Finst

Ukraine to fund cultural rebuilding with NFTs

The Russian invasion of Ukraine is also impacting the country’s culture.

By Finst News
• 3 min read
Ukraine to fund cultural rebuilding with NFTs

The Russian invasion of Ukraine is also having a cultural impact on the country. UNESCO has counted 164 damaged or destroyed institutions since July 18. To fund cultural reconstruction in the near future, Ukraine is also relying on income from NFT sales.

The state-backed View post on X has generated about 803.28 ETH from auctions since the war began (about $1.2 million). The funds are transferred to the AidforUkraine donation platform, an organization also supported by the state. The proceeds are then sent to the National Bank of Ukraine.

In total, Ukraine has recorded more than $100 million in crypto donations since the start of the war. Recently, willingness to donate has dropped sharply, says Michael Chobanian, founder of Ukrainian crypto exchange Kuna. General war weariness and the effects of the crypto winter are making people more conservative with their wallets.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.