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Ukrainian NFTs to support the army: official | Blue Mountains Gazette

Ukraine will unveil plans for NFTs to support its armed forces, its deputy prime minister says, the latest step in Kiev’s efforts to raise money in crypto assets after Russia invaded the country last week .

Non-fungible tokens (NFTs) are a kind of cryptographic asset that represents a digital file such as an image, video, or text.

They surged in popularity in 2021, generating US$25 billion (AUD$34 billion) in sales volume.

“We will soon announce NFTs to support the Armed Forces of Ukraine,” Mykhailo Fedorov said in a tweet, without giving further details on the project.

“Every day there are more and more people ready to help Ukraine repel aggression.”

Fedorov, also Ukraine’s Minister of Digital Transformation, has spearheaded the country’s efforts to raise funds in crypto assets.

Last week, Ukraine posted appeals on social media for donations of bitcoins and other digital tokens to support the country.

As of Wednesday, he had raised nearly $43 million worth of crypto through nearly 67,000 donations, according to blockchain researcher Elliptic.

Ukraine’s digital transformation ministry told Reuters it would use the funds “to destroy as many Russian soldiers as possible”.

Fedorov asked major crypto exchanges last week to block Russian users’ digital wallet addresses.

Yet several major platforms have refused to impose such a blanket ban — a move that experts say weakens international attempts to isolate Russia after its invasion of Ukraine.

Australian Associated Press