UkraineDAO, a decentralised autonomous organisation founded by Nadya Tolokonnikova of Pussy Riot, Trippy Labs, and PleasrDAO members, raised 2188 ETH ($6.1 million) to develop a 1/1 Ukrainian flag NFT. The money raised will go to charitable organisations in Ukraine that are assisting those who fell under the harmful effect of Russia’s invasion.
The NFT auction was run as a PartyBid auction, allowing users to pool their resources and bid together for fractionalized ownership of the digital Ukrainian flag. Depending on the amount donated, contributors will receive ERC-20 LOVE tokens. The NFT has yet to be fractionalized, and the money has yet to be disbursed at the time of writing.
Co-founders Crypto Steve and Tolokonnikova spoke about their objective to use the power of the crypto community. In order to aid people who need it the most in a Twitter Spaces session organised by nftnow.com after the sale.
UkraineDAO came together owing to people who “simply started raising their hands, being of service, and unselfish,” according to CryptoSteve. Besides, he believes that the beauty of a DAO is its capacity to create a new fundraising paradigm. And that his main takeaway from UkraineDAO has been:
“You simply begin reaching out to friends if you want to make anything happen. The fact that the Web3 space has mobilised at the same speed and scale as countries is quite strong.”
The money is for medical assistance and not for military weapons
When asked how UkraineDAO decided how to share the sale proceeds, Tolokonnikova replied it boiled down to respecting everyone’s opinion within the DAO. They decided that Come Back Alive, a Ukrainian organisation that supplies army equipment, was the “most trusted and effective” option. After reaching out to many nonprofits in Ukraine, she added.
They resolved, however, that the money would only be for medical assistance and not for military weapons. The next step, according to Tolokonnikova, is to make sure that the nonprofit’s wallet is correctly and securely set up before delivering the payments.
Ukraine’s Vice Prime Minister, Mykhailo Fedorov, indicated on Wednesday that the country intends to continue raising funds. Through the sale of NFTs, having raised nearly $40 million so far. Direct crypto donations are still favourable by Ukraine DAO.