Ukraine DAO raises over $6M via NFT sale to aid Ukrainian citizens

5 months ago 49

One week into the Russia-Ukraine conflict, the squad down Ukraine DAO announced their efforts volition spell to section NGO Come Back Alive.

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Ukraine DAO raises implicit    $6M via NFT merchantability  to assistance  Ukrainian citizens

UkraineDAO, the decentralized autonomous enactment created by Pussy Riot’s Nadya Tolokonnikova, Trippy Labs and PleasrDAO members, crowdfunded 2188 ETH, oregon $6.1 million, for a 1/1 Ukrainian emblem NFT. Proceeds volition spell to nonprofit organizations successful Ukraine that are helping those affected by the Russian invasion.

The NFT merchantability was hosted arsenic a PartyBid auction, allowing radical to excavation resources and bid collectively for fractionalized ownership of the integer Ukrainian flag. Contributors volition person ERC-20 tokens successful the signifier of LOVE tokens depending connected the donation amount. At the clip of writing, the NFT has not been fractionalized and the funds person not yet been distributed.

1- $LOVE TLDR (and thread)

✅ Funds (over $6M / 2100ETH) safu successful the ukrainedao.eth multisig
✅ We volition harvester partybid contributions & nonstop ETH contributions with a snapshot time astatine 6AM EST
$LOVE tokens distributed time evening https://t.co/It87H0mTYi

— UkraineDAO (@Ukraine_DAO) March 2, 2022

In a Twitter Spaces league hosted post-sale adjacent by nftnow.com, co-founders Crypto Steve and Tolokonnikova said their ngo is to leverage the powerfulness of the crypto assemblage to assistance those who request it the most.

CryptoSteve, arsenic helium is known connected Twitter, said that UkraineDAO came unneurotic acknowledgment to radical who "just started raising their hands, being of work and selfless." He said that the quality of a DAO is its imaginable to acceptable a caller paradigm for fundraising and added that his cardinal learning from UkraineDAO has been:

"If you wanna marque thing happen, you conscionable commencement reaching retired to friends. The information that the Web3 abstraction has mobilized faster and astatine the magnitude that countries bash is ace powerful."

When asked however UkraineDAO came to the determination to administer the proceeds of the sale, Tolokonnikova said that it came to respecting everyone's voices wrong the DAO. After reaching retired to antithetic section nonprofits, she said, they determined that Come Back Alive, a Ukrainian nonprofit that provides instrumentality for the army, was the "most trusted and effective" choice.

However, they decided that the wealth volition beryllium channelled lone toward aesculapian help, and not toward the subject equipment. Tolokonnikova added that the adjacent measurement earlier sending the funds is to marque definite that the nonprofit's wallet is acceptable up decently and securely. 

Related: Anti-war Russians commencement donating crypto to enactment Ukraine

On Wednesday, Ukrainian Vice Prime Minister Mykhailo Fedorov announced that the state plans to continue raising wealth done the merchantability of NFTs, having raised a full of astir $40 cardinal truthful far. Ukraine DAO is inactive accepting nonstop crypto donations.

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