NewsSep 7

Lobby Lobsters NFT drop raises $4M in under an hour to support lobbying efforts for DeFi

Lobby Lobsters NFT drop raises $4M


· NFTs raise over $4 million

· Each NFT cost 0.1 ETH

· All proceeds go to support non-profit beneficiaries that lobby for crypto policy issues

NFTs (NonFungible Tokens) that depict cartoon lobsters wearing suits have raised over $4 million. The cartoons were in support of lobbying efforts supporting the DeFi sector. On 5th August 2021, Universe, the NFT platform, and the community sold out the Lobby Lobster NFTs in under one hour, raising approximately $4 million.

The minting of each NFT cost 0.1 Ether( around $390). All the ETH raised via direct sales is set for donation to a non-profit beneficiary that focuses on policy issues facing cryptos.

All the sales proceeds will be deposited into Universe’s decentralized autonomous organization multi-sig wallet. There would ne monthly votes by the community to determine the organizations to receive the funds. 7.5% of the secondary sales would go to support lobby groups outside of the U.S.A.

The Lobby Lobsters' ideas stemmed from discussions between Hayden Adams of Uniswap and Kain Warwick of Synthetix regarding how to fund the lobbying for the DeFi industry.

Kibet Elikana
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