What is the latest on the Matt Hancock NFT collection?
The Matt Hancock NFT dominated headlines in the mainstream media during the second month of the year after the former top Tory, who appeared on I’m a Celebrity…Get Me Out of Here! said he was using digital arts to raise funds for war-fleeing Ukrainian refugees.
The non-fungible tokens (NFT) dubbed From Ukraine with Love comprises a 15-piece collection by artist Oleg Mischenko.
Mischenko is a current resident of the UK and his family was housed by Matt Hancock until they left for their own home in Suffolk in February.
According to the Independent UK, the digital collection was auctioned off during the last week of February, and about 10% of the funds went directly into the coffers of Mischenko's family's accounts.
The same news article disclosed that the remaining 90% was allocated to the charity Care International Ukraine.
The Russia/Ukraine crisis has affected many Ukrainians. Mischenko believes that after years of dedicating his life to painting, his art expressed as an NFT collection is a way of defending his country’s philosophy, European way of life, and cultural values.
The former Health Secretary also made it known that he is highly honoured to be part of Ukraine's humanitarian effort.
Which marketplace was chosen for Matt Hancock NFT?
NFT marketplaces play an integral role in the sale of digital collections. During the announcement, the former government executive revealed that Coinbase’s NFT marketplace had been chosen for the Matt Hancock NFT collection auction.
While details of the amount of money made from the collectibles have not been revealed, data from the marketplace shows that eight out of 386 items have been minted with around seven owners.
Essential details needed for the thorough assessment of the digital arts, such as floor price (the lowest-priced NFT within a project which is highly critical for measuring the intrinsic value of a virtual art) and all-time volume (an important metric for evaluating the amount of liquidity being poured into a collection) are missing.
With that said, items such as Frosty Morning in Slavske, Ancient Wooden Church in Sedniv, Lviv Market Square, Lilac With A Boat, Crimea Sea, Genoese Fortress in Balaklava, and Meeting Near The Dnipper have been listed.
Matt Hancock NFTs not only project preserving Ukrainian culture
During Consensus 2022, Michael Chobanian, the Blockchain Association of Ukraine's President, told CoinDesk, a crypto news portal, that the country would be using the possibilities of blockchain technology and NFTs to digitize every single piece of history and art.
This decision was made in unison with Alex Bornyakov, the Ministry of Digital Transformation’s Deputy Minister.
His comments came in June 2022, four months after Russia attacked Ukraine.
Before CoinDesk’s Consensus 2022, Ukraine launched a “MetaHistory NFT Museum” project to raise funds and remember.
One of the main features of NFTs is immutability, indivisibility, and verifiability. Artists were given a chance to contribute to the Digital Museum by submitting a portfolio of work that was reviewed by the country's Ministry of Digital Transformation.
Ethereum, the biggest NFT blockchain by all-time sales volume, was chosen to house the digital art.
MetaHistory NFT did not disappoint, as around $600,000 was raised from the sale of 1,282 artworks on the first day.
## Are NFTs the way to go?
Global NFT market sales have crossed $50 billion in all-time volume from the activities of over 11 million buyers involved in more than 190 million transactions.
While projects from Dapper Labs, Ava Labs, and Yuga Labs continue to dominate the market in terms of commercial sales, the impact of NFTs transcends the digital art community.
Over the past two years, NFTs have played an instrumental role in giving freedom to artists in the music industry and have become one of the main marketing tools for fashion brands worldwide.
Aside from that, event companies that struggled with the forging and duplication of tickets have saved huge sums of money due to the immutability and security blockchain-based NFT tickets provide. NFTs are also being used in supply chain management.
Bored Apes, Mutant Apes, and Top Shots continue to make billions for digital art enthusiasts, but humanitarian-backed digital collections like Matt Hancock NFTs are also helping to not only preserve culture but improve the lives of millions.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.