A non-fungible token (NFT) of the Ukrainian flag sold for 2,258 ETH (roughly $6.75 million) on Wednesday, with the proceeds being sent to Come Back Alive, an organization that donates supplies to Ukrainian civilians and military members.
The sale was organized by UkraineDAO, a crowdfunding effort led by Russian art collective Pussy Riot and non-fungible token studio Trippy Labs to support Ukraine’s fight against Russia.
Read more: New DAO Raises $3M in ETH for Ukrainian Army
The winning bid for the 1-of-1 flag NFT was placed on behalf of a pool of 3,271 donors through a service called PartyBid, where the decentralized autonomous organization (DAO) was able to essentially purchase the NFT from itself through donations from its members.
UkraineDAO says it will airdrop amounts of its LOVE token to wallets that contributed to the sale, proportional to the ether they donated.
The DAO says its tokens will have “[n]o utility nor value, but are a beautiful testament and reminder of your contribution to a noble cause,” according to its website.
The high-value NFT sale is just the latest example of cryptocurrency being used to financially support the Ukrainian government in recent days.
The country’s government has received over $40 million in crypto donations since tweeting out its ether (ETH) and bitcoin (BTC) addresses on Feb. 26, with NFT-based donations contributing around $7 million to that total.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.