Ukraine prepares to sell NFTs as cryptocurrency donations reach 60 million USD

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Ukraine prepares to sell NFTs, as cryptocurrency donations reach 60 million USD

Ukraine prepares to sell NFTs as cryptocurrency donations reach 60 million USD
Source: Bloomberg
1649191504 05 Apr / 20:45

The Ukrainian government will soon put an end to the selling of NFT museum artifacts. It's also planning to provide cryptocurrency to 66,000 refugees.

Ukraine is developing a website to sell the 300 nonfungible tokens it has received in donations to aid the country's military effort.

According to Alex Bornyakov, deputy minister of Ukraine's Digital Transformation, the NFTs include a donated CryptoPunk that is projected to fetch around $200,000. In an interview, he indicated that only about 5% to 10% of the donated NFTs are valuable. The website, which might go up as soon as this week, will also feature ten NFT collections developed by independent businesses who have agreed to donate 100% of their profits to Ukraine.

“We just want to show how many people are doing this and how they are inspired by those events, and how they want to help Ukraine,” stated Bornyakov. OpenSea, the world’s largest NFT marketplace, will handle the sales.

The Ukrainian government has used cryptocurrency donations to raise funding for physical armor to medical supplies. Bornyakov said the country sold around $770,000 of what it calls museum NFTs, which launched last week and depicted scenes from the battle. When digital art purchases reach $1 million, the museum NFT sale might end this week.

“I think it’s even more impactful,” Bornyakov stated. “Then you can store apiece, and it’s going to be with you until you decide to sell it. It’s still out there. It still reminds people about what happened.”

Bornyakov added that Ukraine received 32 Bitcoins worth roughly $1.5 million yesterday. It has received almost $60 million in digital coin donations.

According to Bornyakov, the Ukrainian government has spent around $41 million on bulletproof jackets, helmets, and medical supplies thus far.

In the meanwhile, a committed donation will be used to assist refugees. Bornyakov added that thanks to a $20 million gift received by the Stellar Development Foundation, roughly 66,000 Ukrainians would receive a digital wallet with $300 in cryptocurrency within a few weeks. Priority will be given to families with children and low-income citizens, and the wallets can be used at MoneyGram outlets, he said.

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