News hardware Ukraine Sells Cryptopunk NFT to Fund War
Since the fighting began, Ukraine has received strong support from the cryptosphere. Through a cryptocurrency fundraiser, the country obtained a CryptoPunk NFT last March. This Monday, June 20, 3 months after the donation, the NFT was finally sold to contribute to the war effort.
Blockchain in Wartime
Cryptocurrencies have proven to be a good alternative for circulating money in a country prone to armed conflict. Indeed, with some cities completely devastated and a banking system almost at a standstill, it is difficult for Ukrainians to receive fiduciary currencies such as euros or dollars from their allies.
Requiring only an internet connection, the blockchain is an effective way to finance what is needed on the front lines.
Also, its Russian enemy, who is on the fringes of the global monetary system following economic sanctions, is also thinking of using the blockchain and Bitcoin as currency to bypass the international payment network SWIFT.
The absence of a trusted third party such as a bank or a country, offers its states the possibility of receiving rapid transfers with little cost to import value into the two territories.
A use in time of war unprecedented for the blockchain since its creation.
Ukraine seeks crypto and NFT donations
In March 2022, the government organized its own cryptocurrency fundraiser with the aim of helping the population and providing equipment to the fighters.
Through “Aid for Ukraine”, the country has collected, since the launch, an amount equivalent to 127 million euros in cryptocurrency.
A sum that the government confirms having spent mostly to buy equipment, and fortunately since the current volatility of cryptocurrencies would have drastically reduced the available capital.
Among all these donations, one particularly marked the spirits, a donation from NFT Cryptopunk.
The Cryptopunk NFT of the Urkanians
Sure enough, in March 2022, Ukraine received Cryptopunk #5364.
Coming from the pioneering collection of the NFT universe on Ethereum, Cryptopunks have been snatching a fortune in recent years. The first collection of NFTs in terms of trading volume ahead of the Bored Ape Yacht Club, the 10,000 tokens were able to register staggering sales records for pixelated jpegs…
For example, in February 2022, CryptoPunk #5822 had sold for 8,000eth or 22.37 million euros at the time.
Two months after this exceptional donation, Ukraine finally sold its “blockchain” work for 90eth, or approximately €94,000.
The news was announced on twitter by Ukraine’s Deputy Minister of Digital Transformation, who initiated the solicitation for donations.