More On: NFTs
Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Digital assets will be used to fund military operations as well as media initiatives.
In its newest use of digital assets to fund its war operations, the Ukrainian government plans to produce a non-fungible token commemorating the history of the Russian invasion with unique digital art.
Alex Bornyakov, the country's deputy minister of digital transformation, stated that the NFT collection would be "like a museum of the Russian-Ukrainian war." We wish to communicate with the rest of the world in NFT format."
NFTs provide their customer ownership of a one-of-a-kind digital item – virtual art in particular is popular – even though that thing is easily replicated. Bornyakov stated that each token would contain a piece of art depicting a story from a reliable news source. "We want it to be stylish and attractive, and that takes time," he explained.
The NFT collection is being planned as a Ukrainian government request for cryptocurrency donations has surpassed $60 million (£46 million), with gifts including a CryptoPunk NFT valued over $200,000.
Bornyakov stated that the funds would be used to purchase military weapons as well as to fund media efforts. "At this time, we don't use this fund to buy weapons," he explained. We're investing on night vision goggles, optics, helmets, and protective jackets."
Crypto assets proved extremely helpful in facilitation of funding flows to the Amed Forces of Ukraine. Huge thanks to everyone who donated to the Crypto Fund of Ukraine.— Alex Bornyakov (@abornyakov) March 11, 2022
Each and every helmet and vest bought via crypto donations is currently saving Ukrainian soilders' lives. pic.twitter.com/CghDmXEcJG
Bornyakov added that Ukraine’s “digital diplomacy” had brought results, with social media platforms either blocking Russian state media content like Russia Today and Sputnik or labelling it. “We convinced social media platforms, international companies, to either block Russia, go out from Russia or completely change their information policy,” he said.
Bornyakov stated last week, referring to social media as one of the Kremlin's weapons in the war, that "most of their weapons are deactivated." At this point, two weeks had passed. So this is what I mean by "good outcomes."
Bornyakov stated that a volunteer army of IT specialists, which is operating on a Telegram messaging app channel, was informing the Kremlin of how a regular stream of cyber-attacks had made "our life awful" in recent years. Hackers, some operating under the banner of the Anonymous group, have launched a series of distributed denial of service attacks against Russian targets, causing state-backed websites such as Russia Today to crash due to traffic overload.
"We just want to make them feel as we do," he explained. Their [digital] conflict did not begin 14 days ago. It began eight years ago, and they were regularly launching DDoS attacks, defacing websites, and stealing our databases."
Russia blocked Instagram on Friday after its parent company, Meta, announced that it would allow demands for violence against Vladimir Putin and Russian military engaging in the invasion of Ukraine to appear on its social media sites. The Russian General Prosecutor's Office announced that it had proceeded to recognize Meta as a "extremist organization" and to prohibit its activities on Russian territory. It is unclear whether Meta's WhatsApp messaging service, which is extremely popular in Russia, will be blocked as well. Meta's major platform, Facebook, is already restricted in Russia.
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