As Russia’s offensive on Ukraine continues, international organizations are struggling to mobilize resources and send money to various organizations to support the Ukrainian military. Aiming to meet this need NFT collection has been created.
A self-described “Web3 initiative” – RELI3F UKR – selling NFTs with the promise that all proceeds from primary sales, along with some secondary sales proceeds, will go to relief efforts in Ukraine. According to OpenSea, the base price is around 0.053 ETH and the trading volume at the time of writing is about 456 ETH.
But here is the crux of the matter. As with many popular NFT projects, the spree of interest has triggered an astronomical rise in gas prices. On February 26, before the average gas price dropped below 100 gwei 1,300 gweiexceeded . RELI3F said:
“In 30 seconds, more than a million dollars were raised for the people of Ukraine. This is the power of web3. We sincerely thank you.”
While the result was impressive, many donors were disappointed with the money they lost in gas fees because; the funds could have gone to the people of Ukraine instead of gas fees. Crypto donations have been a popular option for those looking to financially support Ukrainian aid groups and even the military. According to one estimate, more than $4 million to the military. bitcoin donation sent.
Besides these, we can say that NFTs have various use cases, but ‘humane means for fundraising’ is definitely unexpected. Just this month,cypherpunk” came together to form AssangeDAO. The DAO has raised over $45 million in ETH to raise money for the legal defense of Wikileaks founder Julian Assange.
However, critics of NFT-based fundraising gas fees They regretted the loss of donations through
In addition, World Wildlife Fund‘s latest foray into the NFT industry with its collection of “tokens for nature” printed on the Polygon blockchain has also drawn global backlash over environmental concerns.
Moreover Associated Pressdecided to review an attempt to convert a video featuring immigrants on a crowded seaboat into an NFT for its NFT market. The move came after some people accused the news agency of allegedly profiting from people’s suffering.