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Despite the Violence, NFT Projects are Already Attempting to Restore Ukraine

Ukraine is using NFTs to raise donations, demonstrating how decentralized and trustless blockchain technology can be.

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#nft #nfthours #ukraine #charity #help #standwithukraine

The latest invasion of Ukraine has thrown the world into disarray, chaos, and geopolitical danger. Millions of investors have lost money due to global financial market volatility. In addition, the global economy is in shambles due to rising global inflation, fears of liquidity tightening, and interest rate hikes by the US Federal Reserve.

Furthermore, the delinking of SWIFT messaging services for major Russian banks are raising the alarm among the country’s businesspeople and affecting other economies with strong Russian trade links. With Visa and Mastercard suspending operations in Russia, the interoperability of their payment systems and the daily folks who rely on them may suffer unimaginable consequences.

In the midst of this uncertainty, cryptocurrencies and other assets such as NFTs are playing an increasingly important role in attempting to offset the effects of the Ukraine crisis.

Ukraine DAO

Ukraine DAO has auctioned 10,000 NFTs of the Ukrainian flag on the Ethereum network, along with a unique NFT of the flag, thanks to a partnership between Nadezhda Tolokonnikova, digital artist Trippy Labs, and artist collective PleasrDAO. It has raised approximately $6.7 million for Ukraine’s military so far.

Through a service called Party Bid, an NFT of the Ukrainian flag sold for 2,258 Ether (ETH) ($6.5 million at press time). The Come Back Alive charity, which assists the Ukrainian military, volunteers, and their families, received 100% of the earnings from the NFT sale.

Save the Children

7.5 million children in Ukraine are caught in the middle of the conflict, at risk of being displaced, traumatized, having their schooling interrupted for an extended period of time, and losing their family’s income. Save the Children has raised funding to assist families that have been disproportionately affected by Ukraine’s conflict. Crypto contributions are included in the initial $19 million worth of pleas on its donation page. Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Cardano (ADA), and Dogecoin are among the more than 60 cryptocurrencies accepted by the organization (DOGE).

Holy Water

Over 500 Ukrainian artists met to submit artwork for a new NFT collection sold through Holy Water to generate funds for Ukraine’s people. The artists are represented by some of the country’s most prestigious galleries, including Port Agency, Izolyatsia, and Ugallery. The starting bid for each NFT will be 0.08 ETH. They want to raise a minimum of $1 million.

Waone Interesni Kazki

Vladimir Manzhos, aka Wayne Interesni Kazki, a well-known modern Ukrainian artist, sells NFTs of his most renowned paintings, which surrealists and Ukrainian folk stories influence. Half of the funds raised will go to Ukrainian war organizations for defense and medical supplies.

The goal is to raise $7,000 by selling non-framed prints of paintings like “The Seed of a Good Idea,” “Beta to Alpha Transition,” and “Prisoned Mind.” These are one-of-a-kind NFTs that retail for $290 each.

AITX’s NFT sale

The first is a minted NFT carrying the image of a Roameo created by Robotic Assistance Devices. The second is a minted NFT holding the image of a Roameo produced by Robotic Assistance Devices. An online auction is now being held to gather funds. The second option is to donate to a Ukrainian humanitarian agency that has been certified by the International Red Cross, according to a GoFundMe page set up by CEO Steve Reinharz.

Wladimir Klitschko’s NFT

Wladimir Klitschko, an Olympic champion and boxing legend, collaborated with artist WhlsBe on an NFT collection. Mint will offer the collectibles in three price ranges: $100, $1,000, and $10,000. The proceeds of the sale will be sent to Ukraine.

Ukraine’s NFTs for defense

Ukraine’s vice prime minister, Mykhailo Fedorov, indicated that the government would issue NFTs to help pay military operations. The appeal raised $54.7 million for the Ukrainian government and non-governmental organizations in Ukraine, with a lesser portion going to the Come Back Alive organization.

Reli3F

Web3 humanitarian project Reli3F, led by crypto artists and famous NFT influencers, launched a huge NFT sale that includes pieces from 37 artists, including Danny Cole, Vinnie Hager, Sartoshi, Gremplin, Ravi Vora, and others. The entire sale’s revenues were donated to Ukraine’s rescue efforts. The NFT project sold out within 30 seconds of its initial introduction, raising over 1 million dollars.

TIMEpieces

TIMEpieces, a Time magazine Web3 NFT community effort, has announced an exhibition titled “Make Art Not War.” The proceeds from the exhibition will be donated entirely to humanitarian aid operations in Ukraine. According to Time, collectors have created over 10,000 NFTs from 99 picture collages, each reflecting a year in Time’s 100-year history.

Forza Ikonia

Forza Ikonia has aided with the fundraising efforts of several Ukrainian NGOs, including Doctors Without Borders and Amnesty International. In addition, the Kyiv and Gothenburg-based incubator launched the “Stand with Ukraine” NFT project, including around 43,287,512 editions by artist Felipe Posada. Each edition represents one Ukrainian person and is available for purchase for only $10.

All revenues go to the platform’s chosen charity, and editions can be purchased with a credit or debit card. Forza Ikonia has raised almost $264,000 so far.

ArtWaRks Ukraine

The ArtWaRks Ukraine NFT initiative was founded by Ukrainian IT entrepreneurs, art historians, artists, and media creators to raise funds for charitable assistance to Ukrainian civilians and military personnel. On OpenSea, the project has 57 “ArtWaRks” for sale, each costing roughly 0.07 ETH or $182.

Former Minister of Culture and Sports Vladimir Borodyansky created one of the artworks in this NFT initiative. Ruslan Nonka, an IT entrepreneur; Yulia Gnat and Olga Balashova, co-founders of the NGO Museum of Contemporary Art; and many other Ukrainian artists are among the contributors.

Last but not least

Many cryptocurrency investors regard the Russia–Ukraine crisis as a game-changer that might solidify the utility of cryptocurrencies and blockchain technology in people’s eyes. At the same time, it’s still too early to say whether this will influence how governments view crypto-assets and NFTs. However, we know that digital assets like NFTs are assisting a struggling country in raising funding to defend its borders.

NFTs could do substantially more than before, with blockchain seeping into the world consciousness as a powerful and important financial technology.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.

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Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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