Ukrainian flag NFT sold for $6.75 million, the money will go here

A non-fungible-token (NFT) of the Ukrainian flag recently sold for about $6.75 million. Here's where the money is going.

1 minute & 21 seconds read time

A crowd-funded project by Russian art collective Pussy Riot created the one-of-one non-fungible token (NFT) of the Ukrainian flag.

The auction for the unique NFT was organized and orchestrated by UkraineDAO, which is led by Pussy Riot and the NFT studio Trippy Labs. The idea behind the creation of the NFT was to raise funds for the struggling people in Ukraine that are currently fleeing in droves from invading Russian forces. The winning bid for the Ukraine flag NFT was a pool of 3,271 donors that placed the bid through a service called PartyBid.

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By using PartyBid, UkraineDAO was able to purchase the NFT from itself and will donate the proceeds to Come Back Alive, an organization that focuses on getting supplies to Ukrainian civilians and the military. In return for all of the people who donated to the cause, UkraineDAO has said it will airdrop its LOVE token proportionate to the amount of Ether donated. The LOVE tokens have "no utility or value, but are a beautiful testament and reminder of your contribution to a noble cause."

Read more: Here's why Ukrainian's and Russian's are buying millions in Bitcoin

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Ukrainian flag NFT sold for $6.75 million, the money will go here 01

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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