UkraineDAO, the decentralized autonomous organization created by Nadya Tolokonnikova, of Pussy Riot, Trippy Labs, and PleasrDAO members, raised 2,188 ETH, or $6.1 million, for a special edition Ukrainian flag NFT. The proceeds will go to non-profit organizations in Ukraine that help those affected by the Russian invasion.
The NFT sale was organized as a PartyBid auction, allowing people to pool resources and collectively bid for fractional ownership of the Ukrainian digital flag. Contributors will receive ERC-20 tokens in the form of LOVE tokens based on the amount of their donation. As of press time, the NFT has not been split 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 by nftnow.com after the sale closed, Crypto co-founders Steve and Tolokonnikova said their mission is to harness the power of the crypto community to help those who need it most.
CryptoSteve, as he is known on Twitter, said UkraineDAO was formed by people who “just started raising their hands, being helpful and selfless.” He said that the beauty of a DAO is its potential to establish a new paradigm for fundraising and added that his key learning from UkraineDAO has been:
“If you want to make something happen, you just have to start reaching out to your friends. The fact that the Web 3.0 space has mobilized faster and to the extent that countries are is super powerful.”
When asked how UkraineDAO had come to the decision to distribute proceeds from the sale, Tolokonnikova said it was about respecting the voices of all DAO members. After contacting different local nonprofits, she said, they determined that Come Back Alive, a Ukrainian organization that provides equipment for the military, was the “most reliable and effective” option.
However, they decided that the money will be used only for medical aid, and not for military equipment. Tolokonnikova added that the next step before sending the funds is to make sure the nonprofit’s wallet is set up correctly and securely.
On Wednesday, Ukrainian Deputy Prime Minister Mykhailo Fedorov announced that the country plans to continue raising money through the sale of NFTs, having raised a total of nearly $40 million so far. Ukraine’s DAO continues to directly accept cryptocurrency donations.
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