NFT sales will fund restoration of physical monuments in Ukraine

by · July 22, 2022

NFT sales will fund restoration of physical monuments in Ukraine

The Ukrainian government will use the proceeds from the sale of an online non-functional token, or NFT, museum to restore works of art in the real world.

According to a Friday announcement and information shared with Cointelegraph, Ukraine’s Ministry of Culture and Information Policy said the government’s Meta History Museum of War platform, which aims to preserve the timeline of major events in Russia’s war with Ukraine, raised 803.28 Ether (ETH ) – approximately $1.3 million at the time – through NFT sales. The ministry said the proceeds from the sale will go towards the “restoration of Ukrainian cultural institutions”, many of which have been damaged or destroyed by missile strikes from Russia.

“During the six months of the war in Ukraine, the Russians destroyed hundreds of our museums, theaters and cultural institutions,” said Oleksandr Tkachenko, Ukraine’s Minister of Culture and Information Policy. “Ukrainian culture and national heritage have been damaged by almost 6 billion euros, and judging by the actions and intentions of the Russian Federation, this number will only increase.”

Alexander Borniakov, Deputy Minister of Digital Transformation of Ukraine for Information Technology Development, added:

“NFT[s] will not stop Russian missiles, but blockchain technology will contribute to economic recovery and development of Ukraine as an innovation-friendly country.”

The Ukrainian government launched the Meta History project in March, a month after the first missiles hit Ukrainian targets in the ongoing conflict. While $1.3 million will go to Aid For Ukraine – a platform launched by the government that accepts crypto-donations “to support people in their struggle for freedom” – the Ministry of Culture and Information has said the funds will be used for restoration rather than supplies to the country’s military.

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UNESCO, the agency behind many of the world’s cultural heritage sites based on their significance for history, nature and art, reported that as of Monday, 164 cultural sites in Ukraine were partially damaged or destroyed as a result of 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 under any circumstances be targeted.”

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Since the start of the war with Russia in February, Ukraine’s government has collected more than $100 million in crypto donations sent directly to wallet addresses provided by the Ministry of Digital Transformation. According to Aid For Ukraine, crypto donations go towards supplying the country’s military as well as humanitarian aid.