Three news organizations in Ukraine have partnered with an NFT platform to sell access to exclusive content to continue reporting during their country’s ongoing war.
Multiple reports indicate that news organizations – Ukrainska Pravda, Hromadske and Novoye Vremya – are collaborating with NFT’s Vault platform to secure $1 million through digital items.
Approximately 10,000 NFT keys will be sold to help newsgroups in their current attempts to provide coverage of the Russian attack to English-speaking and Eastern European audiences.
Ukrainian newsgroups become popular
The prominence of Ukrainian-language publishers has increased as international attention has shifted to Russia’s invasion of the sovereign European nation.
Sevgil Mysayeva, editor-in-chief of Ukrainska Pravda, said her publication was the “second most popular” website in Ukraine during the first days of the invasion, next to search giant Google.
In 2000, political journalists Olena Prytula and Georgy Gongadze co-founded Ukrainska Pravda, the latter of whom was assassinated soon after.
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In simple terms, NFTs are “unique” digital assets that can be bought and sold like any other type of property, but do not have a physical form of their own.
Think of digital tokens as certificates of ownership of virtual or tangible assets.
NFT trading volume at $25 billion
A quick overview: The value of NFTs traded last year was $25 billion, according to DappRadar, which monitors more than 30 blockchains.
According to the vault:
“Each key will grant access to content created by the publication’s “brave team of journalists, photographers and editorial team, including photos and videos, links to articles and recommended reading, and a special weekly email for followers.”
This is not the first time Ukraine has shifted its fundraising focus to the cryptocurrency business.
Since the Russian invasion of Ukraine, the Ukrainian government has raised around $60 million through more than 120,000 crypto donations, according to London-based blockchain analytics firm Elliptic.
Ukraine’s cryptocurrency crowdfunding began on February 26, 2022, just two days after Russia began its military assault.
Helping the Ukrainian Military Fight the Russians
The Ukrainian government is also embracing digital assets as a means of financing its military.
Ukraine raised $270 million last week through a war bond auction. Each one-year bond had a nominal value of 1,000 Ukrainian hryvnias and carried an interest rate of 11%.
The country’s Ministry of Finance said:
“Proceeds from the sale of the bonds will be used to support the needs of the Armed Forces of Ukraine.”
Top News Outlet gets $1 million
Meanwhile, a Go Fund Me campaign for Ukraine’s leading English-language news organization, The Kyiv Independent, had raised about $1 million as of Monday.
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This post Ukraine’s Major Media Aims To Raise $1M By Selling NFTs
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