Ukraine to issue NFT collection to fund armed forces

The move is the latest sign of the Ukrainian government embracing digital assets as a way to fund its armed forces in their battle and comes after it raised more than USD 270 million in ‘war bonds’.

Cryptocurrencies totalling nearly USD 50 million have been donated to the government.

The Ukrainian government had previously announced plans to reward crypto donors with an airdrop, a term used to describe a free transfer of a digital asset, to encourage people to donate.

However, Mykhailo Fedorov, the Vice Prime Minister of Ukraine, said it was cancelling these plans and would not be issuing ‘fungible tokens’. Instead, he confirmed the country would launch NFTs to support the Ukrainian armed forces.

It is unclear what these NFTs will consist of or whether they will be transferred for free or sold in an auction, for additional fundraising.