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Ukraine sold its donated CryptoPunk NFT for 90 ETH ($100k) to aid the Ukrainian war effort against Russia. The Ukrainian government announced the sale of the NFT that was received as a donation for its fundraising campaign in March.
The deputy minister of digital transformation in Ukraine, Alex Bornyakov, tweeted about the sale in one of his recent tweets. The CryptoPunk #5364 was sold for 90 ETH to an anonymous buyer. The sale has raised $100k to support the war efforts against Russia.
Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.
— Alex Bornyakov (@abornyakov) June 20, 2022
In late February, just after Russian soldiers entered the country, Ukraine began receiving crypto and NFT donations. Since then, the government is said to have raised more than $135 million in cryptocurrencies through cryptocurrency donations and the sale of given NFTs.
The recent acquisition of CryptoPunk NFTs by Yuga Labs has also spiked its value. Ukraine raised over $6.75 million in March by selling an NFT of the Ukrainian flag. The crypto donations that poured in heavily aided the country in purchasing non-lethal supplies for its military.
Ukraine’s use of cryptocurrency throughout the crisis has acted as a prime example of the significant potential of crypto in geopolitical situations when fiat cash is difficult to transfer fast or wholly blocked from transactions.
The current bear market has also affected the value of donations received in crypto and NFT. The tumultuous fall of bitcoin, ethereum, and other alts has caused them to shed considerable value during the harsh market conditions. The same CryptoPunk NFT, if sold in March, would have cashed in over $267,000.