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NFTs start to play a major role in social impact and Pussy Riot serves as the most recent example of this, raising over $7 million in a bid to support Ukraine.
Russian feminist punk group Pussy Riot has become as well known for its public broadsides against Vladimir Putin’s government as its music, and the group’s Nadya Tolokonnikova put that reputation to work by joining forces with Trippy Labs and members of PleasrDAO to create UkraineDAO, which via an NFT of Ukraine’s flag has raised more than $7.1 million as of early Thursday. The amount raised is 7 times greater than what Lana Rhoades managed to collect with her own Crypto Sis NFT collection before she rug pulled on it.
According to a rep, in just five days some 3,271 contributors bid on the 1/1 NFT, hosted as a PartyBid auction, a tool allowing people to pool resources and bid collectively for group ownership of the NFT. People can still continue to donate directly to the DAO via UkraineDAO.eth.
Tolokonnikova said in a statement: ” We purposefully avoided adding our own art to this release; in a way, it’s our strong conceptual artistic statement. People can have different aesthetics, but it’s not about what color we prefer, it’s about uniting to save lives. The Ukrainian flag unites us.”
NFTs come to help
Trippy Labs said in a collective statement: “It is apparent a revolution cannot be started with fiat as there are too many ways for traditional funds to be intercepted or halted by traditional institutions, governments, and other factions with intent to control, harm, or simply shift funds without transparency. Decentralized Autonomous Organizations are a model for the world to witness how people with a common purpose can join and work together quickly to distribute funds to present humanitarian causes.”
UkraineDAO was formed on Feb. 24 to raise funds to support Ukrainian civilians suffering from the invasion by Russian forces. “Come Back Alive,” an initiative chosen by the DAO will receive 100% of the funds due to its transparent and effective local operations.
Pussy Riot tweeted on Thursday, “Revolution could not be achieved with conventional currencies, there are too many ways for traditional funds to be intercepted by traditional institutions, governments, other factions with intent to control, harm, simply shift funds without transparency.”
Crypto and Ukraine
Cryptocurrency has emerged as a major source of financial support for Ukraine’s government as Russia ramps up its assaults on key cities. Blockchain analytics firm Elliptic, which is tracking cryptocurrency donations made to both Ukraine’s government and NGOs supporting the country’s military, has recorded over 72,000 transactions worth around $64 million as of Wednesday.
On its website, UkraineDAO said that a “revolution” could not be achieved with conventional currencies, as there are “too many ways for traditional funds to be intercepted or halted by traditional institutions, governments, and other factions with intent to control, harm, or simply shift funds without transparency.”
