The CryptoPunk sale gathered as much as $100K in ETH to assist Ukraine’s struggle efforts and the NFT was valued at thrice the quantity donated in March earlier than the market crash so let’s learn extra at the moment in our newest altcoin information.
The federal government of Ukraine introduced that the Support for Ukraine fundraising marketing campaign offered a donated CryptoPunk NFT and managed to boost $100,000 to assist the struggle efforts. The CryptoPunk sale with the quantity #5346 was donated to the Ukrainian crypto fund and yesterday, the fund offered 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 might be overseeing the nation’s wartime fundraising and introduced the sale in a tweet at the moment.
Breaking information on crypto donations: #CryptoPunk #5364 has been offered for 90 ETH. It is over $100K. Few months in the past this NFT was donated for @_AidForUkraine fund. Crypto group continues to assist 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 through crypto donations and gross sales of NFTs. The crypto group raised $6.75 million for the struggle effort through the sale of a single NFT of the Ukrainian flag. A number of weeks in the past, the Ukrainian group Kalush Orchestra which gained the Eurovision contest, auctioned off their trophy from the music competitors to boost $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 will not be held or spent by the Ukrainian authorities which endorses and oversees the tasks however the Ukrainian crypto trade 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 research for the potential advantages of using crypto within the geopolitical conflicts the place the fiat foreign money could be laborious to maneuver quick.
It additionally outlined the potential drawbacks as properly. 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 observe was nto rather well noticed. Additional, NFT and crypto donations are totally uncovered to the present crypto market circumstances 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 offered yesterday generated as much as $100,000 in wartime fundraising for Ukraine whereas the identical quantity of ETH would have been price $267,000 on the day and NFTs donated in March.
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