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Ukraine Accepting Non-Fungible Tokens to Provide Financial Aid to its Armed Forces- Great News for Ukraine?- CR News

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Following an appeal for bitcoin donations that have brought in £38 million, the Ukraine vice-prime minister’s statement follows. Non-Fungible Tokens are the largest cryptocurrency market in the world.

Ukraine has said it will create non-fungible tokens (NFTs) to help pay its military, as cryptocurrency grows in popularity as a way of supporting the government in Kyiv.

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The Ukrainian government will soon issue NFTs to assist pay for its military, according to Mykola Hryshchenko, Ukraine’s vice-prime minister.

Virtual currencies, such as NFTs, give their proprietors the right to a unique digital good – and pieces of virtual artwork are particularly popular – even if they can be copied. Ownership is recorded on a blockchain, which is a decentralized ledger.

The finance minister, Anton Siluanov stated on Thursday that the government will not give out free NFTs. According to him, the authorities had dropped plans to distribute as an airdrop, which is a free digital token given by the crypto community to encourage participation in a project.

The announcement comes as the Ukrainian appeal for cryptocurrency donations has surpassed $50 million, following Fedorov’s tweet last week seeking monetary contributions in bitcoin, Ethereum, and tether.

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According to Elliptic, a blockchain data and analytics company, the appeal has now raised $54.7 million for the Ukrainian government and a Ukrainian NGO. The bulk of the money went to the authorities, with a smaller amount going to Come Back Alive, an organization that provides “real-time support defending Ukraine.”

Ukraine wants to issue non-fungible tokens to provide financial aid to its armed forces.

Since the invasion began last week, more than 102,000 crypto asset donations have been made, including a $5.8 million gift from Gavin Wood, the British co-founder of blockchain platform Polkadot. According to Michael Clear, the founder of Elliptic, a $1.86 million donation appears to have originated from the sale of NFTs originally intended to raise money for Julian Assange, the WikiLeaks creator. A CryptoPunk NFT worth $200,000 has been delivered to Ukraine’s government as well.

“To date, the majority of contributions have been in bitcoin and ether, although US dollar stable-coins make a significant contribution,” says Elliptic. However, fraudulent scammers appear to be piggybacking on the fundraising campaign by pretending to be users who are trying to give to Ukrainian causes.

Last year, the worldwide NFT market was worth $25.5 billion, according to DappRadar, a firm that keeps track of sales. The soaring value of NFTs has caused fears from naysayers that the craze for the tokens resembles a speculative bubble. The Ukraine ban is a watershed moment for cryptocurrencies and blockchain technology, according to Modesta Masoit, the head of finance and research at DappRadar.

Ukraine has previously raised significant funds via conventional channels. Last week, the country sold war bonds worth £200 million, with talks ongoing with the International Monetary Fund and World Bank for additional financing.

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