Bored Ape Yacht Club donates $1 million to Ukraine

A short history of the donation

On its official Twitter page, BAYC NFT commented: “It’s been inspiring to see our community come together in support of Ukraine — almost $ 1m in ETH has been donated to @Ukraine by wallets containing a BAYC ecosystem NFT. Today we’re matching that with a $ 1m ETH donation of our own.”According to the transaction hash information, the company transferred 389 ETH to the online wallet address. In total, about $ 89 million was transferred to support Ukraine. Of these funds, only 40% is cryptocurrency Ethereum and 29% is Bitcoin.

Difficulties in NFT transfer

Despite generous donations from companies that have decided to support Ukraine, there is a problem in the liquidity of this financial asset. The disadvantage of NFT is that each of them is unique, and therefore the sale procedure can take a long time. That is, even if the initial cost of NFT was high, it does not mean that the Ukrainian government can sell it at a good price and withdraw funds. This is what Deputy Minister for Digital Transformation Alex Bornyakov said on Twitter: “On 03/01, someone donated a #cryptopunk №5364 by @larvalabs to Ukraine. It’s 56 #ETH (around $150k). People ask if it helps. Two points. 1 — it’s hard to cash it out. 2 — it’s a big deal since it engages more people who belong to the community. Thank you, #cryptofolks!”

General data on donations

Nevertheless, despite all the shortcomings of digital currencies, about $ 90 million has already been transferred to Ukraine’s online wallet, as already mentioned. Cryptocurrency tracker Dune Analytics notes transfers to the accounts of organizations such as Ukraine DAO, NFT sale, Endaoment, Unchain Fund, Come Back Alive, and Ukrainedao.eth. According to Merkle Science statistics, $ 7 million of these funds are stored in Ethereum. Other cryptocurrencies include Bitcoin (BTC), Dogecoin (DOGE), Polygon (MATIC), BNB, SOL, DOT, and NEAR.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.