Ukraine will become the first nation to mint its own nonfungible tokens, or NFTs, as it strives to use cryptocurrency to fund its defense against Russia.
Ukraine’s Vice Prime Minister Mykhailo Fedorov announced on Thursday that Ukraine was canceling a previously scheduled “airdrop” and would announce its series of NFTs to fund the country’s military.
“After careful consideration, we decided to cancel airdrop,” tweeted Fedorov. “Every day, there are more and more people willing to help Ukraine to fight back the [aggression]. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens.”
UKRAINE RECEIVES $42 MILLION IN CRYPTOCURRENCY DONATIONS TOWARD WAR EFFORTS
The Ukrainian official did not release any additional details about what those NFTs would entail.
An airdrop, in cryptocurrency terms, is when a new crypto or blockchain project sends free tokens to members of a select community to market the project. They’re often sent to individuals who have previously made transactions with a community or product.
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Ukraine’s operations have been heavily affected by the cryptocurrency market. Ukraine’s social media posted a link to its crypto wallet to Twitter on Feb. 26 while asking for donations. The wallet has received more than $34 million in cryptocurrency donations, including several NFTs.
Ukraine has already disbursed $14 million of its cryptocurrency donations into military investments, Michael Chobanian, president of Ukraine’s Blockchain Association, told CoinDesk TV on Tuesday.
Several crypto exchanges have denied Fedorov’s request to freeze all crypto accounts owned by Russians, alleging that doing so would breach their goals of offering financial freedom worldwide.
