Ukraine to unveil NFTs to support military as crypto funding push continues


LONDON (Reuters) – Ukraine will unveil plans for NFTs to support its armed forces, its vice-prime minister mentioned on Thursday, the most recent transfer in Kyiv’s efforts to elevate funds in crypto belongings after Russia invaded the nation final week.

Non-fungible tokens (NFTs) are a type of crypto asset which represents a digital file such as a picture, video or textual content. They surged in recognition in 2021, producing $25 billion of gross sales quantity.

“We will announce NFTs to support Ukrainian Armed Forces quickly,” Mykhailo Fedorov mentioned in a tweet, with out giving any additional particulars of the mission.

“Every day there are increasingly individuals keen to assist Ukraine to combat again the aggression.”

Fedorov, additionally Ukraine’s minister of digital transformation, has spearheaded Kyiv’s push to elevate funds in cryptoassets.

Ukraine final week posted appeals on social media for donations of bitcoin and different digital tokens to support the nation. As of Wednesday, it had raised crypto price virtually $43 million in round virtually 67,000 donations, in accordance to blockchain researcher Elliptic.

Ukraine’s ministry of digital transformation has advised Reuters they’d use the funds “To destroy as a lot Russian troopers as doable.”

Fedorov final week requested main crypto exchanges to block the digital pockets addresses of Russian customers. Yet a number of main platforms have declined to impose any such blanket ban – a choice that consultants say weakens Western makes an attempt to isolate Moscow following its invasion of Ukraine.

(Reporting by Elizabeth Howcroft; Editing by Chizu Nomiyama)

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