War in Ukraine: an NFT of the Ukrainian flag sold for 6.7 million dollars in support of the country | Knowledge of the Arts

NFTs are not always volatile and speculative creations, as many might think, and can sometimes become a cultural and mobilizing weapon. In support of the country at war for more than a week now, an NFT of the flag of Ukraine created by Pussy Riot has been sold for 6.7 million dollars (6.12 million euros).

Digital art and digital creations can sometimes embrace a cause that goes beyond artistic interests… While the war in Ukraine has been raging for more than a week now, the art world is reacting to the Russian invasion of Ukraine by canceling shows and cutting ties. But the support for the Ukrainian people is also exported to the digital galaxy. The Russian activist group Pussy Riot, anti-authoritarian and feminist, undertook the creation of an NFT of the Ukrainian flag in collaboration with the association UkraineDAO, created to support the Ukrainian war effort. The sale of the NFT generated 6.7 million dollars (6.12 million euros) for the association Come Back Alivewhich will distribute food, medical supplies and other necessary services to civilians and the Ukrainian army.

Waving the flag version 2.0

As the American newspaper pointed out, washington post “, Russia’s invasion of Ukraine has become ” world’s first crypto war “. Since February 26, Ukraine has announced the possibility of supporting the country through cryptocurrency donations. Ukrainian foundations and associations have received astronomical sums. The country has so far racked up around $40 million in crypto donations, with NFTs contributing over $7 million to that total. The NFT that made people talk about it: the flag of Ukraine, created under the initiative of the punk group Pussy Riot.

Members of the group are known for their anti-authoritarian and feminist stances, publicly recognized through their unauthorized artistic performances ©️Wikimedia Commons / Igor Mukhin

The group indeed masters the codes of these new digital practices: a foundation in their name brings together artistic activists from all over the world, playing on the new digital scene. Their approach is clarified in a tweet from last week: “ Our goal is to use what we know how to do, the Web3 (new version of the web based on blockchain and cryptocurrency)to help Ukrainians cope with the Russian invasion of their country “. They collaborated with the UkraineDAO association, which has been organizing a support campaign for more than a week to collect donations for the country at war.

shared memory

On March 2, the Ukrainian flag NFT was sold to donors for 2,250 ETH, the equivalent of $6.75 million (about 6.12 million euros), within 72 hours. The work, revealing the minimalist aesthetic of the two colors of the country, stands as a symbol.

The sale raised $6.7 million ©️Wikimedia Commons

The sale raised $6.7 million ©️Wikimedia Commons

The Pussy Riot Nadya Tolokonnikova, historical opponent of Vladimir Putin, expresses on Twitter: “ People may have different aesthetics, but it’s not about which color we prefer, it’s about coming together to save lives “. In total: 3200 individual contributions participated in the acquisition of the NFT. Buyers therefore share ownership of the work by receiving a “share” of the NFT proportional to their investment. Although the work may be subject to lucrative interests, UkraineDAO encouraged buyers to keep their share, as a “digital souvenir” in support of Ukraine.

In these massive online donation moves, the country’s Deputy Prime Minister Mykhailo Fedorov has urged cryptocurrency groups to block Russian users from exchanges. This campaign thus underlines the magnitude of a conflict that mobilizes the support of the entire international community and of the parallel markets that populate the web.

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War in Ukraine: an NFT of the Ukrainian flag sold for 6.7 million dollars in support of the country | Knowledge of the Arts

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