UkraineDAO, a decentralized independent organization created by Pussy Riots Nadia Tolokonnikova, members of Trippy Labs and PleasrDAO, has funded 2,188 ether (ETH), or $6.1 million, for 1/1 of Ukraine’s non-fungible (NFT) tokens. The proceeds will go to non-profit organizations in Ukraine that help those affected by the Russian invasion.
The NFT sale was organized as a PartyBid auction that allowed people to pool resources and bid in bulk for fragmented possession of a digital Ukrainian flag. Participants will receive ERC-20 tokens as LOVE tokens depending on the donation amount. At the time of writing, the NFT has not been distributed and funds have not yet been distributed.
In a Twitter Spaces session hosted by an aftermarket alongside NFT Now, Crypto co-founders Steve and Tolokonnikova said their mission is to harness the power of the crypto community to help those who need it most.
CryptoSteve, as he is known on Twitter, stated that UkraineDAO came together thanks to people who are “just starting to raise their hands, selfless and selfless.” He said that the beauty of DAO lies in its ability to model a new fundraising model and added that his most important lesson from UkraineDAO was:
“If you want to achieve something, just start chatting with your friends. The fact that the Web3 site is faster and in country order is a wonderful force.”
When asked how UkraineDAO came to the decision on the distribution of proceeds from the sale, Tolkonikova replied that it was about respecting the votes of everyone in the DAO. After contacting various local nonprofits, she said, they decided that Come Back Alive, a Ukrainian nonprofit that supplies equipment to the military, was the “most reliable and efficient” option.
However, they decided that the money should only go to medical care, and not to military equipment. Tolokonnikova added that the next step before sending money is to make sure that the non-profit organization’s wallet is set up correctly and securely.
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Ukraine’s Deputy Prime Minister Mykhailo Fedorov announced on Wednesday that the country plans to continue raising funds through the sale of NFTs, raising nearly $40 million so far. UkraineDAO still accepts direct donations in cryptocurrency.