Home
News
Cryptocurrencies and NFTs emerged as a new form of crowdfunding for charity works, tested to full extent amidst the ongoing Russia-Ukraine war
Well-known American fashion and lifestyle magazine Vogue takes the initiative to raise funds to provide humanitarian aid to Ukraine. Subsidiaries of Vogue, including Vogue Singapore and Vogue Ukraine, recently listed a collection of non-fungible tokens titled Fashion for Peace.
NFT collection is listed on the OpenSea NFT marketplace, and the funds raised by their sales will fund relief efforts in Ukraine. Fashion for Peace NFT collection curated by six fashion designers from Ukraine that showcase the country’s culture through photos, art, and illustrations. Revenue generated from primary NFT sales will go towards Save The Children, which is a non-profit organization. Secondary NFT sales royalties will also be allocated to charity.
Calling out an announcement made by Save, The Child organization on Monday urging governments and organizations worldwide to take a step forward and make efforts to protect Ukrainian children. The estimated organization said more than 100,000 children in Ukraine are at risk of permanent separation from their families or are at risk of falling victim to abuse, trafficking, exploitation, and neglect since the Russian invasion.
Publisher of Vogue Singapore Bettina Von Schlippe said that fashion and fashion NFTs have more reach, and they are more accessible to larger audiences as they are in digital form. Having them on blockchain also allows users to authenticate their value and origin. This brings an opportunity that, in turn, brings down the barrier for participation, purchasing, and donating to a charity.
Von Schlippe further said that blockchain and crypto emerged as the seamless solution by organizations and charities looking to fundraise for Ukrainian people, which were earlier somewhat stiff due to limitations of banks and charities for fund donations overseas.
Since the war has started, people from all over the world have shown up and begun sending aid as they could. In the absence or inefficiency of the current traditional financial system in the region, it was very hard for both donor and receiver to move funds. Their crypto users made cryptocurrencies and NFTs their medium to transfer charity funds to provide help to Ukrainian people. As per reports, to date, Ukraine has received more than $78 million in donations in crypto from all over the world.
ALSO READ: A Boston Man Forfeit 59 Bitcoin Worth $2.3 Million To Massachusetts Law Enforcement
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
