The Ukraine and Russia are in the midst of geopolitical turmoil and while Russia has the money it needs to fund it’s battlefield efforts, the Ukraine lives on the other side of the coin. However, several Ukrainian artists are taking to NFTs to help fund the mounting cost of war. 

Ukrainian Artists Sell NFTs to Help Fund War

According to various reports, more than 200 artists are working together to create a collection of non-fungible tokens, or NFTs; the sale of which will result in proceeds that will be used to fund the ongoing conflict with Russia. 

The artists are some of the most successful in the country, often represented by leading galleries like Port Agency, IZOLYATSIA, and Ugallery. However, these famous artists aren’t the only artists behind the collection. 

According to the reports, the NFTs will also feature paintings made by children in bomb shelters.

The collection will be offered on Thursday via a tech start-up known as Holy Water. If you’d like to get your hands on one, you’ll have to bid a minimum of 0.08 ETH, which works out to just over $230. 

While there’s no indication as to how many NFTs are in the collection, the goal is to raise at least $1 million through the initiative.  

How Are the NFTs Supporting the War?

The support for the war will be shown by way of monetary donation. According to the reports, all proceeds from the sale, in the form of cryptocurrency, will go to the Ukrainian Armed Forces via the Ministry of Digital Transformation of Ukraine. 

This is an overwhelmingly important initiative. After all, Russia launched a full-scale invasion of Ukraine about a week ago. Since, several international organizations like the United Nations Refugee Agency and the International Rescue Committee have been working to raise funds for Ukrainian families caught in the conflict. 

Since the beginning of the war, more than 2,000 civilians, including at least 21 children, have been killed. As a result of the conflict, thousands of refugees are traveling through Poland, Slovakia, Hungary, and Romania. The EU is expected to grant these refugees a temporary residence permit. 

Key Commentary

Oleksiy Say, an artist involved in the movement, had the following to offer:

“The world will no longer be the same as before and no one will stand aside. Soon we might not have enough time for making art. That’s why I invite everyone to enjoy art and donate to help in one of the most important global initiatives in the 21st century.”

Bohdan Nesvit, CEO of Holy Water, had the following to offer:

“We gathered almost [500] people willing to join the initiative in a few days. Now we do hope to just as quickly raise funds to help the army and help save Ukraine.”

The Bottom Line

I’ve often written about the utility of NFTs; how they’re being used as tickets for concerts and events, could change the medical data industry, and more. However, I never thought I would be writing about a collection geared at funding a defense from an invasion. All in all, this is an interesting move in the utility of NFTs. 

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