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Web3 Community Raises Over $1 Million in 30 Seconds for Ukraine
Following Russia’s invasion of Ukraine, the nation was left in economic disarray due to an immense level of sanctions.
As people scrambled for ways to provide financial relief to those defending their land, a Web3 community came together to found RELI3F, an initiative dedicated to supplying global humanitarian aid.
The concept of RELI3F was born following NFT influencer Andrew Wang’s tweet urging his followers to come together in support of Ukraine.
how can we support the people of ukraine with our resources? if it’s a DAO, where do we go once we pool eth? what about raising money with an NFT collection? we’d have to make sure it’s not a rug and that there’s full transparency— andrew wang (@andrwwang) February 24, 2022
After the group began working together, the rest of the project came together quickly. The official NFT collection features work from 37 prominent artists. See a list of the full team below:
The project immediately blew up following its launch, selling out in 30 seconds and generating over $1 million in Ethereum. 100% of primary sales will be donated in support of Ukraine’s humanitarian crisis.
RELI3F recently sent 185 ETH (approximately $519,000) to a variety of non-profits. See the full breakdown of how those funds were allocated below:
We have just deployed 185 ETH to support the people of Ukraine. Here is the breakdown of where the funds are going, and our thought process behind the decision.— RELI3F (@reli3fxyz) February 28, 2022
At the time of this article, the project has surpassed 644 total ETH in traded volume. 10% of secondary sales have been dedicated to the artists, multiple of whom are from Ukraine. All of these creators will have the ability to opt in or out of these royalties.
This community coming together in a matter of days in support of Ukraine shows just how impactful Web3 can be. RELI3F has left its mark on the metaverse and the real world.
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