The recent invasion of Ukraine has placed the world in a state of uncertainty, turmoil and geopolitical risk. The volatility of global financial markets has caused immense losses to millions of investors. With rising global inflation, fears of dwindling liquidity, and the US Federal Reserve raising interest rates, havoc is spreading through the global economy.
Additionally, the unbundling of SWIFT messaging services for major Russian banks is worrying entrepreneurs in the country while impacting other economies with strong trade ties to Russia. With the shutdown of their Russian operations by Visa and Mastercard, there will be further untold consequences for the interoperability of their payment systems and the ordinary citizens who depend on them.
Amidst all this uncertainty, cryptocurrencies and other assets such as non-fungible tokens (NFTs) are playing a pivotal role in trying to mitigate the fallout from the conflict in Ukraine.
DAO from Ukraine
A collaboration between Nadezhda Tolokonnikova, digital artist Trippy Labs, and artist collective PleasrDAO, Ukraine DAO has sold 10,000 NFTs of the Ukrainian flag on the Ethereum network, alongside a single NFT of the flag. So far he has raised over $6.7 million to support the Ukrainian military.
A Ukrainian flag NFT sold for 2,258 Ether (ETH) ($6.5 million at press time) through a service called Party Bid. All product of the NFT sale went to the organization Come Back Alive which helps the Ukrainian army, volunteers and their families.
2250 ETH / 6.75 M USD CONTRIBUTED TO UKRAINIAN FLAG NFT
Thank you to everyone who supported our project
Next Steps: POAP for everyone who has donated to partybid, work with Come Back Alive to transfer funds securely
You can still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK
— UkraineDAO.eth (@Ukraine_DAO) March 2, 2022
save the children
7.5 million children in Ukraine are caught in the middle of this conflict, risking displacement, trauma, prolonged interruption of education and loss of family income. Save the Children raised funds to help the families most affected by the Ukrainian crisis. The first one $19 million number of hits on its donations page include crypto contributions. The organization accepts over 60 types of cryptocurrencies, including Bitcoin (BTC), ETH, USD Coin (USDC), Cardano (ADA), and Dogecoin (DOGE).
More than 500 Ukrainian artists reunited to submit artwork to a new NFT collection being sold through Holy Water to raise money for the people of Ukraine. The artists represent some of the most important galleries in the country, including Port Agency, Izolyatsia and Ugallery. Bidding for each NFT will start at 0.08 ETH. They aim to raise at least $1 million.
Waone Interesni Kazki
A well-known contemporary Ukrainian artist, Vladimir Manjos, aka Waone Interesni Kazki, sells NFTs of his most famous paintings, inspired by surrealists and Ukrainian folk tales. Of the money raised, 50% will go to defense and medical supplies through Ukrainian war charities.
The goal is to raise $7,000 through NFTs of paintings such as “The Seed of a Good Idea”, “Beta to Alpha Transition”, and “Prisoned Mind”. These are 1/1 edition NFTs, each selling for $290.
AITX NFT Sale
Artificial Intelligence Technology Solutions Inc (AITX) has announced that it will raise funds for Ukrainian humanitarian aid through two channels, the first of which is a minted NFT containing the picture of a Roameo produced by Robotic Assistance Devices. Funds are currently being raised through an online auction. The second avenue is a GoFundMe page which was created by CEO Steve Reinharz to provide funds to a Ukrainian aid organization, which was reportedly verified by the International Red Cross.
Wladimir Klitschko’s NFT
Olympic champion and boxing icon Wladimir Klitschko published an NFT collection in collaboration with the artist WhlsBe. Collectibles will be available at mint in a tiered pricing model of $100, $1,000, and $10,000. Proceeds from the sale will go directly to Ukraine.
Ukrainian NFTs for Defense
Mykhailo Fedorov, Ukrainian Deputy Prime Minister, announced that the government would issue NFTs to help finance its military operations. The appeal raised approximately $54.7 million for the Ukrainian government and Ukrainian non-governmental organizations, with a smaller amount going to the organization Come Back Alive.
After careful consideration, we have decided to cancel the airdrop. Every day more and more people are ready to help Ukraine repel aggression. Instead, we will soon announce NFTs to support the Ukrainian Armed Forces. We DO NOT intend to issue fungible tokens
— Mykhailo Fedorov (@FedorovMykhailo) March 3, 2022
Led by leading crypto artists and NFT influencers, Web3 humanitarian initiative Reli3F initiated a large NFT sale that included pieces from 37 artists including Danny Cole, Vinnie Hager, Sartoshi, Gremplin, Ravi Vora and more. All proceeds from the sale were sent directly to relief efforts in Ukraine. Within 30 seconds of the initial launch, the NFT project sold out, raising over $1 million.
TIMEpieces, a Web3 NFT community initiative from Time magazine, announced a exposure, “Make art, not war”. 100% of the revenue generated from the exhibition will be sent to humanitarian relief efforts in Ukraine. According to Time, collectors minted more than 10,000 NFTs from 99 collages of images – each collage representing a year in Time’s 100-year history.
Forza Iconia has helped raise funds for various charities in Ukraine, including Doctors Without Borders and Amnesty International. The NFT project “Stand with Ukraine” was launched by the kyiv and Gothenburg-based incubator, consisting of more than 43,287,512 editions by artist Felipe Posada. Each edition depicts a Ukrainian citizen and is sold for only $10 per edition.
Editions can be bought by credit or debit card, and all sales are donated to charities selected by the platform. So far, Forza Ikonia has raised over $264,000.
the ArtWarks Ukraine The NFT project was created by a group of Ukrainian IT entrepreneurs, art historians, artists and media creators with the aim of raising funds for charitable aid to civilians and the military. Ukrainian. The project has 57 “ArtWaRks” listed on OpenSeaeach being sold at around 0.07 ETH or $182.
One of the ArtWaRks of this NFT project is by former Minister of Culture and Sports Vladimir Borodyansky. Other contributors include IT entrepreneur Ruslan Nonka; the co-founders of the NGO Museum of Contemporary Art, Yulia Gnat and Olga Balashova; and many other Ukrainian artists.
The bottom line
Many cryptocurrency investors see the Russian-Ukrainian conflict as a game-changer that could cement the usefulness of cryptocurrencies and blockchain technology in people’s minds, although it’s still too early. to say if this will change the narrative on how governments around the world view crypto assets. and NFTs. What we do know is that digital assets such as NFTs help a distressed country raise funds to defend its borders.
Innovation on this scale doesn’t happen too often, and with blockchain creeping into global consciousness as a robust and valuable financial technology, NFTs could accomplish far more than they already have.