The power of cryptocurrencies has been widely acknowledged since Russia invaded Ukraine. NFTs are helping to spread awareness and humanitarian efforts around the world. According to the Washington Post, Ukraine’s conflict is the first crypto war since the beginning of the movement. Aside from serving as a way to contribute to the war effort, NFTs also play a role in 21st-century war bonds. UkraineDAO, a project created by activist Nadya Tolokonnikova, launched an NFT of the Ukrainian flag with the proceeds going to support a charity.
Tolokonnikova noted that the project’s goal was to raise funds for Ukrainian civilian organizations that help those affected by the war in Ukraine. Due to the project’s success, a CryptoPunk worth $200,000 was donated to the Ukrainian cause. Ikonia, a digital platform based in Ukraine, collected over 43 million pieces of Ukrainian art for its campaign. The platform stated that if every NFT was purchased, $430 million would be donated to Ukraine. Other digital platforms also made donations to support Ukraine. FTX gave $25 to each Ukrainian who registered on its platform. Despite the sanctions against Russia, top exchanges have rejected the idea of blocking the accounts of Russian citizens. Instead, they will act in line with the regulations.