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Ukraine Sells CryptoPunk #5364 for Less Than Half of the Donated Value

Ukraine has sold the non-fungible token (NFT) it received as a donation in March. Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, announced via Twitter yesterday. According to him, Ukraine sold CryptoPunk #5364 to an anonymous buyer for 90 Ethereum (ETH), worth just over $100,000.

Bornyakov’s tweet read,

Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.

Notably, the country sold CryptoPunk #5364 for less than half of the donated value. At the time of donation, the NFT was worth approximately $260,000. However, ETH took a sharp dive, shedding over $1,500 of its value. This price drop affected the dollar value of the CryptoPunk, explaining why Ukraine sold it for $100,000.

Ukraine directed the funds from the NFT sale toward funding its armed forces as the war with Russia continues.

The country’s decision to sell the CryptoPunk NFT comes after Bornyakov requested more financial aid from the crypto community.

In a June 11 tweet, Bornyakov said,

Even though Ukraine raised over $135 million in crypto in response to the Russian invasion, the first wave of crypto donations has subsided. We still need your help. Please support our defenders via @_AidForUkraine.

NFT Market Continues Crashing Amid Crypto Bear Market

This news comes as leading NFT collections continue performing poorly due to the bearish sentiment in the crypto market.

The floor prices of collections like Bored Ape Yacht Club (BAYC) and CryptoPunks have dropped to 89.49 ETH and 67.4 ETH, respectively. At its peak, BAYC’s cheapest NFT had a price tag of 153 ETH. On the other hand, CryptoPunks had a floor price of 123 ETH at its peak.

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Apart from the turmoil in the crypto market, the NFT space has also faced several high-profile attacks. For instance, Yuga Labs, the company that owned BAYC and CryptoPunks, has suffered three hacks since the start of the year. These exploits have discouraged NFT trading, with OpenSea’s monthly volume plunging 74.59%% to hit $760.39 million.

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