NFT of the Ukrainian flag—launched by Pussy Riot member to raise funds for war-torn country—sells for $6.75m

Russia’s invasion of Ukraine has become “the world’s first crypto war”, as the Washington Post adroitly called it. And, following a call out from the Ukrainian government on Twitter, the country has so far racked up an estimated $40m in crypto donations, with NFTs contributing more than $7m to this total.

On 2 March, an NFT of the Ukrainian flag sold to a pool of donors for 2,250 ETH ($6.75m). The flag was auctioned by Ukraine DAO, a type of community-led entity with no central authority, which was co-founded by Russian Pussy Riot member Nadya Tolokonnikova on 24 February. Proceeds are being donated to Come Back Alive, which will distribute food, medical supplies and other necessary services to civilians and the Ukrainian military. Donations are still being accepted.

Meanwhile, the New York-based artist Olive Allen, who is of Russian origin, is auctioning a piece titled НЕТ ВОЙНЕ (No to the War), of a blue bear with yellow features holding up a placard. She is one of 59 artists to have donated a work as part of an initiative by Time magazine and OpenSea NFT marketplace. Posting on Instagram, Allen wrote: “I’m Russian and I stand in solidarity with the people of Ukraine. It breaks my heart 💔 to see what is happening right now. I’m against this devastating war and Russian government. Putin has truly lost his mind and his actions have no justification. I stand for Peace and Freedom. Today and every day.”

There are concerns, however, that Russia could use cryptocurrency to swerve Western sanctions. But, for now, it appears Ukraine is benefiting hugely from the ease with which digital money can be moved across borders.