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Ukraine cancels token airdrop; Plans to release NFTs instead

Ukraine has abandoned its plans to airdrop crypto tokens as a way of rewarding its crypto supporters. The country’s Vice Prime Minister, Mykhailo Fedorov, announced this news via Twitter earlier today. In the same breath, Fedorov disclosed that Ukraine seeks to sell non-fungible tokens (NFTs) to support its Armed Forces.

Fedorov’s tweet read,

After careful consideration we decided to cancel airdrop. Every day there are more and more people willing to help Ukraine to fight back the aggression. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens.

Fedorov did not go into detail about why Ukraine decided to cancel the airdrop. However, the country’s resolve might be related to a fake account creating 7 billion Peace World Tokens. Reportedly, the account released these tokens an hour before the time Ukraine had stipulated for its airdrop. However, Etherscan flagged it soon afterward.

Ukraine continues leaning on crypto

Ukraine announced its airdrop on Wednesday, March 1, following immense support from the crypto community. The Ukrainian government first appealed to the crypto community on February 26, sharing its Bitcoin (BTC) and Ethereum (ETH) addresses. On the same day, the government got crypto donations exceeding $7 million.

After the crypto community requested that the government add support for more digital assets, Fedorov announced that Ukraine had started accepting Polkadot (DOT). The country also embraced Dogecoin (DOGE), asking known evangelists like Tesla CEO Elon Musk for financial aid.

These efforts have seen the country raise over $37 million in various cryptocurrencies. Notably, some of these funds came from NFTs, perhaps, explaining the Ukrainian government’s NFT move.

The first single transaction carried $1.86 million and came from the sale of NFTs in the Censored collection.  These NFTs originally sought to help raise funds for WikiLeaks founder Julian Assange. One donor also sent CryptoPunk #5364, worth $200,000, to Ukraine’s Ethereum wallet.

Russia is also depending on crypto

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Following an unprovoked attack on Ukraine, the US and the European Union (EU) sanctioned Russia. These sanctions effectively cut off Russia from the global financial system, resulting in the ruble plunging sharply. As a result, Russians turned to crypto to protect their wealth. This adoption spree saw BTC, which proponents often tout as digital gold, record notable gains earlier this week.

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