Ukrainian Flag NFT Raises $6.75M for Country’s War Efforts

The UkraineDAO-organized sale is the largest NFT-based crypto contribution to the Ukrainian people to date.

AccessTimeIconMar 2, 2022 at 4:34 p.m. UTC
Updated Mar 4, 2022 at 7:33 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

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.

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.

A rare CryptoPunk was sent to the country’s Ethereum wallet on March 1, and other blockchain figureheads have rushed to get their networks into the fold.

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Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


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