The ongoing geopolitical war in Ukraine has proven to be an excellent testbed for a new generation of strategic weapons aimed at gaining more widespread popular support. Much of the new strategic weapons have nothing to do with firing a single bullet, from cyber strikes to the use of financial penalties as another effective pressure tactic.
While the crushing power of sanctions has taken centre stage, blockchain technology has already demonstrated its worth in a variety of fields, including war fundraising. This transparent new fundraising strategy, similar to war bonds in the past, has attracted enormous support from communities all around the world, helping the Ukrainian government generate more than $100 million to far.
The Ukrainian Ministry of Digital Transformation has teamed up with the country’s NFT community and the PROSPECT100 team to develop the first-of-its-kind digital museum design to document a geopolitical conflict, demonstrating another use case for blockchain technology.
What Are NFTs?
NFT stands for a non-fungible token, which means that buried in those strange artworks is a unique and non-interchangeable unit of data recorded on a digital ledger using blockchain technology to establish evidence of ownership. The same or similar technology used for cryptocurrencies like bitcoin and ether is used to guarantee the uniqueness of each NFT and to verify who owns it.
Each NFT, unlike a bitcoin unit, is fully unique, therefore it cannot be exchanged like-for-like. The file contains additional information that raises it above the domain of pure currency and into the world of, well, anything. As a result, NFTs have evolved into collectable digital goods with monetary worth, much like physical art.
Any readily replicated digital file can be stored as an NFT in order to identify the original copy. NFTs are most usually seen or read about in the context of psychedelic futuristic motion artworks, although they may be made from any sort of photography, art, music, or video source. Tweets and memes have even been used to produce NFTs.
NFTs can be produced out of almost anything unique and valuable that can be stored digitally. They’re identical to any other collector’s item, such as a painting or a vintage action figure, except that instead of a real item, you’re paying for a file and evidences proving that you hold the original copy.
The NFT Museum
The NFT museum is an online archive of the war’s events, with personal perspectives from both Ukrainian and international digital artists. According to a statement on its website, Ukraine wants to “preserve the memory of the actual events of the era, disseminate accurate information throughout the global digital community, and collect funds for Ukraine’s support.”
This NFT collection is unusual in that all of the NFT photographs are concealed until they are sold, so you won’t know what you’re getting until you buy it. Each NFT picture is made with the Fair NFT platform, which makes use of the Ethereum blockchain and the Polygon network.
According to Forbes, the NFT museum will bring in between $2 million and $3 million in sales, with 5,000 to 7,000 NFTs priced between $450 and $5000 apiece.
The revenues from the NFT sale will go to the Ministry of Digital Transformation’s official cryptocurrency accounts, which will be utilized to help the army and civilians. “Museum of War is a 100% good and safe arrangement since we employ a smart contract agreement that pays money straight to the Ministry of Digital Transformation’s wallets to help Ukraine,” the NFT collection mentioned in a tweet.
How Much Will It Cost?
On March 25, the Ukraine Ministry released Meta History: Museum of War, a collection of NFTs illustrating important moments in Russia’s illegal invasion. The NFTs will be issued by the Ukrainian government on the Ethereum blockchain, utilizing a technology developed by the company Fair.xyz.
The collection is intended to chronicle the first three days of the war, from February 24 to February 26, as well as artists’ personal views.
It will sell each NFT for 0.15 ETH (around $500), and buyers will be able to sell or auction the NFTs on secondary markets, with the Ukrainian government taking a cut.
The original NFT plan was unveiled on March 3 by Digital Minister Fedorov, who said he would reward crypto contributors with an airdrop?a free transfer of a digital asset?in order to encourage more individuals to donate cryptocurrencies to the Ukrainian government’s digital wallets.
In the second half of March, however, Fedorov reversed his decision, cancelling the plans and instead opting to issue NFTs in this auction.
Conclusion
Ukraine has cleverly exploited the facility of crypto and the passion of the NFT community to finance and inspire support for an urgent cause, as befitting a government with an agency committed to digital transformation. It’s a movement that harnesses the power of cryptocurrency by using the blockchain to effect real-world change. We are all aware of the difficult situation in Ukraine, so you can also help them. At CEX.IO you can buy Ethereum using your bank account with which you can donate and buy NFT collection.
