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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.
By Eli Tan
Updated May 11, 2023, 4:58 p.m. Published Mar 2, 2022, 4:34 p.m.
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.
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Read more: New DAO Raises $3M in ETH for Ukrainian Army
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.
🇺🇦 2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT 🇺🇦
— Ukraine DAO (🇺🇦, 🇺🇦) (@Ukraine_DAO) March 2, 2022
Thank you to all who supported our project 🙏
Next steps: POAP for all those who donated to partybid, work with Come Back Alive on safely transferring funds
You may still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK
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 and bitcoin 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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NFT Project Pudgy Penguins Takes Over Las Vegas Sphere in Holiday Campaign
The NFT brand’s animated segments will air on the Sphere across Christmas week, signaling the crypto company's move into real-world consumer markets.
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- Pudgy Penguins will run an ad campaign at the Las Vegas Sphere during Christmas week, one of the few crypto brands to secure a spot at the high-profile venue.
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