Table of Contents
The conflict between Russia and Ukraine greatly impacted the financial systems of both countries, causing them to fall apart. Due to the war and sanctions, the citizens of Russia and Ukraine heavily relied on crypto to save their wealth and have some kind of financial stability.
Shortly after the war began, people from all over the world started donating crypto assets to organizations that were helping the people in Ukraine. This made it possible for Ukraine to receive a lot of aid in crypto, which has now amounted to millions of dollars. The donations that have been raised for Ukraine are not just through digital assets but also other crypto-based products such as NFTs (non-fungible tokens).
As per reports, Ukraine has currently raised almost half a million by selling NFTs that will be used to rebuild cultural sites, museums and a lot more that have been damaged or demolished during the war.
Using crypto donations to rebuild can be one of the indicators regarding the significance and value of digital assets. Therefore, if you are also interested in buying crypto, make sure you opt for one of the best cryptocurrency platforms available for you.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Profits of NFT Sales Being Used to Rebuild
As soon as people all over the globe started making crypto donations to Ukraine, it jumped on board and posted official wallet addresses where people could send their donations. This has worked in favor of the European country and has raised a hefty amount for the restoration of cultural sites in the country.
As soon as Ukraine shared the wallet addresses, the crypto community not only sent in donations in crypto but also donated NFTs. Since the war began, the country has received over $70 million in crypto as per reports.
Ukraine also recognizes cryptocurrencies as a legal asset now and is ranked fourth in the world in terms of crypto adoption.
According to reports, Ukraine has raised more than $600,000 at the moment through NFT sales. 1,282 NFTs were sold on the first day of the sale, which is a total of 190 ETH. This is equal to approximately $655,000 (at the time of writing).
Ukraine also announced that to celebrate hitting half a million in NFT-raised profits, it will give away one unique NFT for free.
A lot of cultural and heritage sites, such as museums and theatres have been destroyed due to the war with Russia. Therefore, it has been announced by Ukraine that the profits generated from the NFT sale will be used to rebuild and restore these sites.
This can greatly highlight how important and valuable crypto assets and other crypto-based products such as NFTs can be.
Details Novice Parties Should Know
Crypto assets, especially Bitcoin, have an undeniable value and significance, that is important for every interested party to know about.
Bitcoin is the flagship cryptocurrency and it greatly impacts other digital currencies in the market. Any ups and downs in BTC’s price also cause some kind of price movements for altcoins.
However, Bitcoin is the crypto king and its significance can be further highlighted by the fact that it has been called a “humanitarian tool” by Alex Gladstein.
Gladstein is the chief strategy officer of the Human Rights Foundation and believes that BTC allows people to survive in extreme situations such as war.
He recently stated:
“The fact that it can’t be frozen, the fact that it can’t be censored, and the fact that it can be used without ID is very, very important.”
Therefore, if you are also looking to invest in Bitcoin, make sure you opt for one of the lowest fee Bitcoin exchanges.
People who are new to the crypto space and want to purchase BTC or ETH can click on SwissBorg or Kraken (U.S. citizens).
[swissborg]
