The Ukraine and Russia are in the midst of geopolitical turmoil and while Russia has the money it needs to fund it’s battlefield efforts, the Ukraine lives on the other side of the coin. However, several Ukrainian artists are taking to NFTs to help fund the mounting cost of war.
According to various reports, more than 200 artists are working together to create a collection of non-fungible tokens, or NFTs; the sale of which will result in proceeds that will be used to fund the ongoing conflict with Russia.
The artists are some of the most successful in the country, often represented by leading galleries like Port Agency, IZOLYATSIA, and Ugallery. However, these famous artists aren’t the only artists behind the collection.
According to the reports, the NFTs will also feature paintings made by children in bomb shelters.
The collection will be offered on Thursday via a tech start-up known as Holy Water. If you’d like to get your hands on one, you’ll have to bid a minimum of 0.08 ETH, which works out to just over $230.
While there’s no indication as to how many NFTs are in the collection, the goal is to raise at least $1 million through the initiative.
While Ukraine’s military may have been the first to turn to NFTs for funding, they certainly won’t be the last. All countries and actors have the freedom to hold similar NFT auctions to raise funds for whatever it is they need.
However, what makes NFT sales a particularly appealing option for military funding is their added security. Currently, the Ukraine-Russia conflict isn’t just happening on the ground – it’s also happening in cyberspace. After the annexation of Crimea in 2015, Russian hackers were able to cut off power in 230,000 Western Ukrainian households.