Ukraine to sell NFTs to fund war against Russia

Ukraine’s government has said it will issue non-fundible tokens (NFTs) to fund its military as they defend the country against the Russian invasion.

The announcement by deputy prime minister Mykhailo Fedorov comes in the same week the country raised more that £200million from the sale of war bonds.

The bonds are one of a number of ways Ukraine is using to raise funds.

The government is also in talks with the International Monetary Fund (IMF) and World Bank over emergency help.

In a tweet, Fedorov said the NFTs will be launched “soon”.

However, there was no plans to sell fungible tokens, of which cryptocurrencies are a prime example, he added.

NTFs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.

The digital tokens can be thought of as certificates of ownership for virtual or physical assets.

The announcement is the latest sign that the Ukrainian government is embracing digital assets as it looks for new ways to raise money to pay for its military.

 

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