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UkraineDAO raises $7M from Ukrainian flag NFT sale

yehor milohrodskyi syuhhPwu hk unsplash 1

UkraineDAO, a decentralized fundraising effort for the ongoing Ukraine conflict, has raised more than $7 million from the sale of a Ukrainian flag NFT. This makes it the 10th most expensive NFT ever sold to date, according to crypto analytics firm Elliptic.

In total, more than 2258 ETH were contributed via a PartyBid auction, a platform where people can collectively pool resources to earn fractionalized ownership of an NFT. Proceeds from the charity auction will be donated to Come Back Alive, a Ukrainian NGO currently supporting the local military.

Over 3,271 people participated in the bidding process, who would receive ERC-20 tokens called $LOVE via airdrop to represent their part of ownership over the NFT. The DAO has clarified that the tokens will have “[n]o utility nor value, but are a beautiful testament and reminder of your contribution to a noble cause.”

UkraineDAO is a decentralized autonomous organization co-founded by members of the investment group PleasrDAO, NFT studio Trippy Labs, and Nadya Tolokonnikova of performance art group Pussy Riot.

NFTs have become the latest crypto-related channel to contribute to the growing conflict in Ukraine due to Russia’s invasion of the country. On Tuesday, someone transferred a CryptoPunk NFT to Ukraine’s Ethereum wallet, making it one of the first NFT related donations to Ukraine.

Upon further probe, it was revealed that the wallet received CryptoPunk #5364, estimated to value around $200,000 by Elliptic. Prior to this, the NFT was purchased for $31,300 in February 2021.

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