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Ukraine DAO’s Flag NFT Has Been Auctioned For $6.75 Million

The auction of the NFT depicting the Ukrainian flag held by crypto enthusiasts and activists manages to raise 2,258 ETH.

A bunch of crypto activists and enthusiasts congregated to support Ukraine in light of the news flooding media outlets regarding the Russian invasion. Their means of accomplishing that was to auction off an NFT showcasing the Ukrainian flag.

Ukraine DAO, a Decentralized autonomous organization was able to raise 2,258 ETH (which would amount to about $6.75 million) in an auction that started on February 26th and ended on March 2nd. Though, after a market dip, the amount it’s now worth should be roughly $6.4 million today.

Ukraine DAO, which was launched just this past month, is the brainchild of Alona Shevchenko, a Ukrainian activist currently residing in England. She says that this whole thing came together when she was able to connect with the esteemed members of PleasrDAO, a digital art collective, and not to mention, Nadya Tolokonnikova, who is best known as the founder of the protest art group titled Pussy Riot.

Tolokonnikova was in conversation with Decrypt when she stated that the reason the Ukrainian flag was chosen, was to reflect solidarity.

She said, “I personally was pushing for using the Ukrainian flag,” and that “Because it’s not about any specific artists or aesthetics, it’s a pure gesture of solidarity.”

As for contributions to Ukraine DAO, they seem to have come from a surprisingly unexpected set of sources, including but not limited to the adult subscription website OnlyFans, which was responsible for sending around 500 ETH from its only address on the 27th of February. The amount would translate to around $1.41 million, per the blockchain tracker Etherscan. The organization states that for any and all who donated, they’ll be treated to a “POAP”, which is an NFT that’ll denote an important life event.

“This is exactly what DAOs are for, making change offline in the real world harnessing the power of blockchain,” said Shevchekno, previously when speaking with Decrypt.

Per Elliptic, an analytics website, the data suggests well over $54.7 million in crypto currency, being sent from over more than 102,000 donations have been made to the Ukrainian government as well as NGOs that are providing support to the military as of the 2nd of March.

Donations that are notable in nature include the $5.8 million given to the Ukrainian government by Gavin Wood, the founder of Polkadot, and a CryptoPunk NFT that’s worth over $200,000.


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