NFT Projects Are Leading The Way To Rebuilding Ukraine Amid Conflict

Ever since the Eastern European nation of Ukraine began feeling the heat of the military onslaught from Russia, it has solicited donations, and the rest of the world has responded.

The huge donations coming into Ukraine to help it defend itself against the Russian invasion have been in the form of digital currencies. Cryptocurrency forms the bulk of the donations, and it is not surprising to see the government giving its approval by legalizing crypto use.

Attention has been gradually shifting to non-fungible tokens (NFT). NFTs are the best example of decentralized blockchain technology, and Ukraine is leveraging it to make the rebuilding process a success.

Concerns Over The War

The war between Russia and Ukraine has culminated in a massive loss for the global financial markets and the crypto industry.

A rising global inflation rate has seen many countries grapple with huge fiscal instability, fear of liquidity by investors, and the hike in interest rates by the U.S. federal reserve, which has spread worldwide.

What’s more, add in the restriction of SWIFT services to Russian banks, the abrupt halt to both Visa and Mastercard’s operations, and the inconveniences caused to most individuals and businesses who rely on them in Russia. This has led to a full-blown negative impact on other economies that do business with Russia.

Cryptocurrencies and NFTs are playing a major role in the transactions and transfer of funds in the war-torn region of Europe. They have assumed an important role in reducing the huge impact of the conflict in Eastern Europe.

NFT Projects in Ukraine

Ukraine DAO

This project is the biggest contributor to Ukraine’s rebuilding process. The Ukraine DAO is a collaboration between influential personalities in the digital space.

Since its emergence, it has sold about 10,000 NFT versions of the Ukrainian flag on Ethereum’s network, raising more than $6.7 million to support the Ukrainian military.

Leading digital transaction brokerage firm, Party Bid, sells the NFT collection of the Ukrainian flag for 2,258 ETH, which is approximately $6.5 million in fiat. All proceeds will go to the Ukrainian government, volunteers, and other vulnerable groups.

Holy Water

More than 500 native Ukrainian artists converge to submit pieces of their art collectibles sold through the Holy Water platform to raise funds for the people of Ukraine. The artists are some of the most prominent ones in the country.

Wladimir Klitschko’s Non-fungible Tokens

The boxing veteran also released an NFT collection, collaborating with popular Ukrainian artist WhlsBe. The collections are available for minting at a starting price of $100 and above, which is tiered. Proceeds will be channeled to help the military and other causes.

Many industry experts believe that the ongoing conflict will be the catalyst that will strengthen the claim of cryptos and blockchain technology as utilities. But it is still too early to make a strong case for digital assets because of how many governments perceive cryptocurrencies and other digital assets.

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