UkraineDAO raises $6.75 million in ETH donations by selling flag NFT
Ukraine auctioned a picture of its flag using Ethereum to raise over $6 million for its war defense.
Ukraine's NFT auctions have 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. if ended on March 2nd, in a sale for 2,174 ETH.
A long list of around 3000 smaller supporters 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"
Ukraine DAO's next plans are to use a POAP (proof of attendance protocol) for all users that contributed to the DAO and to help safety transfer the funds to support Ukraine's army. The organizers are working closely with Come Back Alive, the largest foundation for supporting Ukraine's defense.
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 price.
Ukraine canceled plans for a token airdrop to all of its donors but aim at updating it with some form of NFT sale.