Bored Ape Yacht Club donates $1 million to Ukraine
On Tuesday, March 8, 2022, the elite yacht club Bored Ape Yacht Club (BAYC) NFT announced that it had transferred $ 1 million to the official wallet of Ethereum in Ukraine. These funds were given in support of Ukraine in its war against the Russian aggressor. Important to note that members of the BAYC club made a voluntary transfer of funds totaling almost $ 1 million.
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.
Reference: Yacht-club Bored Ape Yacht Club is one of the most popular NFT projects, which gained its popularity in a year. Currently, the lowest cost of the cheapest BAYC NFT is $ 204,840, and the total cost of all NFTs in this project is about $ 2 billion. BAYC is the fifth largest NFT project with a current turnover of $ 1.4 billion.
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!”
Reference: NFT (non-fungible tokens) is a unit of data that is based on a blockchain of a particular cryptocurrency and that determines the ownership of a particular digital asset.
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, RELI3F.xyz 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.
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