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Russia Crypto News: How NFTs Play an Important Role in the Russia-Ukraine Controversy?

Russia Crypto News: How NFTs Play an Important Role in the Russia-Ukraine Controversy?

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

Table of Contents

NFT is moving away from cryptocurrency and toward tangible goods. The trend is accelerating, and it has a promising future. Since Russia began its invasion of Ukraine, underneath it all, NFTs are doing their part to contribute to the incredible urge that has swept across the ecosystem.

Donations in Cryptocurrency & NFTs Are Surging in Ukraine

Given cryptocurrency’s role in the fight since its inception, the Washington Post has labeled Ukraine’s conflict as the “first crypto war.” Aside from cryptocurrency donations, NFTs are also involved in what could be termed as 21st-century war bonds.

UkraineDAO, created by Nadya Tolokonnikova, launched an NFT of the Ukrainian flag, with all revenues going to the charity Come Back Alive. The choice of the flag, according to Tolokonnikova, was not based on aesthetics but “a pure gesture of solidarity.”

“Our goal is to raise funds to donate to Ukrainian civilian organizations who help those suffering from the war that Putin started in Ukraine,” She stated. The auction had earned well over $3 million at the time of publication, gaining traction in the NFT ecosystem.

CryptoPunk #5364, worth around $200,000, has also been given to the Ukrainian cause. The NFT was initially sold for $31,000, and the dramatic growth in CryptoPunks’ worth accounted for the current valuation.

What is it About NFTs That Makes them so Unique?

We’ve all heard about how non-fungible tokens (NFTs) allow us to use blockchain more efficiently than ever before. Artists create collectible artworks and trade other valuable goods at a lower cost, increasing the value of assets until investors can invest. Following that, other NFT applications in many sectors may be seen in the future.

Non-fungible tokens (NFTs) are, without a doubt, a revolutionary idea. Despite their quick rise in importance in 2021, people have dominated the NFT sector, and individuals, whether ordinary merchants, innovators, or even superstars, have driven the industry forward.

NFTs have a long way to go before becoming accepted. However, as demonstrated in this essay, there are many essential hints that they will be in the future. Whether it’s celebrities, massive brands, or companies, it will attract more eyes to the site, and if the time is right and people notice, it may cause a shift in perspective. 

NFTs have a long way to go before becoming used, and their acceptance has been sluggish, as is expected.

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