As part of the Aid for Ukraine crypto fundraising campaign, the government of Ukraine announced that it has sold a previously donated CryptoPunk NFT for 90 ETH. This amounts to over $100,000.
Ukraine has been accepting crypto and NFT donations since shortly after the invasion of Russian troops began in late February. So far, it has raised over $135 million in this way.
This includes $6.75 million via the sale of a Ukrainian flag NTF. Another instance is the sum amounting to almost $1 million in ETH. This was raised by the Ukrainian rap group Kalush Orchestra. The group is the winner of this year’s Eurovision contest, and they raised the funds by auctioning their Eurovision trophy.
Reportedly, the money from the fundraising campaign is used to purchase non-lethal supplies for the country’s army. While the government is overseeing this project, the Ukrainian crypto exchange Kuna is in charge of operating the fund’s treasury.
Ukraine’s wartime crypto fundraising campaign has served as a case study. It shows the possible benefits of crypto in a geopolitical conflict. The traditional fiat currency can be difficult to move quickly under such circumstances. Meanwhile, there’s also the possibility of Russia mitigating the damage caused by the imposed economic sanctions, through the mining of crypto.
However, thanks to the ongoing crypto winter, the value of NFT and cryptocurrency donations has plummeted. Ethereum’s price, which inevitably affects the price of NFT collections, has shrunk almost 70% in the last ten weeks. The newly-sold Cryptopunk NFT would have generated over $267,000 if it was sold when it was donated, in March.