The CryptoPunk sale gathered as much as $100K in ETH to help Ukraine’s battle efforts and the NFT was valued at thrice the quantity donated in March earlier than the market crash so let’s learn extra immediately in our newest altcoin information.
The federal government of Ukraine introduced that the Assist for Ukraine fundraising marketing campaign bought a donated CryptoPunk NFT and managed to lift $100,000 to help the battle efforts. The CryptoPunk sale with the quantity #5346 was donated to the Ukrainian crypto fund and yesterday, the fund bought the NFT to an nameless purchaser for 90 ETH. NFTs are blockchain-based tokens that present possession over digital or bodily property. Ukraine’s Minister of Digital Transformation Alex Bornyakov will probably be overseeing the nation’s wartime fundraising and introduced the sale in a tweet immediately.
Breaking information on crypto donations: #CryptoPunk #5364 has been bought for 90 ETH. It is over $100K. Few months in the past this NFT was donated for @_AidForUkraine fund. Crypto neighborhood continues to help Ukraine.
— Alex Bornyakov (@abornyakov) June 20, 2022
Ukraine began accepting crypto and NFT donations shortly after Russian troops attacked the nation. Since then, the nation raised over $135 million in crypto by way of crypto donations and gross sales of NFTs. The crypto group raised $6.75 million for the battle effort by way of the sale of a single NFT of the Ukrainian flag. Just a few weeks in the past, the Ukrainian group Kalush Orchestra which gained the Eurovision contest, auctioned off their trophy from the music competitors to lift $1 million in ETH for the fund.
The crypto fund helps buy non-lethal provides for the navy in Ukraine starting from bulletproof vests to different medical provides. The funds aren’t held or spent by the Ukrainian authorities which endorses and oversees the initiatives however the Ukrainian crypto alternate Kuna operates the fund’s treasury that’s used to assist fund the purchases of the volunteers. Ukraine’s wartime embrace of crypto served as a case examine for the potential advantages of using crypto within the geopolitical conflicts the place the fiat foreign money could be onerous to maneuver quick.
It additionally outlined the potential drawbacks as nicely. The IMF warned in April that Russia can keep away from financial sanctions by mining cryptocurrencies however the US Treasury secretary Janet Yellen stated the apply was nto very well noticed. Additional, NFT and crypto donations are absolutely uncovered to the present crypto market situations and we noticed Ethereum’s value crashing by 70% prior to now 10 weeks, affecting the fundraising potential of the NFT collections constructed on Ethereum. The Cryptopunk bought yesterday generated as much as $100,000 in wartime fundraising for Ukraine whereas the identical quantity of ETH would have been value $267,000 on the day and NFTs donated in March.
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