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Ukraine Inaugurates the First NFT “Museum of War”

Blockchain technology comes in handy once again for the Ukrainian government in raising funds for the ongoing war against Russian aggression.

Ukraine has launched its first-ever NFT museum to preserve its national history and support the military and the citizens financially. Alex Bornyakov, the Deputy Minister of Digital Transformation, tweeted about the museum on March 25. There, he revealed the official name of the NFT collection: “Meta History: Museum of War.”

The NFT Auction

The auction conducted by the museum attracted retail traders and professional investors from around the world. They managed to sell 12,282 art pieces within the first 24 hours of the launch. The sales raised about 190 ETH, which equals almost $660,000 (at the time of writing this article).

Kevin Nista Navarro, a Spanish financial advisor, bought two NFTs in the auction. Navarro commended such novel use of this innovative technology. “Thanks to this technology, you now have the possibility to contribute to the cause and also receive in return a commemorative work of art. Who knows what they might be worth in the future,” he said.

The NFT Collection

The Warline Collection of Meta History has been the object of interest for most investors. It is a series of artworks by various artists, each featuring a tweet from an official source regarding the ongoing war.

For example, artwork #0044 by Anna Khomych depicts residential buildings burning as a result of rocket attacks by the Russian army. It features a tweet by the UA Parliament that says, “Results of the Russian aggression in Kyiv.” Similarly, another piece from the collection (#0053 by Alina Kropachova) features a tweet by NATO calling Russia to cease the senseless war.

NFT #0044

Each artwork is linked to a non-fungible token on the Ethereum blockchain. They make use of a newly-developed platform, Fair, created by a team of three people — Kamlish, Cohen, and Bentata — from England. Every NFT costs 0.15 ETH, or about $500, and buyers can sell them on secondary markets, just as with other NFTs.

The assets will be auctioned in chronological sequence. They will outline the timeline of the events since Russia first announced the military operation in Donbas on February 24 at 05:45 (GMT+3). So far, only the first six days of the war have been documented, and the process is still in progress.

The goal here is to record the true history of the ongoing events on the immortal ledger. Integrating these events on blockchain will make the information everlasting, allowing no one to manipulate it. The notion is an excellent response to Putin’s propaganda of spreading fake information over the internet.

Rebuilding the Country

The official Meta History site states that its mission is “to preserve the memory of the real events of that time, to spread truthful information among the digital community in the world, and to collect donations in support of Ukraine.”

100% of the money raised will be given to the Ukrainian government to fund the military defense and rebuild the civil infrastructure to save the country’s culture and identity.

Before the NFT auction, the global blockchain community raised $100 million in donations in Bitcoin and other cryptocurrencies. Most of this fund went to the Ukrainian government directly. Similarly, UkraineDAO raised almost $6.75 million by selling an NFT of the Ukrainian flag. They donated the funds to supply medical aid to the people and protective gear to soldiers.

Earlier, on March 16, we also saw Ukrainian President Volodymyr Zelenskyy signing a bill that legalizes cryptocurrency in the country. “Today, crypto is playing a significant role in Ukraine’s defense,” Alex Bornyakov wrote on the national donation website.

The Way Forward

Benjamin Jacob, the co-founder of Scenius Capital, applauded Ukraine’s nascent approach to blockchain technology. “How Ukraine has really leaned into crypto as a way to garner support financially … it shows the value of governments leaning into crypto and NFT technology, as opposed to rebelling against it simply because it’s new and scary,” he said.

Karishhma Mago, CEO of Facilius Inc. and a renowned crypto expert, also shared her opinion on the matter. “The NFT community isn’t there to discuss the war. Yet, they are sharing so much information and assisting Ukrainian artists financially and the Ukrainian people at large. This is an excellent example of technology being harnessed to support a meaningful cause. Undoubtedly, this horrible conflict has severely impacted the global economy. We all look forward to a brighter and more peaceful future, and technologies like blockchain and NFT will play a big role in it.”

Keep watching this space for the latest news and developments in the world of NFTs, blockchain, DeFi, and cryptocurrencies.

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