Ukraine’s Ministry for Digital Transformation has launched a collection of Non-Fungible Tokens, or NFTs, to help finance its current military effort. The “Meta History Museum of War” is live with 54 NFTs documenting the first three days of the war.
The NFTs are illustrations based on tweets regarding the invasion and the world’s reaction to it. The illustrators consist of both Ukrainians and non-Ukrainians. The Ministry of Digital Transformation states,
“The formula of each NFT is clear and simple: each token is a real news piece from an official source and an illustration from artists, both Ukrainian and international. The NFTs will be created in chronological order, according to the events so the true history will be saved and cherished.”
This NFT war museum or “warline” (timeline of war) is the latest way for Ukraine to cash in on digital assets. To further boost and streamline future cryptocurrency interactions, Ukrainian President Volodymyr Zelensky has signed a bill legalizing the crypto industry. On Telegram, the Digital Transformation of Ukraine Minister, Mykhailo Fedorov states, “We were the first to combine blockchain technology and contemporary art to document the historical truth about the Russian Federation’s war against Ukraine.”
The First Day of the War
On the first day, the museum sold more than 1,200 NFTs, resulting in more than $600,000 in proceeds. This money will be used to rebuild museums, theatres and other cultural institutions wrecked as a result of Russia’s February invasion.
The museum sold 1,282 pieces of art on the first sales day, raising 190 Ether cryptocurrency tokens. Images included destruction caused by the war, as well as Ukrainian soldiers and the Ukrainian flag. The museum is also making preparations to auction off four artworks. However, only the owners of the museum NFTs will able to bid on them.
The Bigger Picture
This initiative is part of a greater effort to inject crypto revenue into the ongoing war effort. So far, Ukraine has earned more than $100 million in cryptocurrency donations. Some of the crypto money raised so far has been spent on military protective gear and medical supplies.
The Ukraine government has also received NFTs, which will be sold at a later date. In order to keep Ukraine’s government and military operating, Kyiv requires a lot of revenue. Ukraine’s 2020 economic output was $155 billion, but the war itself could cost the country as much as $565 billion.