Three news organizations in Ukraine have partnered with an NFT platform to sell access to exclusive content so they can continue reporting on the ongoing war in their country.
Multiple reports indicate that the news organizations – Ukrainska Pravda, Hromadske and Novoye Vremya – are working with the NFT platform Vault to secure $1 million through digital assets.
About 10,000 NFT keys will be sold to assist the newsgroups in their current efforts to provide coverage of the Russian attack to Eastern European and Anglophone audiences.
Newsgroups in Ukraine are gaining popularity
The prominence of Ukrainian language publishers has increased as international attention has shifted to the Russian invasion of the sovereign European nation.
Ukrainska Pravda editor-in-chief Sevgil Mysayeva said his publication was the “second most popular” website in Ukraine during the early days of the invasion, alongside search giant Google.
In 2000, political journalists Olena Prytula and Georgy Gongadze founded Ukrainska Pravda, the latter of whom was assassinated shortly afterwards.
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In layman’s terms, NFTs are “unique” digital assets that can be bought and sold like any other type of property, but lack a physical form of their own.
Think of digital tokens as certificates of ownership for virtual or tangible assets.
NFT Trading Volume at $25 Billion
A brief overview: The value of NFTs exchanged last year was $25 billion, according to DappRadar, which monitors more than 30 blockchains.
According to Vault:
Each button provides access to content created by the publication’s “courageous team of journalists, photographers and editors, including photos and videos, links to articles and recommended reading, and a special weekly email blast for supporters.”
This is not the first time Ukraine has shifted its focus from fundraising to the crypto business.
According to London-based blockchain analytics firm Elliptic, the Ukrainian government has raised about $60 million through more than 120,000 cryptocurrency donations since the Russian invasion of Ukraine.
Ukraine’s cryptocurrency crowdfunding began on February 26, 2022, just two days after Russia launched its military strike.
Helping the Ukrainian army fight the Russians
The Ukrainian government is also embracing digital assets as a means of financing its military.
Ukraine last week raised $270 million through a war bond auction. Each one-year bond had a face value of 1,000 Ukrainian hryvnia and an interest rate of 11%.
The country’s Ministry of Finance said:
“The proceeds from the sale of the bonds will be used to support the needs of the Ukrainian Armed Forces.”
Top News Outlet Gets $1 Million
Meanwhile, a Go Fund Me campaign for Ukraine’s main English-language news organization, The Kyiv Independent, had raised about $1 million on Monday.
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Featured image from Business Wire, chart from TradingView.com