Crypto has proved to be one of the most significant channels for philanthropic support. The recent events have affirmed how they can transform the future of philanthropic action. Various charity organizations are using this channel to promote the humanitarian cause and help those in need. These organizations have set up crypto wallets where generous charities have been received. Eurovision Song Contest 2022 winner has added its name to the list.
If this is considered from another perspective, the leading names from crypto are also involved in crypto donations. Vitalik Buterin and other known names in the crypto market have donated to educational institutions, healthcare programs, etc., to promote collective well-being. The philanthropic activities in the crypto market saw a rise as the Russia-Ukraine conflict escalated.
The recent addition to the list is the creation of NFTs from the Eurovision Song Contest 2022 Winner. The Eurovision contest winner, Kalush Orchestra, has announced the auction of NFTs at the official Ukrainian charitable NFTs museum.
Here is a brief overview of this effort and how it will benefit the war-stricken nation.
Creation of NFTs by Eurovision Song Contest 2022 winner
Turin, Italy, hosted the Eurovision Song Contest 2022. It took place on 14 May and had an audience numbering 161 million on different media. According to the available stats, Eurovision Contest 2022 had 18 million viewers on Facebook and TikTok. Kalush Orchestra performed Stefania and was declared the winner of this contest.
Kalush Orchestra has decided to utilize this opportunity to support Ukraine in its time of need. It has created an NFT for the Eurovision glass microphone trophy. It has put the trophy for auction at the official Ukrainian charitable NFTs museum. The amount that is extracted from its purchase would be given in donations to support Ukraine.
The person who wins this auction will receive the unique NFT representing the Eurovision trophy and Kalush Orchestra. Also, s/he will be allowed to have dinner with the members of the Kalush Orchestra. They have added another pro to the winner’s benefit that if the crypto bid is more than the fiat bid, the winner would be able to receive the actual glass microphone and the NFT.
Thus, it will attract huge amounts to the bid to receive the prized Eurovision trophy. The of crypto bids will decide how this auction will end.
Supporting Ukrainian defense efforts
Kalush Orchestra has announced to support Ukrainian efforts through its NFT bid. The auction will continue from 25 May to 28 May 2022. The initiative is supported by the Ukrainian culture ministry, European Broadcasting Union, and other major names. The money received from this charitable effort will go to Serhiy Prytula Foundation.
The event attracted singers from forty countries, while Russia wasn’t included in the list. The song that won the contest was entirely written in the Ukrainian language while it represented the country’s efforts during the war. The crypto efforts for Ukraine have continued for more than three months, and the amount has reached $82 million over the mentioned period.
The trophy, minted as an NFT for this auction, belongs to Ukraine. It will help those who need financial support as the country faces a severe crisis due to the Russian invasion. Another worth consideration is that the NFT launched by Ukraine DAO was sold for $6.5 million, which made it the tenth most expensive NFT. It is yet to be seen how Eurovision Song Contest 2022 trophy NFT will perform in the market.
Conclusion
The Eurovision Song Contest 2022 winner has announced the auctioning of NFT for its trophy. It was minted soon after the close of the contest and is open to bids till 28 May. The amount it might attract hasn’t been estimated, but it would attract considerable value. The management has decided that if the crypto bid is more than the fiat bid, they would also give the real trophy to the bidder.
