A sharp spike in the gas fee on Ethereum; is to blame for the conflict between Russia and Ukraine?

While Russian bombs fall on Ukraine and reports of deaths entering, the international community is struggling to mobilize resources and send money to various organizations to support the Ukrainian military. For that reason, it may not surprise many to know that there is already an NFT collection to meet this need.

Do-NATIONs and more

A self-described “Web3 initiative” – RELI3F UKR – is Sell ​​NFTs with the promise that all proceeds from the primary sale will go to relief efforts in Ukraine, along with some secondary sales proceeds. According to open seathe bottom price was about 0.053 ETH and at the time of writing, the trading volume was about 456 ETH.

But here was the catch. As is the case with many popular NFT projects, the frenzy of interest caused a astronomical rise in gas prices† Early in the morning of February 26, the median gas price shot past 1,300 gwei, before falling back below 100 gwei.

Source: pro.nansen.ai

RELI3F for his part seemed to pat himself on the back, and tweeted

“And we are sold out. 0.05 eth x 37 artists x 200 editions = 370 eth. Raised more than a million dollars for the people of Ukraine in 30 seconds. This is the power of web3. Thank you from the bottom of our hearts.”

While impressive, many donors were disappointed with the money they lost on gas costs, claiming that the money could have gone to the Ukrainian people instead.

Crypto donations have been a popular option for those looking to financially support Ukrainian aid organizations or even the military. One estimate reported that: over $4 million were sent in Bitcoin donations to the military.

Are you a DAO-ting Thomas?

NFTs have different use cases, but “humanitarian fundraising tools” is certainly an unexpected one. Only this month, a group of self-identified “cypher punks” came together to create AssangeDAO. The DAO has raised more than $45 million in ETH to bid for an NFT and raise money for the legal defense of Wikileaks founder Julian Assange.

However, critics of NFT-based fundraising have complained about the loss of donations due to extravagant gas fees.

In addition, the WWF’s recent foray into the NFT industry with its “tokens for nature” collection, minted on the Polygon blockchain, has also had global repercussions due to environmental concerns.

In addition, Associated Press decided to review its venture to turn a video – featuring migrants on an overcrowded seagoing vessel – into an NFT for its own NFT marketplace. This came again after journalists and scientists criticized the news agency for allegedly taking advantage of people’s pain.

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