Ukraine auctioned a picture of its flag using Ethereum to raise over $6 million for its war defense.
Ukraine’s NFT auction has come to a very profitable end: On Wednesday, the country raised $6.75 million worth of ETH after a three-day bidding process for an image of its flag.
- The bidding process began on February 26th, when the flag NFT was listed. It ended on March 2nd, in a sale for 2,174 ETH.
- A long list of over 3000 smaller contributors helped bring that number up to 2,258 ETH. Though worth $6.75 million at the time, it is now worth $5.69 million due to a decline in ETH’s value since Wednesday.
- Funds were raised through Partybid – a service that lets people pool their assets together in “parties” for bidding on NFTs.
- UkraineDAO’s next plans are to use a POAP (proof of attendance protocol) for all users that contributed to the DAO, and to help safely transfer the funds to support Ukraine’s military. The organizers are working closely with Come Back Alive, the largest foundation for supporting Ukraine’s armed forces.
- The new funds are an addition to the over 240 Bitcoin and 6500 ETH Ukraine has collected from direct donations. Combined with Polkadot founder Gavin Wood’s $5 million DOT donation, that’s over $30 million at today’s prices.
- Ukraine recently canceled plans for a token airdrop to all of its donors but plans on replacing it with some form of NFT sale.