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

UkraineDAO is a decentralized autonomous organization that was created by Nadya Tolokonnikova of Pussy Riot, Trippy Labs, and PleasrDAO members. It crowdfunded 2,188 Ether, or $6.1 Million, to purchase a nonfungible token (1/1 Ukrainian flag) (NFT), from PleasrDAO. Proceeds will be donated to charities in Ukraine that help those who have been affected by the Russian invasion.

PartyBid hosted the NFT sale. This allowed people to pool their resources and bid together for fractionalized ownership. ERC-20 tokens will be given to contributors as LOVE tokens, depending on the amount of the donation. The NFT is not being fractionalized at the moment and funds have not yet been distributed.

1- $LOVE TLDR (and thread) Funds (over $6M / 2100ETH) safu in the ukrainedao.eth multisig We will combine partybid contributions & direct ETH contributions with a snapshot tomorrow at 6AM EST $LOVE tokens distributed tomorrow evening https://t.co/It87H0mTYi
— UkraineDAO (@Ukraine_DAO), March 2, 2022

Crypto Steve and Tolokonnikova, co-founders of Twitter Spaces, spoke out post-sale at NFT Now. They stated that their mission is to harness the power of crypto to help those in greatest need.

CryptoSteve, as he’s known on Twitter, stated that UkraineDAO was formed because of people who “just started raising money, being of service, and selfless.” He also said that one of the best things about a DAO is its potential for setting a new fundraising paradigm.

You can reach out to your friends if you want to make it happen. It is amazing that the Web3 space has been able to mobilize more quickly than countries and with the same magnitude.

Tolokonnikova answered the question about how UkraineDAO reached the decision to share the proceeds from the sale. She said it was down to listening to everyone in the DAO. She said that they reached out to various local nonprofits and determined that Come Back Alive was the most trusted and effective choice. Come Back Alive supplies equipment for the army.

They decided, however, that the money would be used only for medical care and not for military equipment. Tolokonnikova said that before the money is sent, it is important to ensure that the wallet of the nonprofit is secure and properly set up.

Similar: Anti-war Russians begin donating crypto to Ukraine

Mykhailo Fedorov, the Ukrainian Vice Prime Minister, announced Wednesday that the country will continue to raise money through the sale NFTs. The country has raised almost $40 million so far. UkraineDAO still accepts direct crypto donations.

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