World Art Bank has launched a platform to sell digital assets of famous Ukrainian artists to raise millions for the refugees fleeing the brutal Russian Federation invasion. A collection of iconic paintings from Ukrainian Avant-Garde artist and sketches depicting the invasion of Ukraine will be sold in tokenised format to raise £2.5m (€3m euros) to aid the refugee crisis which is quickly engulfing Europe.
Although NFTs have been around since 2014 they have become an increasingly popular way to buy and sell artwork in a digital format. A staggering $25 billion has been spent on NFTs in 2021, and the market continues to grow.
World Art Bank (WAB) is the first art asset-backed cryptocurrency. Launching this weekend March 20, WAB uses its expertise to create an art NFT collection for a not-for-profit humanitarian campaign.
