Crypto-art pioneers and long-time activists are using NFTs and digital tools to create and sell art with the explicit purpose of supporting Ukraine, and people are happy to have a way to contribute to the cause. The Ukrainian government recently started accepting cryptocurrency donations to fund ongoing efforts to repeal the Russian invasion. In the five days since contributions began, folks raised over $22M, including $3M through NFTs.
Better than cash? Aleksandra Artamonovskaja of the organization RELI3F explained, "The power of Web3 allows money to be distributed in the most effective and transparent way possible," Making Crypto and NTFs a powerful way for individuals to offer financial support collectively that bypasses traditional costs of moving money. One company, PartyBid, even allows users to collectively bid on NFT art, receiving a piece of the ownership by adding to a more significant financial contribution they otherwise would not have been able to make.
Telling it like it is - Why are we bypassing existing financial institutes during war? It's transparent and efficient. Oh, does that mean it would be better during peace too? No comment…