‘Meta History: Museum of War’: Ukraine launches NFT in crypto crowdfunding push, World News

Ukraine has launched a collection of non-fungible tokens (NFTs) called ‘Meta History: Museum of War’ in an expansion of a cryptocurrency fundraising push.

The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict.

Ukraine’s Ministry of Digital Transformation said it is meant “to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine.” 

NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors’ items that cannot be duplicated.

Just over a month into the invasion, Russia’s attack has slowed into a grinding war of attrition. Russian forces in Ukraine appear to have shifted their focus from a ground offensive aimed at Kyiv to instead prioritizing what Moscow calls the liberation of the contested Donbas region, suggesting a new phase of the war.

Also see | Why Russia’s missiles in Ukraine are failing to hit the target

Russian President Vladimir Putin’s forces are under great strain in many parts of the country, and the United States and other countries are accelerating their transfer of arms and supplies to Ukraine.

The global NFT boom, with US artist Beeple selling artwork at a record-breaking $69 million last year, has encouraged people to turn to digital art. 

Opinions on the merits of NFT art vary wildly. The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations.

They are often pilloried for blocky graphics or tacky animation style. 

Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code.

The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements.

(With inputs from agencies)