Ukraine’s Government Launches NFT Museum

Government across the world is embracing the NFT.

The Ukrainian Government is launching its unique Meta History collection: “Museum of War.”

In an announcement by the Vice Prime Minister, who doubles as the Minister of Digital Transformation, Mykhailo Fedorov, it is a unique collection.

The special collection will document all the events and happenings surrounding the “invasion” of Ukraine by Russia.

According to the Minister, the NFT space will give permanence to the events and allow people from across the world to see the actual effects of the conflict.

All funds generated from the NFT collections sales will go into the Ministry of Digital Transformation blockchain wallet.

It is expected that the funds will be spent on the welfare of the gallant officers, their families, and affected citizens in Ukraine.

The maiden edition of the Museum of War collection will feature 5,000 to 7,000 pieces.

Ukraine's President has since then passed the Cryptocurrency regulation bill into law.


The adoption of Non Fungible tokens, blockchain apps, and Metaverse has continued to spread worldwide.

The embrace has gone beyond individuals and corporate organizations to Government apparatus and government agencies.

Joining the list of sovereign nations whose Governments would be embracing the Non Fungible token is Ukraine.

The Philippine, Malaysia, and United Arab Emirate (UAE) Governments have embraced this metaverse technology
in the recent past.

The Ukrainian Government and its plan to launch an NFT museum are on our radar. Let's examine the events and happenings surrounding the launch of Ukraine's "Museum of war" NFT.


What Is NFT?

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NFT means Non-Fungible Token. It is a virtual or digital asset that is verifiable on blockchain technology.

The Non Fungible Token is a platform on Metaverse that has been around since 2014 but gathered global buzz in 2021.

You can mint your images, videos, animations, graphic works, and other media types, then make them available on the NFT marketplaces like Opensea and Rarible.

An NFT is unique and can not be exchanged; you can only transfer the ownership from one holder or collector to another.

Having explained the meaning of NFT and how you can create your NFT collection, let's examine Ukraine's NFT collections and the reasons for the launch.


Ukraine's Museum Of War NFT Collection

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On the 25th of March, 2022, Ukraine's Vice Prime Minister cum Minister of Digital Transformation, Mykhailo Fedorov, announced the launch of the country's unique NFT collection.

The unique collection was named “Meta History: Museum of War.” Mykhailo announced on Twitter.

In the announcement, Mykhailo made it clear that all funds generated from the sales of the digital arts will go into the blockchain wallet of the Ministry of Digital Transformation.

The funds will aid the gallant officers of Ukraine, their families, and civilians trapped in the ongoing Ukraine-Russian war.

The first sale in the Museum of War launch will be gathered and minted by Fairxyz.com, a Ukrainian crypto startup. This first edition will feature 5,000 to 7,000 collections priced at about $450 each.

According to Forbes, It is estimated that the first collections would generate up to $3 million. The sales will be made over the Ethereum (ETH) blockchain.

The initial plan of the Ukraine Government was to launch a token raindrop, and they canceled the plan and announced the launch of NFTs (instead) on the 3rd of March.

The Ukrainian Government launched an official website to receive donations in cryptocurrency without wasting time. The donation will solely provide aid for the military personnel and civilians affected by the ongoing war.

To give the NFT museum and all other crypto-based donations a legal backing, President Volodymyr Zelenskyy signed the regulation into law. It is called the Law of Virtual assets, and it will regulate the crypto market in Ukraine.


According to the Website launched for the NFT collections and other crypto donations, the following are the reasons behind the project.


Purpose For The Launch Of Ukraine's NFT

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The priority reason for launching this unique NFT collection by the Ukrainian Government is to gather funds worldwide. The funds will be channeled towards supporting the military men and civilians bearing the direct effect of the Russia-Ukraine conflict.

Secondly, The Ukraine Government seeks to memorialize the actual chronological events of the War period using the NFT collection. The permanence recording feature of NFTs will give an actual chronological arrangement of the events and prevent distortion of facts and happenings.

Thirdly, using NFT, a metaverse technology, will help disseminate accurate information and figures across the virtual space and the world.

There is a probability that information and figures relating to the conflict would be distorted at a later date. The war account from Ukraine might be far from the truth; to avoid distortion and misrepresentation of information, Ukraine is launching the Museum of War NFT.

Furthermore, the launch of NFT is an initiative to preserve and depict the major events that surround “Russia’s invasion” of Ukraine, accompanied by Personal reflections.

The unique NFT collection will be used to preserve the memory of war and celebrate Ukraine's freedom.

This reason resonates with the entire human being who will have access to the digital formats of the ongoing war's significant events.

Lastly, using NFT transactions and blockchain wallets for receiving donations will ensure 100% security and privacy of the funds. The help of smart contracts will ensure the safety of funds throughout the donation period.

Also, the NFTs will be sold over the Ethereum blockchain, making the entire transaction more secure than the traditional donations and fundraising platforms.

To bolster this reason, Ukraine's Vice Prime Minister tweeted that “ Ukraine has trusted the revolutionary blockchain technology as opposed to Russia which has chosen tanks and weapons to destroy Ukraine.”


Conclusion

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While several nations embrace the Metaverse technology cum NFT platform to become stakeholders and regulate the blockchain activities in their country, Ukraine is launching its NFT collections on a rather sad note.

The regulations seek to give legal backing to the crypto activities in Ukraine and enable the Government to gather as many donations as possible using the blockchain platform.

The Museum Of War NFT collections will cover images and video clips of events.
The events started at 5:45 am (Ukraine's Local time) on the day Russia announced its “Special military operation” and invaded the Donbas region of Ukraine.



Author: Valentine A., Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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