BlocksInform
UkraineDAO, the decentralized autonomous organization created by Pussy Riot’s Nadya Tolokonnikova, Trippy Labs and PleasrDAO members, crowdfunded 2188 ETH, or $6.1 million, for a 1/1 Ukrainian flag NFT. The proceeds will go to non-profit organizations in Ukraine that help those impacted by the Russian invasion.
The sale of NFT was organized as a party auction, allowing people to pool their resources and make a collective offer for split ownership of the Ukrainian digital flag. Contributors will receive erc-20 chips as love chips based on the donation amount. At the time of writing, the LNP has not been divided and the funds have not yet been distributed.
1- $LOVE TLDR (and thread)
? Funds (over $6M / 2100ETH) safu in the ukrainedao.eth multisig
? We will combine partybid contributions & direct ETH contributions with a snapshot tomorrow at 6AM EST
? $LOVE tokens distributed tomorrow evening https://t.co/It87H0mTYi
— UkraineDAO (@Ukraine_DAO) March 2, 2022
In a twitter spaces session hosted after selling near nftnow.com, cofounders crypto steve and tolokonnikova said their mission is to harness the power of the crypto community to help those who need it most.
CryptoSteve, as it is called on Twitter, said that UkraineDAO came together thanks to people who "just started to raise their hands, be of service and selfless." He said the beauty of a CAD is its potential to establish a new paradigm for fundraising and added that his main learning of UkraineDAO was:
"If you want something to happen, you need to begin communicating with your friends. The fact that the Web3 space has mobilized more rapidly and across countries is super powerful."
When asked how UkraineDAO reached the decision to distribute the proceeds of the sale, Tolokonnikova said that he came to respect the voice of everyone within the AOD. Having contacted different local associations, she said, they determined that come back alive, a ukrainian non-profit association that supplies equipment for the military, was the "most reliable and effective" choice.
However, they decided that the money would only go to medical assistance and not to military equipment. Tolokonnikova added that the next step before sending the funds is to ensure that the association's portfolio is set up correctly and securely.
Related: Anti-war Russians start donating crypto to support Ukraine
On Wednesday, Ukrainian Vice Prime Minister Mykhailo Fedorov announced that the country plans to continue raising money through the sale of NFTs, having raised a total of almost $40 million so far. Ukraine CAD always accepts direct crypto donations.
