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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.

NFT

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

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This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

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How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

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The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

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‘LG Art Labs,’ a new NFT marketplace, is introduced by LG Electronics

The second major South Korean television manufacturer to do so this year is the electronics giant, which just opened its own NFT marketplace.

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The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the LG home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

On August 12 of this year, LG submitted an application to register the Wallypto patent.

The two companies initially collaborated when LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

LG Electronics enters the NFT market

LG is not the first Korean TV maker to integrate NFT trading into the viewing experience.

To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway in March of this year.

Through a smart TV interface unveiled in January, users may view, purchase, trade, and display NFTs.

The Samsung MICRO LED, Neo QLED, and The Samsung NFT Platform supports the Frame TV models from 2022.

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