Lobby Lobsters NFT drop raises $4 million in a single hour to help DeFi lobbying efforts
Nonfungible tokens (NFT) depicting cartoon lobsters in fits have raised greater than $4 million to help lobbying efforts supporting the decentralized finance (DeFi) sector.
On August 5, nonfungible token platform and group Universe bought out if its Lobby Lobster NFTs in lower than one hour, elevating roughly $4 million.
Already $4m raised for lobbying efforts in DC.
Let’s go Lobby Lobsters group. pic.twitter.com/VeT1XymMoL
— Universe.XYZ (@universe_xyz) September 5, 2021
Each NFT was minted for 0.1 Ether (roughly $390), with all the 1,000 Ether raised via main gross sales set for donation to “a non-profit focused on the policy issues facing cryptocurrencies.” In a weblog submit, Universe revealed that the beneficiary has been chosen, nevertheless the identify of the group will probably be made public quickly.
Proceeds from resales may even be deposited into the Universe DAO’s multi-sig pockets, with month-to-month communal votes slated to find out which organizations to disburse funds to. 7.5% of secondary gross sales will probably be directed to help foyer teams situated exterior of the United States.
The concept for Lobby Lobsters emerged from discussions between Uniswap’s Hayden Adams and Synthetix’s Kain Warwick relating to tips on how to fund lobbying efforts supporting the DeFi business.
I wager actually everybody on crypto twitter would purchase
— hayden.eth (@haydenzadams) August 6, 2021
Related: DeFi literacy: Universities embrace decentralized finance schooling
The Lobby Lobsters drop comes amid the backdrop of the U.S. Securities and Exchange Commission’s investigations into Uniswap’s growth crew, Uniswap Labs.
The broad help proven for Universe’s Lobby Lobster drop stands in distinction to the latest controversy surrounding the allocation of 1 million UNI tokens (value roughly $20 million on the time) from the Uniswap treasury to fund lobbying and advocacy efforts of the just lately shaped DeFi Education Alliance.
In July, the group got here underneath hearth for abruptly dumping half of the UNI allotted to it for money, regardless of having indicated tokens could be bought step by step over 4 to 5 years.