Ukraine’s Ministry of Digital Transformation announced last Friday the inauguration of the MetaHistory NFT Museum, a blockchain-based repository of digital photographs documenting Russia’s invasion of Ukraine.
The Ukrainian government has initiated a non-fungible token (NFT) collection to chronicle Russia’s continuing war with its neighbor, which began on February 24.
Mykhailo Fedorov, Ukraine’s Vice Prime Minister and head of the ministry of digital transformation, described the collection as “similar to a museum of the Russian-Ukrainian war,” with a timeline of recent invasion events narrated in non-fungible tokens (NFT) through digital art and written reflections.
NFTs are any digital assets, such as GIFs, music, paintings, and drawings, that are stored on a distributed Blockchain database. NFTs are immutable, which means they cannot be amended or edited after they have been uploaded.
Fedorov stated that each NFT artwork would depict a different story from the war. Each work of art would be accompanied by a credible news source. “We want it to be stylish and attractive, and that takes time,” he explained. The CEO stated that minting the artwork as NFTs will contribute in the preservation of the war’s narrative while also earning revenue for Ukraine.
Artists interested in being featured in the museum may submit a portfolio of their work. Art directors would then evaluate such work to establish the creator’s eligibility. Successful artists will be assigned a specific historical event to work from, and the museum will then mint the finished work as an NFT on the Ethereum blockchain.
Each NFT will cost 0.15 Ether, or slightly more than $475. The monies will be transferred directly to the cryptocurrency wallets of the Ministry of Digital Transformation and will be used to facilitate humanitarian aid activities in Ukraine.
Using Crypto Aid to Purchase Critical Supplies
Ukraine revealed intentions to issue NFTs to fund its armed forces earlier this month. The country made the declaration following an increase in cryptocurrency donations from people, businesses, corporations, and funders seeking to assist the Kyiv administration.
On March 3, Mykhailo Fedorov stated that the government might soon issue NFTs to assist in financing the country’s military. The action comes after the government scrapped plans to reward bitcoin donors with an airdrop, a free digital asset typically used by the cryptocurrency community to encourage involvement in a project.
Ukraine has received the majority of donations in cryptocurrencies, including Bitcoin and Ether, but has also raised significant sums through more traditional ways.
Ukraine has already received cryptocurrency donations totaling over $88 million. Thus far, the country has used its crypto donations to purchase goods for its military, including protective jackets, helmets, meals, and medications.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.