The Ukrainian government has reported that it will issue non-fungible tokens (NFTs) to finance its military forces as they defend the country against the Russian invasion. Deputy Prime Minister Mykhailo Fedorov's announcement comes in the same week the country raised more than 200 million pounds from the sale of war bonds.
The bonds are one of several ways Ukraine is using to raise funds. The government is also in talks with the International Monetary Fund (IMF) and the World Bank on emergency aid. In a Tweet, Mr. Fedorov claimed that NFTs will launch "soon". However, there were no plans to sell fungible tokens, of which cryptocurrencies are a prime example, he added.
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NFTs are "unique" assets in the digital world that can be bought and sold like any other property, but do not have a tangible form of their own. Digital tokens can be thought of as certificates of ownership of virtual or physical assets.
The announcement is the latest sign that the Ukrainian government is embracing digital assets as it looks for new ways to raise money to pay for its military.
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