Interest fee

A sharp rise in gas fees on Ethereum; is the russian-ukrainian conflict to blame

As Russian bombs fall on Ukraine and there are reports of deaths, the international community struggles to mobilize resources and send funds to various organizations to support the Ukrainian military. For this reason, it may come as no surprise to many that there is already an NFT collection aimed at meeting this need.

Do-NATIONS and more

A self-proclaimed “Web3 initiative” – RELI3F UKR – is selling NFTs with the promise that all revenue from primary sales will go to relief efforts in Ukraine, along with some revenue from secondary sales. According to OpenSea, the floor price was around 0.053 ETH and at press time the trading volume was around 456 ETH.

But here’s the catch. As is the case with many popular NFT projects, the frenzy of interest has sparked a astronomical increase in the price of gasoline. Early in the morning of February 26, the median gas price rose above 1,300 gwei, before falling back below 100 gwei.

Source: pro.nansen.ai

For its part, RELI3F seemed to be pleased, and tweeted,

“And we are exhausted. 0.05 eth x 37 artists x 200 edits = 370 eth. Over a million dollars raised for the Ukrainian people in 30 seconds. That’s the power of web3. From the bottom of my heart, thank you.

While impressive, many donors were disappointed by the money they lost on gas costs, saying the funds could have gone to the people of Ukraine instead.

Crypto donations have been a popular option for those wishing to financially support Ukrainian relief groups or even the military. One estimate reported that over $4 million had been sent in Bitcoin donations to the military.

Are you a DAO-ting Thomas?

NFTs have varied use cases, but “humanitarian fundraising tools” are certainly unexpected. This month, a group of self-identified “cypherpunks” came together to create AssangeDAO. The DAO has raised over $45 million in ETH to bid on an NFT and raise funds for the legal defense of Wikileaks founder Julian Assange.

However, critics of the NFT-based fundraiser lamented the loss of donations due to extravagant gas charges.

In addition to this, the World Wildlife Fund’s recent foray into the NFT industry with its collection of “tokens for nature” minted on the Polygon blockchain has also received global backlash due to environmental concerns.

Additionally, The Associated Press has decided to revisit its plan to turn a video – featuring migrants on a crowded seagoing boat – into NFT for its own NFT marketplace. It happened again after journalists and scientists criticized the news agency for apparently profiting from people’s pain.