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Ukraine DAO collects nearly $6 million through sale of NFTs to help Ukrainians

3 min reading

A week into the Russia-Ukraine war, the Ukraine DAO team declared that their efforts will be directed toward a local NGO called Come Back Alive.

UkraineDAO, a decentralized autonomous organization founded by Nadya Tolokonnikova of Pussy Riot, Trippy Labs, and PleasrDAO members, raised 2188 ETH ($6.1 million) to support a 1/1 Ukrainian flag NFT. The funds raised will go to charitable organizations in Ukraine that are supporting those who have been impacted by Russia's invasion.

The NFT auction was conducted as a PartyBid auction, enabling users to aggregate their resources and bid for fractionalized ownership of the digital Ukrainian flag. Supporters will receive ERC-20 tokens in the form of LOVE tokens based on the amount of their donation.The NFT is currently not fractionalized, and the funds have not been disbursed.

Co-founders Crypto Steve and Tolokonnikova discussed their mission to use the power of the crypto industry to support people who need it most in a Twitter Spaces session organized by nftnow.com after the auction.

CryptoSteve, as he is named on Twitter, stated that UkraineDAO was formed as a result of people who "just started raising their hands, being of service, and selfless." He stated that the attraction of a DAO is its capacity to create a new funding model, and that his main takeaway from UkraineDAO has been:

"If you wanna make something happen, you just start reaching out to friends. The fact that the Web3 space has mobilized faster and at the magnitude that countries do is super powerful."

When questioned how UkraineDAO made the choice to split the proceeds from the sale, Tolokonnikova stated that it boiled down to honoring everyone's voices within the DAO. They decided that Come Back Alive, a Ukrainian organization that distributes army equipment, was the "most trusted and effective" option after reaching out to various nonprofits in Ukraine, she added.

They resolved, however, that the funds would only be used for medical assistance and not for military weapons. The next stage, according to Tolokonnikova, is to ensure that the nonprofit's wallet is correctly and safely set up before transferring the funds.



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