CryptoPunk Sale Gathers $100K In ETH To Support Ukraine’s War Efforts

Time Stamp: June 21, 2022 1:10 PM
Source Node: 1497264

The CryptoPunk sale gathered up to $100K in ETH to support Ukraine’s war efforts and the NFT was valued at three times the amount donated in March before the market crash so let’s read more today in our latest altcoin news.

The government of Ukraine announced that the Aid for Ukraine fundraising campaign sold a donated CryptoPunk NFT and managed to raise $100,000 to support the war efforts. The CryptoPunk sale with the number #5346 was donated to the Ukrainian crypto fund and yesterday, the fund sold the NFT to an anonymous buyer for 90 ETH. NFTs are blockchain-based tokens that show ownership over digital or physical assets. Ukraine’s Minister of Digital Transformation Alex Bornyakov will be overseeing the nation’s wartime fundraising and announced the sale in a tweet today.

Ukraine started accepting crypto and NFT donations shortly after Russian troops attacked the country. Since then, the nation raised over $135 million in crypto via crypto donations and sales of NFTs. The crypto group raised $6.75 million for the war effort via the sale of a single NFT of the Ukrainian flag. A few weeks ago, the Ukrainian group Kalush Orchestra which won the Eurovision contest, auctioned off their trophy from the music competition to raise $1 million in ETH for the fund.

The crypto fund helps purchase non-lethal supplies for the military in Ukraine ranging from bulletproof vests to other medical supplies. The funds are not held or spent by the Ukrainian government which endorses and oversees the projects but the Ukrainian crypto exchange Kuna operates the fund’s treasury that is used to help fund the purchases of the volunteers. Ukraine’s wartime embrace of crypto served as a case study for the potential benefits of utilizing crypto in the geopolitical conflicts where the fiat currency can be hard to move fast.

CryptoPunks ETH NFT, bayc, ip, address

It also outlined the potential drawbacks as well. The IMF warned in April that Russia can avoid economic sanctions by mining cryptocurrencies but the US Treasury secretary Janet Yellen said the practice was nto really well observed. Further, NFT and crypto donations are fully exposed to the current crypto market conditions and we saw Ethereum’s price crashing by 70% in the past 10 weeks, affecting the fundraising potential of the NFT collections built on Ethereum. The Cryptopunk sold yesterday generated up to $100,000 in wartime fundraising for Ukraine while the same amount of ETH would have been worth $267,000 on the day and NFTs donated in March.

Time Stamp:

More from Ethereum News