Ukraine’s government has raised more than $600,000 through the Ukrainian MetaHistory NFT-Museum. The proceeds will be used to rebuild museums and other cultural institutions that have been damaged or destroyed by the Russian invasion of the country.

Why should we care?
Heaps of skepticism surround NFTs—and Ukraine has received international support in ways other countries embroiled by war have not—but the Ukrainian government has demonstrated how, in crisis, states can tap into Web3-based wealth. The government has raised more than $70M in crypto donations, which have been used for medical supplies as well as protective equipment. The MetaHistory NFT-Museum is also going to auction off four artworks; only owners of the museum’s NFTs will be eligible to bid on the art. If the exclusive auction brings a windfall for the Ukrainian government, then we should expect other fundraising initiatives to adopt a similar approach, using blockchain-based exclusivity and scarcity to manufacture demand for digital assets. How to do so without eliciting scorn from existing crypto-skeptic donors is a challenge yet to be ironed out.