Ukraine sold 1,282 NFTs on the first day of the sale for a total of 190 Ether (ETH), which is equivalent to approximately $655,000 at the time of writing, Bloomberg News reported, citing an email from the Ministry of Digital Transformation.

The country intends to use the proceeds to rebuild cultural and heritage sites such as museums and theaters that were destroyed amid the war with Russia.

Ukraine’s MetaHistory NFT-Museum tweeted sales progress throughout the day with the latest public tally announced at 1,153 NFTs sold for over $500,000. The country also announced that it would be giving away one of the unique NFTs to celebrate reaching the half-million mark.

Additionally, META HISTORY announced that only individuals who owned one of the NFTs would be eligible to purchase the 100 prospective winning artworks, as well as the first four artworks created under the project.

Ukraine’s reliance on cryptocurrencies amid war

As Russia began its full-scale invasion of Ukraine in late February, people from around the world began donating cryptocurrency to various NGOs that were helping the war effort. Ukraine quickly joined in and began publishing official wallet addresses that people could donate to.

In response, the crypto community and industry turned out in full force, donating millions in crypto and even NFTs. The official government website for donations claims that the country has received more than $70 million in crypto since the war began.

Ukraine now accepts donations in a multitude of cryptocurrencies and ranks fourth in the world in terms of adoption. It also officially recognizes cryptocurrencies as a legal asset now.

Following the massive influx of donations, Ukraine said it would airdrop for everyone who had donated ETH. However, less than a full day later, the country canceled fledgling plans to airdrop an official cryptocurrency, saying it would instead focus on issuing NFTs to raise funds.

Bitcoin is a humanitarian tool

Citizens of Ukraine and Russia turned to cryptocurrencies to try to save their wealth when their respective financial systems fell apart amid war and sanctions.

At the time, Human Rights Foundation Chief Strategy Officer Alex Gladstein said that Bitcoin (BTC) was an “important humanitarian tool” that allows people to survive in extreme scenarios, such as war.

gladstein said:

“The fact that it can’t be frozen, the fact that it can’t be censored and the fact that it can be used without identification is very, very important.”

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This post Ukraine raises over $600K through NFT sales to rebuild cultural sites

was published first on https://cryptoslate.com/ukraine-raises-over-600k-via-nft-sales-to-rebuild-cultural-sites/

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