Kyiv, Europe Brief News – The Vice Prime Minister of Ukraine said that Ukraine will disclose plans for NFTs to support its armed forces. This latest move in Kyiv’s efforts to collect funds in crypto assets after Russia invaded the country last week.
Non-fungible tokens are a form of cryptocurrency like Bitcoin, only instead of holding, they contain assets like art and music. NFT is a token that can only be exchanged on a one for one basis.
A non-fungible object, by contrast, has its distinct value like an old house or a classic car. Cross this term with blockchain, the technology which underpins cryptocurrencies and you get NFTs.
These are effectively digital certificates of authenticity that can be attached to digital art or anything else in digital form audio files, video clips and animated stickers.
Mykhailo Fedorov tweeted “ We will announce NFTs to support Ukrainian Armed forces soon. Every day there are more and more people willing to help Ukraine fight back the aggression”.
Mykhailo Fedorov is also Ukraine’s Minister of digital transformation and directs Kyiv to raise more and more funds in crypto assets.
Ukraine posted appeals on social media for donations of bitcoin and another digital token to support the country. As per reports, that post has raised $43 million worth from almost 67,000 donations.
Fedorov even requested major crypto exchanges to ban the digital wallet addresses of Russian users. But still, various major platforms have declined to do that. Some experts believe that this is one of the Western tactics to isolate Russia.
How NFTs got so popular
NFTs were created in 2013/2014 when people started to realise that they wanted to trade assets and later collectables other than bitcoin on the bitcoin blockchain.
The arrival of Ethereum led to the porting of these Bitcoin-centric projects to Ethereum’s virtual machine, leveraging more capabilities from its smart contract layer.
When Cryptopunks and later Crypto Kitties came into existence in late 2017, the NFT’s existence gathered media and public attention.
Crypto Kitties were so popular due to the combination of being adorable and people making boatloads of money off of flipping them while it ended up clogging the Ethereum blockchain.
