The recent invasion of Ukraine has left the world in a state of uncertainty, turmoil and geopolitical risk. The volatility in global financial markets has resulted in huge losses for millions of investors. With rising global inflation, fears of dwindling liquidity and rising interest rates by the US Federal Reserve, havoc is spreading across the global economy.
In addition, the disconnection of SWIFT messaging services for leading Russian banks raises concerns for entrepreneurs in the country, while also affecting other economies with strong Russian trade ties. With Visa and Mastercard shutting down their Russian operations, there will be even more untold consequences for the interoperability of their payment systems and the ordinary citizens who rely on them.
Amid all these uncertainties, cryptocurrencies and other assets such as nonfungible tokens (NFT) play a vital role in trying to mitigate the effects of the conflict in 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, in addition to a unique NFT of the flag. So far, it has raised more than $6.7 million to support the Ukrainian military.
An NFT of the Ukrainian flag was sold for 2,258 Ether (ETH) ($6.5 million at the time of writing) through a service called Party Bid. All yield of the NFT sale went to the Come Back Alive organization that helps the Ukrainian military, volunteers and their families.
2250 ETH / $6.75 Million USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT
Thank you to everyone who supported our project
Next steps: POAP for everyone who donated to partybid, partner with Come Back Alive to transfer money safely
You can still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK
— UkraineDAO.eth (@Ukraine_DAO) March 2, 2022
save the kids
7.5 million children in Ukraine are in the midst of this conflict, at risk of displacement, trauma, prolonged interruption of education and loss of family income. Save the Children raised funds to help the families most affected by the crisis in Ukraine. The initial $19 million to appeals on the donation page includes crypto contributions. The organization accepts more than 60 types of cryptocurrencies, including Bitcoin (BTC), ETH, USD Coin (USDC), Cardano (ADA), and Dogecoin (DOGE).
Holy Water NFT Collection. Source: Twitter
More than 500 Ukrainian artists collected to submit art for a new NFT collection to be sold through Holy Water to raise money for the people of Ukraine. The artists represent some of the most prominent galleries in the country, including Port Agency, Izolyatsia and Ugallery. Bidding for each NFT starts at 0.08 ETH. The goal is to raise at least $1 million.
Waone Interesni Kazki
The seed of a good idea. Source: AGallery
A well-known contemporary Ukrainian artist, Vladimir Manzhos, also known as Waone Interesni Kazki, sells NFTs of his most famous paintings, which are inspired by surrealists and Ukrainian folk tales. 50% of the money raised goes to defense and medical supplies through Ukrainian war goods.
The goal is to raise $7,000 from NFTs of paintings such as “The Seed of a Good Idea,” “Beta to Alpha Transition,” and “Prisoned Mind.” These are 1/1 edition NFTs, which sell for $290 each.
AITX’s NFT Sales
Artificial Intelligence Technology Solutions Inc (AITX) has announced that it will raise money for Ukraine’s humanitarian aid through two avenues, the first of which is a slammed NFT with the image of a Roameo produced by Robotic Assistance Devices. Money is currently being raised through an online auction. The second way is a GoFundMe Page which was founded by CEO Steve Reinharz to provide money to a Ukrainian aid organization, allegedly verified by the International Red Cross.
Wladimir Klitschko’s NFT
Source: DW, Wladimir Klitschko
The Olympic champion and boxing icon Wladimir Klitschko released an NFT collection in collaboration with the artist WhlsBe. The collectibles will be available to mint in a tiered pricing model of $100, $1,000 and $10,000. The money from the sale will go directly to Ukraine.
Ukraine’s Defense NFTs
Mykhailo Fedorov, Ukraine’s deputy prime minister, announced that the government would issue NFTs to fund its military operations. The appeal raised approximately $54.7 million for the Ukrainian government and Ukrainian non-governmental organizations, with a smaller amount sent to the Come Back Alive organization.
After careful consideration, we have decided to cancel airdrop. Every day more and more people want to help Ukraine to reduce the aggression. Instead, we will soon be announcing NFTs to support the Ukrainian Armed Forces. We have NO plans to issue replaceable tokens
— Mykhailo Fedorov (@FedorovMykhailo) March 3, 2022
Led by crypto artists and prominent NFT influencers, Web3 humanitarian initiative Reli3F initiated a major NFT sale featuring pieces from 37 artists, including Danny Cole, Vinnie Hager, Sartoshi, Gremplin, Ravi Vora and more. All proceeds from the sale went directly to the relief work for Ukraine. Within 30 seconds of its initial launch, the NFT project sold out, raising more than $1 million dollars.
TIMEpieces, a Web3 NFT community initiative from Time magazine, announced a exhibition, “Don’t make art war.” 100% of the proceeds from the exhibition will go to humanitarian aid in Ukraine. According to Time, collectors have minted more than 10,000 NFTs from 99 collages of images — each collage representing a year in Time’s 100-year history.
Forza Iconia helped raise money for several charities in Ukraine, including Doctors Without Borders and Amnesty International. The NFT ‘Stand with Ukraine’ project was launched by the incubator in Kiev and Gothenburg, comprising more than 43,287,512 editions by artist Felipe Posada. Each edition represents one citizen of Ukraine and is sold for only $10 per edition.
editions can be purchased by credit or debit card, and all sales go to the platform’s selected charities. To date, Forza Ikonia has raised over $264,000.
The ArtWaRks Ukraine The NFT project was set up by a group of Ukrainian IT entrepreneurs, art historians, artists and media makers with the aim of raising money for charitable assistance to civilians and the Ukrainian military. The project has 57 “ArtWaRks” listed on open seawith each selling for about 0.07 ETH or $182.
One of the ArtWaRks in this NFT project belongs to the 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.
it comes down to
Many cryptocurrency investors see the conflict between Russia and Ukraine as a game-changer that could amplify the usefulness of cryptocurrencies and blockchain technology in people’s minds, although it’s too early to say whether this will change the story about how governments around the world view crypto assets and NFTs. What we do know is that digital assets like NFTs help a country in need raise money 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 much more than they already have.