The Ukrainian Government Will Soon Market The NFT, The Money Will Be Used To Destroy The Russian Army

JAKARTA - Deputy Prime Minister of Ukraine, Mykhailo Fedorov, Thursday, March 3, revealed the plan to launch the NFT to support the Ukrainian armed forces. This is the latest step in Kyiv's efforts to raise funds in crypto assets after Russia invaded the country last week.

A non-fungible token (NFT) is a type of cryptocurrency asset that represents a digital file such as an image, video, or text. They surged in popularity in 2021 and generated a sales volume of 25 billion US dollars (IDR 359.3 trillion).

“We will soon announce the NFT to support the Ukrainian Armed Forces,” Mykhailo Fedorov said in a tweet, without providing further details on the project. "Every day more and more people are willing to help Ukraine to fight aggression."

Fedorov, who also doubles as Ukraine's Minister of Digital Transformation, has been spearheading Kyiv's efforts to raise funds in crypto assets.

The Ukrainian government last week posted calls on social media for donations of bitcoin and other digital tokens to support its country. Even on Wednesday, March 2, blockchain researcher Elliptic reported that Ukraine had raised nearly $43 million worth of cryptocurrencies from nearly 67,000 donations.

Ukraine's Ministry of Digital Transformation also told Reuters it would use the funds "to destroy as many Russian soldiers as possible."

Fedorov last week also asked major cryptocurrency exchanges to block the digital wallet addresses of Russian users. But several major platforms have refused to enforce such a comprehensive ban. It's a decision that experts say undermines Western efforts to isolate Moscow after it invades Ukraine.