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Ukraine sells CryptoPunk NFT to raise funds for the country’s ongoing war efforts

Ukraine sells CryptoPunk NFT to raise funds for the country's ongoing war efforts

As the value of Ethereum is up by 5% since the last crash noticed in the cryptocurrency market, Ukraine decided to sell off a donated CryptoPunk NFT for 90 Ethereum coins.

Digital Transformation’s Deputy Minister of Ukraine, Alex Bornyakov, took to Twitter to declare about selling a non-fungible token #5364 CryptoPunk  90 ETH currency.

According to the current market price evaluation, Ukraine raised about $1,00,000 to contribute to the ongoing war efforts. The NFT sold by the country was a donated property received during the AidForUkraine campaign conducted in March. The NFT sold recently for 90 ETH was evaluated for $2,60,000 then.

Who bought the NFT from Ukraine at 90 ETH?

When the declaration was made on Twitter by Bornyakov, the non-fungible token was of $1,00,000 value and was bought by an anonymous buyer.

But, when the CryptoPunk was transferred to the Ethereum wallet of Ukraine, it was double the value of what it is sold for now. Since then, the market value of Ethereum has constantly been dropping, which has resulted in the NFT being sold off at a lower value.

After Ukraine made its wallet public, the country has received more than $135 million through several donations in cryptocurrency since February. Also, in a single auction of a non-fungible token of the Ukrainian flag, the country raised about $6.75 million.

Once the news of Yuga Labs looking to hire new brand leads for a collection was out, CryptoPunk NFTs’ value skyrocketed.

The Crypto Community showed support for Ukraine in the prevailing war

Since Russia declared war on Ukraine on February 24th, 2022, there have been constant supporters from the crypto community hailing from donating to Ukraine.

Various personalities and avenues have come forward to show support for Ukraine and donated millions of dollars in the form of cryptocurrencies.

Ukrainian officials not only appealed for humanitarian aid but also asked for support from the blockchain investors’ community to donate crypto assets and help them fight for their cause.

Also, several artists have started designing Ukraine-themed NFTs and are working towards channeling the proceedings.

Kalush Orchestra, a rap group from Ukraine and Eurovision Champions of 2022, put up their trophy for auction and raised around $1 million in Ethereum to support Ukraine in the ongoing war.

A large portion of the donated funds was being used to provide essentials such as protective gear for soldiers and food for civilians.

Considering the threat imposed by Russia on Ukraine’s banking system, the President of Ukraine, Volodymyr Zelenskyy, said that digital assets could prove to be an economic breakthrough for the country amidst such prevailing war tensions.

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