Ukrainian Flag NFT Raises $6.75M for Country’s War Efforts

On Wednesday, a non-fungible token (NFT) depicting the Ukrainian flag sold for 2,258 ETH (approximately $6.75 million), with the revenues going to Come Back Alive, a charity that helps Ukrainian civilians and military personnel. UkraineDAO, a crowdfunding campaign led by Russian art collective Pussy Riot and non-fungible token studio Trippy Labs to help Ukraine’s anti-Russian war, arranged the sale. 🇺🇦 2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT 🇺🇦 Thank you to all who supported our project 🙏 Next steps: POAP for all those who donated to partybid, work with Come Back Alive on safely transferring funds You may still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK — UkraineDAO (@Ukraine_DAO) March 2, 2022 Through a service called PartyBid, the winning bid for the 1-of-1 flag NFT was submitted on behalf of a pool of 3,271 donors, allowing the decentralized autonomous organization (DAO) to basically acquire the NFT from itself through donations from its members. UkraineDAO said it will distribute amounts of its LOVE token according to the amount of ether donated to wallets that contributed to the sale. The DAO says its tokens will have “[n]o utility nor value, but are a beautiful testament and reminder of your contribution to a noble cause,” according to its website. The recent sale of a high-value NFT is just the latest example of cryptocurrencies being utilized to financially support the Ukr...