Ukraine’s government is raising funds by selling non-fungible tokens (NFTs) based on a timeline of Russia’s ongoing invasion of the country. The collection, titled “Meta History: Museum of War,” associates blockchain tokens with a news item about “every substantial event of the war” and an illustration from an artist. A total of 54 NFTs are currently listed which depict the first three days of the war in late February.
Cryptocurrency has played a huge role on both sides of the war, but Ukraine has used it to bypass banks and local currency limitations, as well as capitalize on crypto hype to solicit donations. The government has reportedly raised upwards of $100 million in cryptocurrency within the first three weeks. The Minister of Digital Transformation, Mykhailo Fedorov, announced the collection’s launch on Twitter stating that “while Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech.”
As Tony discussed in an article published last month, the crisis in Ukraine has shown us how decentralized technologies are changing the economics of war. NFTs specifically have provided opportunities for documenting this monumental time in history in a definitive way, while simultaneously raising much-needed funds.