The recent invasion of Ukraine has put the world in a state of uncertainty, turmoil and geopolitical risk. Volatility in the global financial markets has caused immense losses to millions of investors. With rising global inflation, fear of tapering liquidity, and increasing interest rates by the United States Federal Reserve, havoc is spreading across the global economy.
Additionally, the delinking of SWIFT messaging services for leading Russian banks is causing concern among entrepreneurs in the nation while also impacting other economies with strong Russian trade ties. With Visa and Mastercard halting their Russian operations, there will be further untold consequences for the interoperability of their payment systems and the everyday citizens who rely on them.
Amid all these uncertainties, cryptocurrencies and other assets such as nonfungible tokens (NFT) are playing a pivotal role in trying to mitigate the fallout from the conflict in Ukraine.
A collaboration among Nadezhda Tolokonnikova, digital artist Trippy Labs, and artist collective PleasrDAO, Ukraine DAO has sold 10,000 NFTs of the Ukrainian flag on the Ethereum network, alongside a unique NFT of the flag. So far, it has raised over $6.7 million to support Ukraine’s military.
An NFT of the Ukrainian flag sold for 2,258 Ether (ETH) ($6.5 million at press time) through a service called Party Bid. All proceeds from the NFT sale went to the Come Back Alive organization that aids the Ukrainian military, volunteers and their families.
2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT
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.eth (@Ukraine_DAO) March 2, 2022
Save the Children
7.5 million children in Ukraine are caught in the middle of this conflict, risking displacement, trauma, prolonged interruption of education and loss of family…