App sale

CryptoPunk Sale Raises $100,000 in Ethereum to Support Ukraine War Effort

The Ukrainian government announced today that its Aid to Ukraine crypto fundraising campaign sold donate Cryptopunk NFT and has raised over $100,000 to support its war efforts against Russia.

Cryptopunk #5364 was donated to the Ukrainian crypto fund in March. Yesterday, the fund sold the NFT to an anonymous buyer for 90 ETH. NFTs are blockchain-based tokens that show ownership of digital or physical assets.

Alex Bornyakov, Ukraine’s deputy minister for digital transformation — the office overseeing wartime crypto fundraising — announced the sale in a tweet today.

Ukraine started accepting crypto and NFT donations in late February, shortly after Russian troops invaded the country. Since then, the nation has reportedly raised over $135 million in crypto through donations of cryptocurrency and sales of donated NFTs.

In early March, a crypto group raised $6.75 million for the country’s war effort via the sale of a single NFT of the Ukrainian flag. A few weeks ago, the Ukrainian rap group Kalush Orchestra, this year Eurovision Championsauctioned off their music competition trophy raise nearly $1 million in ETH for the fund.

Crypto fund helps purchase non-lethal supplies for Ukrainian military, ranging from body armor to medical supplies. The funds are not actually held or spent by the Ukrainian government, which only approves and oversees the project. Ukrainian crypto exchange kunas manages the fund’s cash, which is used to help fund volunteer purchases.

Ukraine’s wartime adoption of crypto served as a case study for the potential benefits of using crypto in geopolitical conflicts where fiat currency (like the US dollar) can be difficult to secure. move quickly.

It also highlighted the potential downsides. The International Monetary Fund warned in April that Russia could circumvent economic sanctions by mining cryptocurrencies, although US Treasury Secretary Janet Yellen says this practice has not been widely observed.

Additionally, crypto and NFT donations are fully exposed to the current crypto bear market. The price of Ethereum has dropped nearly 70% in the last ten weeks, inexorably affecting the fundraising potential of NFT collections like Cryptopunks built on Ethereum.

The Cryptopunk That Sold Out Yesterday Has Generated Just Over $100,000 In Wartime Fundraising For Ukraine; that same amount of ETH would have been worth over $267,000 on the day the NFT was given away in March.

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