Ukraine Raises $600,000 Through Museum NFT Sales to Help Rebuild

(Bloomberg) -- The Ukrainian government raised more than $600,000 through nonfungible token sales that will be used to rebuild museums, theaters and other cultural institutions destroyed since Russia’s invasion in February. 

Ukrainian MetaHistory NFT-Museum sold 1,282 artworks on its first day of sales, raising 190 Ether cryptocurrency tokens for the Ministry of Digital Transformation of Ukraine, the museum said in an email. The NFTs are meant to document the war through artwork that features rubble and destruction, Ukrainian soldiers, fires burning and the Ukrainian flag.  

The NFT sales are part of the Ukrainian government effort to raise crypto donations and funds needed to rebuild, and to finance the country’s military effort. The tokens, which combine the world of cryptocurrencies and blockchain with the realm of creative pursuits, have become fodder for both retail traders and professional investors.

The Ukrainian government has already raised about $70.2 million in crypto donations, according to its official website. Some of the money has been spent on medical supplies and protective gear for soldiers.

The museum is also preparing to auction off four artworks, which only owners of the museum NFTs will be able to bid for.

The government has also received hundreds of NFTs, which it plans to sell at a later point.

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