Ukraine to unveil NFTs to support military as crypto funding push continues
Non-fungible tokens (NFTs) are a kind of crypto asset which
represents a digital file such as an image, video or text.
Non-fungible tokens (NFTs) are a kind of crypto asset which
represents a digital file such as an image, video or text.
Ukraine will unveil plans for
NFTs to support its armed forces, its vice-prime minister said
on Thursday, the latest move in Kyiv’s efforts to raise funds in
crypto assets after Russia invaded the country last week.
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Non-fungible tokens (NFTs) are a kind of crypto asset which
represents a digital file such as an image, video or text. They
surged in popularity in 2021, generating $25 billion of sales
volume.
“We will announce NFTs to support Ukrainian Armed Forces
soon,” Mykhailo Fedorov said in a tweet, without giving any
further details of the project.
“Every day there are more and more people willing to help
Ukraine to fight back the aggression.”
Fedorov, also Ukraine’s minister of digital transformation,
has spearheaded Kyiv’s push to raise funds in cryptoassets.
Ukraine last week posted appeals on social media for
donations of bitcoin and other digital tokens to support the
country. As of Wednesday, it had raised crypto worth almost $43
million in around almost 67,000 donations, according to
blockchain researcher Elliptic.
Ukraine’s ministry of digital transformation has told
Reuters they would use the funds “To destroy as much Russian
soldiers as possible.”
Fedorov last week asked major crypto exchanges to block the
digital wallet addresses of Russian users. Yet several major
platforms have declined to impose any such blanket ban – a
decision that experts say weakens Western attempts to isolate
Moscow following its invasion of Ukraine.