DeFi Lobbying Efforts Get $4 Million Support from Sales of Lobby Lobster NFTs
The fast-paced growth of the decentralized finance industry is a pointer to the growing acceptance of DeFi products and protocols, even by mainstream industry players. To support lobbying efforts channelled toward the industry’s expansion, $4 million has been raised from the sale of a new NFT drop titled Lobby Lobsters. The Lobby Lobster NFT joins the long list of animal-themed digital collectibles that have been gaining traction since the past year.
The new NFTs comprise cartoonized JPEG lobsters in suits. According to reports, $4 million was raised during their sales just within an hour after commencement. However, it remains unknown how many lobster NFTs within the collection were sold to raise that amount. Sales were conducted on the non-fungible token platform, Universe earlier in August.
Lobster NFTs Generate 1000 Ether from Primary Sales
The lobster NFTs were each minted for 0.1 Ether (which was about $390 at the time). About 1000 Ether was pooled from primary sales and these will all be donated to a non-profit organization with concerns for regulatory issues surrounding cryptocurrencies. Meanwhile, Universe has already selected the beneficiary for the donation. The NFT platform also noted that it will reveal the non-profit soon.
Also, percentages or royalties from secondary sales will be committed toward a multi-sig wallet provided by Universe’s decentralized autonomous organization. Fund allocation will be determined by monthly votes from members of the DAO. 7.5% of the proceeds from secondary sales will also be allotted in support of lobby groups outside the US.
Big players in both crypto and DeFi industries participated in the sales of the lobster NFTs. They include Foobar, Fiskantes and Delphi Digital co-founder Tom Shaughnessy.
Uniswap’s founder, Hayden Adams had fronted the idea for the NFT collection alongside DeFi protocol, Synthetix’s founder, Kain Warwick during conversations surrounding support for the DeFi lobbying groups. This comes on the heels of the regulatory measures proposed by US regulators for decentralized finance.
Last week, it was reported that regulators had raised concerns for investors’ safety because of the largely unregulated space, pseudonymously known as the Wild West. Additionally, they declared that the lack of regulations has given rise to cases of money laundering as bad actors aim to evade the watchful eyes of regulators.
Animal-themed NFTs Widely Received By Investors
The positive reception of the Lobster NFT collection is an indication of how investors are keenly embracing animal-themed collectibles such as crypto kitties, Bored Apes. Beyond this, the growth of the emerging NFT market over the last few months is mind-blowing. The first pointer to the huge prospects of the NFT market is the $69.3 million of Beeple’s Everydays back in March.
The Ethereum blockchain has been the linchpin for NFTs. However, recently, other blockchains like Solana, Fantom, Polygon have been measuring up as they look to displace Ethereum as the ‘Internet of blockchains.’
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