A Ukrainian flag in NFT form auctioned by Ukraine DAO was sold to a group of donors for nearly 2,200 ETH (6 million euros) on Wednesday, with the proceeds to be used to support Ukrainians affected by the invasion.
UkraineDAO, the decentralized autonomous organization created by Nadya Tolokonnikova of Pussy Riot, members of Trippy Labs and PleasrDAO have successfully sold a flag of Ukraine as an NFT. The latter was sold at auction for nearly 2200 ETH (6 million euros)far more than the photo of a trash can that had been sold for 220,000 euros.
The flag was sold on the NFT Zora Marketplace, with 3,271 contributors who pooled their funds for a joint offer on PartyBid, a platform that allows people to pool their capital to bid on NFTs. Initially, UkraineDAO wanted to auction artwork to support Ukraine, but the group later decided to choose a symbol of the Ukrainian people rather than a work by an independent artist.
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What will the money raised from the sale of the NFT be used for?
The profits collected from the sale of the NFT with the image of the flag of Ukraine will be donated to non-profit organizations in Ukraine that help those affected by the Russian invasion. Among the most famous contributors are Alexis Ohanian, co-founder of Reddit, “OhShinny” livestreamer, OnlyFans and coding community Jadu.
Participants will receive ERC-20 tokens in the form of LOVE tokens based on the amount they contributed, which represent ownership of the NFT. The LOVE tokens are meant to be a symbol commemorating the donor’s contribution, with no other purpose, according to UkraineDAO.
According to data from the analytics site Elliptic, over $55.7 million in cryptocurrency from over 105,000 donations were paid to the Ukrainian government and NGOs providing support to the army. The total value of donations received by the Ukrainian government currently stands at $47.7 million.