Home News Lobby Lobsters non-fungible token raises $4 million

Lobby Lobsters non-fungible token raises $4 million

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Lobby Lobsters non-fungible token raises $4 million. Non-fungible tokens (NFT) featuring cartoon lobsters dressed up in costumes have gathered more than $ 4 million. All proceeds from secondary sales will go toward DeFi‘s lobbying activities around the world.

In addition, the NFT platform and the Universe community announced on Sep. 5 that their Lobster NFT sold out in less than an hour.

Universe has chosen a beneficiary

Each NFT was sold for 0.1 Ether (ETH), or around $390 US. At the same time, the collection of 1000 ETH took place during the initial sales were sent for donation to a “non-profit organization dealing with policy issues related to cryptocurrencies”. According to a blog post, Universe has announced that they chose a beneficiary. However, they will reveal the organization’s name to the public soon.

The Universe of a decentralized autonomous organization’s multi-signature wallet will deposit the proceeds from the sale. Similarly, monthly public votes determine which organizations will receive funding. Moreover, 7.5% of secondary sales will go to lobbying organizations based outside of the United States.

Many key personalities in DeFi and the crypto industry, including Foobar, Fiskantes, and Delphi Digital co-founder Tom Shaughnessy, have participated in the release and selling of Lobby Lobsters.

The mass support

On August 6, Hayden Adams of Uniswap (UNI) and Kane Warwick of Synthetix (SNX) discussed on Twitter ways to fund lobbying activities on behalf of the DeFi business. This discussion resulted in the creation of Lobby Lobsters.

The Lobby Lobsters release coincides with the US Securities and Exchange Commission’s investigations into Uniswap Labs.

The mass support for Universe’s Lobby Lobster drop contrasts with the recent controversy surrounding the allocation of 1M UNI tokens (worth roughly $20M at the time). It came from the Uniswap treasury to fund the newly formed DeFi Education Alliance’s lobbying and advocacy efforts.

However, despite previous reports that the tokens would be for sale gradually over four to five years. The company has faced criticism. This happened in July due to the sudden liquidation of half of the UNI allocated to it in exchange for cash.

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