Home News The NFT drop by the detained Silk Road founder generates a commotion

The NFT drop by the detained Silk Road founder generates a commotion

1463
0

Ross Ulbricht, the founder of the now-defunct dark web marketplace Silk Road, has caused quite a stir by announcing that his series of nonfungible tokens (NFT) will be auctioned off starting December 2. Supporters hope he earns sufficient money to meet his personal and humanitarian needs. However, detractors believe he shouldn’t be selling NFTs at all.

On December 1, the incarcerated Silk Road founder revealed his intentions to sell the Ross Ulbricht Genesis Collection. On the Superare NFT marketplace from December 2 to 8. Ulbricht created 11 works of art, which were then coined into NFT form by his followers.
Ulbricht created the paintings at various times of his life, from boyhood through his time in jail. Early works portray comic book heroes and animals. But later works depict scenes from his court trial and his emotional sentiments after his imprisonment.

The majority of users are in favor of his cause

The news triggered a flurry of mixed reactions on social media. Some criticize Ulbricht’s move but the majority support his cause.

The auction’s profits will go toward establishing a trust to support Ulbricht’s quest to get a release from prison. Art4Giving, a donor-advised charitable fund “committed to improving the lives of the prisoners and their families,” will also benefit from the funds.
Ulbricht was sentenced to two life terms in federal prison in October 2015 for managing the Silk Road marketplace. He has been a divisive figure in the crypto community. Silk Road, which first appeared on the dark web in February 2011, allows users to buy just about anything with Bitcoin (BTC), even drugs.

Bitcoin maximalists objected to the entire concept of NFTs

Some Bitcoin maximalists may be against Ulbricht issuing new NFTs. However, Crypto Cobain, the high-profile host of UpOnly TV, stated out in favour that he was essential in driving early Bitcoin popularity.

Despite he supports Ulbricht, @francispouliot, founder of bullbitcoin.com, claimed that “the fact that the absurd and immoral NFT Ponzi has now been fully mainstream is very worrying.” Other Bitcoin maximalists, such as @vladenhawk, objected to the entire concept of NFTs “I can live with the emergence of international marketplaces for drugs and weapons. But it’s at NFTS that I draw the line.”

Previous articleCrypto.com to acquire two US exchanges for derivatives and futures offerings
Next articleVladimir Putin recalled ‘high risks’ of cryptocurrencies