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Ukraine Earns $6.75 Million in Ethereum Donations for Flag NFT


By auctioning off an image of its flag on Ethereum, Ukraine collected over $6 million for its military defense

Ukraine’s NFT auction finished with a highly successful result: the government collected $6.75 million in ETH on Wednesday after a three-day bidding process for an image of their flag.

The bidding process began when the flag NFT was posted for February 26th. It concluded on March 2nd with a sale of 2,174 ETH.

A significant number of smaller contributors gave approximately 3000 ETH to the total of 2,258 ETH. ETH is now valued at $5.69 million, down from $6.75 million at the moment, due to a decline in its value since Wednesday.

To generate cash, Partybid, a service that enables users to pool their assets into “parties” to bid on NFTs, was employed.

UkraineDAO’s next step is to build a POAP (proof of attendance protocol) for all users who contributed to the DAO, as well as to aid in the safe transfer of funds to support Ukraine’s military. The largest NGO assisting Ukraine’s military soldiers, Come Back Alive, is partnering with the organizers.

The new funds are in addition to the almost 240 Bitcoin and 6500 Ethereum that Ukraine has received via direct donations. When paired with Polkadot designer Gavin Wood’s $5 million DOT promise, that amounts to approximately $30 million in today’s dollars.

Ukraine recently postponed plans for a token airdrop to all donors, choosing instead for some kind of NFT sale in its place.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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