Ukraine’s Flag NFT Sold For $6.75 Million: Analysis

Ukraine’s Flag NFT sold for $6.75 million and the gathered funds will be used to provide help for the Ukrainian people and army as they are fighting against the Russian invasion so let’s read further into today’s latest altcoin news.

As the news of the fighting in Ukraine started making headlines, a group of crypto activists and supporters started gathering support for Ukraine and the preferred method was an auction of an NFT depicting the Ukrainian flag. The decentralized autonomous organization UkraineDAO raised 2,258 ETH in an auction that started at the end of February and ended on March 2. the UkraineDAO is the brainchild of Alona Shevchenko who is a Ukrainian activist living in England and says that the UkraineDAO came together after she connected with members of the digital artist collective PleasrDAO whose founder is Nadya Tolokonnikova of the art group Pussy Riot. She said that she will be using the flag in solidarity:

“I personally was pushing for using the Ukrainian flag. Because it’s not about any specific artists or aesthetics, it’s a pure gesture of solidarity.”

🇺🇦 2250 ETH / $6.75M USD CONTRIBUTED TO THE UKRAINIAN FLAG NFT 🇺🇦

Thank you to all who supported our project 🙏

Next steps: POAP for all those who donated to partybid, work with Come Back Alive on safely transferring funds

You may still donate ETH directly to ukrainedao.eth pic.twitter.com/GsQBLzHIVK

— UkraineDAO (@Ukraine_DAO) March 2, 2022

The contributions to UkraineDAO came from many unexpected sources like the adult website OnlyFans which sent the DAO 500 ETH from an ETH address according to Etherscan. The organization says that all those that donated will get a “POAP” and NFT which is meant to denote an important life event. Shevchenko said:

“This is exactly what DAOs are for, making change offline in the real world harnessing the power of blockchain.”

🚨 500 ETH Contribution from @onlyfans / only.eth 🚨

There is now 1221 ETH in the bidding pool, triggering the auction countdown after the 1000 ETH reserve has been methttps://t.co/RlXuJpNjQ6

— UkraineDAO (@Ukraine_DAO) February 27, 2022

According to the data from Elliptic, over $54.7 million in crypto from more than 102,000 donations went to the Ukrainian government and NGOs providing support for the military. Some notable contributions include $5.8 million from Polkadot’s founder Gavin Wood and CryptoPunk NFT worth $200,000.

As recently reported, He also announced that Ukraine will have NFTs to support the armed forces of the country and the tweet also pointed out that Ukraine doesn’t have any more plans to issue fungible tokens. The update that the Ukraine government cancels the crypto adoption is the latest in a series of crypto-related efforts on behalf of the government in Ukraine during the Russian invasion. The Ukrainian government’s official Twitter account was publishing some more information relating to the country’s crypto donations.