After raising nearly $100 million in cryptocurrencies to fight Russian troops, Ukraine wants more and is eyeing the billion-dollar market for non-fungible tokens (NFTs).
Three news agencies in the country are teaming up with an NFT platform to raise about $1 million to continue helping the country in the war against Russia.
Part of the cryptocurrencies collected from donations is being used to purchase military equipment such as bulletproof vests and night vision devices for the army. At least $15 million has already been earmarked for this purpose.
While most donations are in BTC and ETH, donors are also sending NFTs to Ukraine.
According to blockchain platform Elliptic, a CryptoPunk NFT worth over $200,000 was donated to the country. Now, state media wants to focus on digital collectibles to raise funds.
Fundraising via NFTs
According to the Press Gazette, the three media companies involved in the initiative are: Ukrainska Pravda, Novoye Vremya and the NGO broadcaster Hromadske.
The idea of the organizations is to sell a limited number of “NFT keys”. In return, the companies will give cardholders access to a digital vault containing original and curated content.
In all, 10,000 of the keys available will be sold for the equivalent of US$99.99 each.
The partner NFT company in the action is NFT Vault. It allows token creators to select content visible only to key holders.
According to Vault, each key will “give access to content from the publication’s courageous team of journalists, photographers and editorial staff, including photos and videos, links to stories and recommended reading, a special weekly email to supporters, and more.” .
Also according to the company, the amount raised will be used to directly support media organizations. If all NFT keys are sold, the total proceeds will be $999,900.
“About eight million people around the world read us every day,” said Sevgil Mysayeva, editor-in-chief of Ukrainska Pravda. “We feel our responsibility to inform the world about the current situation in Ukraine truthfully and in real time.”
Also according to Elliptic, more than 120,000 crypto donations have been made since the beginning of the Russian invasion. In total, the amount raised already exceeds US$100 million. This includes a $5.8 million donation from Polkadot founder Gavin Wood.
In addition, several million dollars worth of cryptocurrencies were received by the NGO Come Back Alive. The organization UkraineDAO, for example, also auctioned a Ukrainian flag NFT for $6.5 million in ETH.
It is the 10th most expensive NFT ever sold, according to Elliptic. The proceeds will be donated to the NGO.