The Bored Ape Yacht Club has donated $1 million in cryptocurrency to Ukraine.

    The immensely popular Bored Ape Yacht Club (BAYC) creators announced on Tuesday that it had contributed $1 million to Ukraine’s official Ethereum wallet address via its NFT collection.

    The information was released on the NFT collection’s Twitter account, along with an Etherscan transaction link showing that it had sent 388.999 ETH (just over $1 million) after being motivated by its community members’ contributions.

    Due to the Russia-Ukraine crisis, many NFT holders, including some members of the BAYC, donated considerable amounts to Ukraine either by selling off their NFTs or by pooling the amounts. This community action motivated the team behind BAYC to follow its path.

    NFTs are one-of-a-kind tokens that exist on a blockchain like Ethereum and represent asset ownership. The BAYC was one of the first NFT collections to attain a floor price of over 50 ETH per NFT (or minimum “buy-now” price).

    According to OpenSea’s statistics, the BAYC is currently the second-largest NFT collection of all time, with over 417,000 ETH ($1 billion) in sales.
    Following the BAYC gift to Ukraine, a slew of other Web3 communities announced programs and initiatives aimed at helping Ukraine.

    According to data compiled by Merkle Science, Ukraine has received over $88 million in cryptocurrency donations to date, and the government presently has roughly $7 million in Ethereum in its wallet.

    Ukraine’s Deputy Minister Applauds Crypto’s Effectiveness; Donations Go Toward Military Needs.

    Alex Bornyakov, Ukraine’s deputy minister of digital transformation, has praised crypto’s efficiency, claiming that blockchain clearing and settlements are done in near real-time, allowing the country to respond “very quickly.”

    Bornyakov explained how the country was able to obtain military-grade rations, bulletproof jackets, and other forms of protection for daily needs by utilizing crypto’s quick payment settlements.

    The typical banking system usually takes two or three days to complete a transaction. Bornyakov pointed out that the government needed a mechanism to support citizens and the military much more quickly, which is why they started accepting cryptocurrency donations.

    While Elon Musk helped Ukraine when its network services were cut down, many people contributed whatever they could by means of cryptocurrencies as well as non-fungible tokens.

    Ukraine stops the airdrop plan it posted earlier and announces fresh NFT plans.

    On Wednesday, Ukrainian Vice Prime Minister Mykhailo Fedorov stated to the public that the country had decided to cancel an airdrop for crypto contributors announced on Tuesday to raise more funds through the sale of non-fungible tokens (NFTs).

    On Wednesday, Ukraine’s crypto airdrop program took an unexpected turn when a fraudulent account created 7 billion “Peace World Tokens,” giving the impression that they were the genuine airdrop token for crypto donors.

    The bogus airdrop started about an hour before the officially announced time, but Etherscan quickly detected it. Fedorov confirmed a few hours later that Ukraine would employ NFTs and not release any fungible tokens. While the reason behind the sudden change of events is not stated, given the situation, we are not likely to hear about it anytime soon.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...