NFT Of Ukrainian Flag Raises $6.75m For Country¡¯s War Efforts
In an effort to raise funds for the civilians and military members in war-hit Ukraine, an NFT of the Ukrainian flag was sold for 2,258 ETH (roughly $6.75 million) yesterday.
In an effort to raise funds for the civilians and military members in war-hit Ukraine, a non-fungible token (NFT) of the Ukrainian flag was sold for 2,258 ETH (roughly $6.75 million) yesterday.
Here's the tweet confirming the same.
?? 2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT ??
¡ª UkraineDAO (@Ukraine_DAO) March 2, 2022
Thank you to all who supported our project ?
Next steps: POAP for all those who donated to partybid, work with Come Back Alive on safely transferring funds
You may still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK
The NFT sale was organized by UkraineDAO, which is a decentralized autonomous organization (DAO) that uses the power of web3 tech and community to raise funds for Ukrainian organizations that are helping those suffering from the war in Ukraine.
These crowdfunding proceeds are being sent to ¡®Come Back Alive¡¯, which is an organization that donates supplies to Ukrainian civilians and military members, as per a report in CoinDesk.
Launched a few days ago, UkraineDAO is a crowdfunding effort led by Russian art collective Pussy Riot and NFT studio Trippy Labs to support war-hit Ukraine¡¯s fight against Russia.
Reuters
Also Read: From McDonald's To Rolls-Royce: Companies That Stand To Lose The Most From Russia's War On Ukraine
The Winning Bid
The winning bid for the 1-of-1 flag NFT was placed on behalf of a pool of 3,271 donors through a service called PartyBid, where the DAO was able to essentially purchase the NFT from itself through donations from its members.
As per CoinDesk¡¯s report, UkraineDAO says it will airdrop amounts of its LOVE token to wallets that contributed to the sale, proportional to the ether they donated.
After receiving millions of dollars as crypto donations in the past few days, this high-value NFT sale is just the latest example of cryptocurrency being used to financially support the war-hit Ukrainian government in recent days.
UkraineDAO website says ¡° This project has been organized by Pussy Riot, Trippy Labs, PleasrDAO, CXIP, and many Ukrainian humanitarian activists working tirelessly on the ground and generously consulting with us to assure we have a safe place to direct our donations that will help those who need it the most.¡±
Also Read: Wikileaks Founder Julian Assange's NFT Auction Raises Over $50 Million
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