Ukraine Turns to NFTs to Fund Armed Forces

Daniel Attoe
Daniel Attoe

Updated · Mar 04, 2022


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The country canceled a planned airdrop of crypto assets less than a day after announcing it and now intends to focus on NFTs.

NFTs To Buttress War Effort

The Ukrainian Government says it will issue NFTs to help support its military as they fight off an invasion from Russia. The disclosure came with the abrupt cancellation of the crypto airdrop announced only 12 hours earlier.

Ukraine Vice Prime Minister Mykhailo Fedorov, who also doubles as Minister for Digital Transformation, posted the news on his verified Twitter page.

Non-fungible tokens, or NFTs, are one-of-a-kind cryptographic tokens on a blockchain. They act as certificates of ownership for digital or even physical assets.

Even before this announcement, Ukraine had indicated that it is embracing blockchain technologies to help raise money. 

According to blockchain analytics firm Elliptic, the effort, led mainly by Fedorov, has helped to raise tens of millions of dollars through Bitcoin and other cryptocurrency donations. While most of those assets have gone to the government - Come Back Alive, an NGO also receives a portion to fund its activities. 

Scammers attempted to take advantage of the situation before the Minister’s Thursday afternoon tweet. A fake token, designed to seem to originate from the Ukrainian government’s Ethereum wallet, reached $500,000 in trading volume in the decentralized exchange Uniswap.


Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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