The Ukrainian flag non-fungible token (NFT) auctioned by Ukraine DAO was sold to a pool of donors for 2,173.6 ETH (US$6.534 million) on Wednesday, as proceeds are expected to support Ukrainians affected by the invasion.
See related article: ‘We don’t have time’ for traditional fundraising, crypto is most efficient: Ukraine DAO
Fast fact
- The NFT sale was hosted as a PartyBid auction, allowing people to pool resources and bid collectively for fractionalized ownership of the digital flag.
- Over 2258 (US$6.79 million) was contributed in total, and left over ETH will be reclaimed by participants.
- Participants will receive ERC-20 tokens in the form of LOVE tokens depending on the amount contributed, which represent ownership of the NFT.
- Ukraine DAO, a decentralized autonomous organization, was formed on February 26 by Nadya Tolokonnikova of performance art group Pussy Riot, NFT marketplace SuperRare curator Trippy Labs and members of PleasrDAO, in response to the Russian invasion of Ukraine.
- Ukraine DAO is still receiving direct crypto donations.
See related article: Ukraine crypto donations top $36M amid Russian invasion
