Ukraine Uses Proceeds From NFT Sales For Restoration Of War-Affected Museums

Art objects in Ukraine are also affected by the war. (photo: twitter @otkachenkoua ·)

JAKARTA - The Ukrainian government will use the proceeds from the sale of online nonfungible tokens, or NFTs, for the repair and restoration of museums to restore works of art in the real world resulting from the Russo-Ukrainian war.

According to the announcement Friday 22 July, and information shared with Cointelegraph, Ukraine's Ministry of Culture and Information Policy said the government-backed Meta History Museum of War platform, which aims to preserve major events in Russia's war with Ukraine, raised 803.28 Ether (ETH), roughly worth US$1.3 million (IDR 19.4 billion) at the time, through the sale of NFT.

The ministry said the proceeds from the sale would be used for the "restoration of Ukrainian cultural institutions," many of which have been damaged or destroyed by missile strikes from Russia.

"During the six months of war in Ukraine, Russia destroyed hundreds of our museums, theaters, and cultural institutions," said Oleksandr Tkachenko, Ukraine's Minister of Culture and Information Policy, as quoted by Cointelegraph. "Ukrainian culture and national heritage have been damaged by nearly 6 billion euros, and judging by the actions and intentions of the Russian Federation, this figure will continue to rise."

"NFT will not stop Russian missiles, but offers a way for Ukraine to develop as an innovation-friendly country and to rebuild its economy," added Oleksandr Borniakov, Deputy Minister of Digital Transformation of Ukraine for Information Technology Development.

With support from the Ukrainian government, a non-profit organization also launched the Meta History project in March, one month after the first missiles hit Ukrainian targets in the ongoing conflict.

While 1.3 million will be used for Aid For Ukraine, a platform launched by the government that accepts crypto donations “to support people in their struggle for freedom”.

Ukraine's Ministry of Culture and Information Policy said the funds would be used for restoration rather than supplies for the country's military.

UNESCO, the agency behind many world heritage sites based on their significance to history, nature, and art, reported that as of Monday, 164 cultural sites in Ukraine had been largely damaged or destroyed by the war with Russia. These include 72 religious sites, 12 museums, 32 historical buildings, 24 buildings for cultural activities, 17 monuments, and seven libraries.

"These repeated attacks on Ukrainian cultural sites must stop," UNESCO director-general Audrey Azoulay said in June. “Cultural heritage, in all its forms, should not be targeted under any circumstances.”

Since the start of the war with Russia in February, the Ukrainian government has raised more than $100 million in crypto donations sent directly to wallet addresses provided by the Ministry of Digital Transformation.

According to Aid For Ukraine, these crypto donations are used to supply the country's military equipment as well as humanitarian aid.