its defense against Russia by releasing NFTs after plans for its crypto airdrop went awry thanks to a spoofed token. Still, the country has gotten creative with its crypto fundraising efforts. It’s estimated that Ukraine has raised somewhere between $54 million and $100 million in crypto donations depending on which source is consulted.

The implications of the Ukrainian government leaning on crypto during the war may reach farther than this moment in the country’s history. In a briefing, Coindesk asked Ukraine’s deputy minister at the Ministry of Digital Transformation Alex Bornyakov if President Volodymyr Zelensky had any thoughts on Crypto’s role in the war effort.

“He shares our vision,” said Bornyakov regarding the crypto’s potential for an economic breakthrough.