June 23, 2022
By Murtuza Merchant
Since the onset of the war waged by Russia on February 24, an outpouring of support has been streaming in from various avenues and personalities from across the world for Ukraine.
Apart from humanitarian aid from various organizations, Ukrainian officials have been appealing to the global crypto community to support their fight by donating crypto assets while artists have actually resorted to releasing bespoke non-fungible tokens (NFTs) themed around Ukraine and channeling proceeds to the cause.
Support from crypto fans and the community at large has been so immense that over $135 million in cryptocurrency donations have been raised by mid-May, as corroborated by Ukraine’s Deputy Minister for Digital Transformation, Alex Bornyakov.
A bulk of these funds have already been used to provide important essentials such as food for civilians and protective gear for the country’s soldiers, with President Volodymyr Zelenskyy reiterating his belief that digital assets can bring about an economic breakthrough for countries like Ukraine considering Russia’s constant threats to its banking system.
Leading in this endeavor is the war-torn country’s own “Museum of War” non-fungible token (NFT) collection that not only aims at raising funds but also captures important moments for the sake of posterity.
This NFT collection will eventually comprise between 5,000 to 7,000 NFTs, each priced at $450 each, and sold in chronological order with the content privy to only the NFT buyer.
This presents a unique opportunity for NFT fans and investors to not only support a great cause but also acquire what are arguably historic pieces of digital art that can see massive price appreciation in the future.
With all proceeds from the sale of these NFTs being directly credited to the official accounts of Ukraine’s Ministry of Digital Transformation and the fact that crypto-related transactions are immutable in nature, this could possibly be the most transparent and secure state funding drive ever to have been undertaken in human history.
What’s even more startling is the number of NFT projects that are helping the Ukrainian population in tiding over the unprecedented humanitarian crisis brought upon by the war.
A notable example is the ArtWaRks Ukraine project that has been put together by a some of the country’s most prominent art historians, artists, media creators, and entrepreneurs, with the intention of providing aid to civilians and members of the country’s military by auctioning NFTs that represent nearly eight years of war that the country is going through.
Featuring art from eminent personalities such as Vladimir Borodyansky, former Minister of Culture and Sports, each NFT will have prices starting from just ETH 0.07 and already features 63 uniquely minted pieces.
Another NFT project called World Save Ukraine is being led by over 500 Ukrainian artists, with each contributing art to create NFTs on the Holy Water platform, with the goal to raise over $1 million for the Ukrainian people.
Consisting of world-renowned artists such as Pavlo Makov, Tiberii Silvashi, Waone Interesni Kazky amongst many others, the collection has 80 unique artworks and will donate 100% of the sale proceeds to help rebuild damages caused by the ongoing conflict.
While it isn’t possible to collate all NFT projects that have sprung up in support of the second-largest country in Europe, initiatives such as Vandalz for Ukraine, Stand with Ukraine, and Avatars for Ukraine are further examples of how the Ukrainian population is reaching out to the world to stand up to the Russian assault and garner every possible support available.
The fact that the Ukrainian government and important figures like the President are vouching for NFT projects is a further acknowledgment of how NFTs are bringing about a revolution of sorts in the digital world, while clearly supporting on-ground efforts through monetary aid.
For those supporting Ukraine and its people by purchasing any of the above NFTs, they are effectively purchasing a piece of history and will be forever remembered for their noble contributions.
Notwithstanding the price appreciation that such memorabilia will eventually command, these NFTs are giving voice to the thousands of civilians who are battling for their lives and are playing a big role in drawing global attention to the current despicable state of affairs in Ukraine.
This is also another reminder of how Blockchain technology and its many manifestations can actually help safeguard human lives, even when other traditional mechanisms seem to be crumbling under the weight of war.
Maybe the only silver lining, but it does spark hope of the world progressing towards a digital economy driven by digital assets like NFTs and where social causes can be supported irrespective of geographic, cultural, or sovereign boundaries.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and NFTs.