Lobby Lobsters NFT drop raises $4 million in an hour for DeFi lobbying efforts

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All proceeds from secondary sales will also be used to assist DeFi’s global lobbying activities.

Nonfungible tokens (NFT) portraying cartoon lobsters in suits earned more than $4 million for lobbying efforts in support of the decentralised finance (DeFi) industry.

Universe, a nonfungible token platform and community, sold out of its Lobby Lobster NFTs in less than an hour on August 5, raising around $4 million.

Each NFT was minted for 0.1 Ether (roughly $390), with all of the 1,000 Ether raised through primary sales set for donation to “a non-profit focused on the policy issues facing cryptocurrencies.” In a blog post, Universe revealed that the beneficiary has been selected, however the name of the organization will be made public soon.

Proceeds from resales will also be deposited into the Universe DAO’s multi-sig wallet, with monthly communal votes slated to determine which organizations to disburse funds to. 7.5% of secondary sales will be directed to support lobby groups located outside of the United States.

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The Lobby Lobsters drop attracted praise and participation from many leading figures from the DeFi and crypto ecosystem, including Foobar, Fiskantes, and Delphi Digital co-founder Tom Shaughnessy.

The idea for Lobby Lobsters emerged from discussions between Uniswap’s Hayden Adams and Synthetix’s Kain Warwick regarding how to fund lobbying efforts supporting the DeFi industry.

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

The widespread acceptance for Universe’s Lobby Lobster drop contrasts with the recent controversy regarding the distribution of one million UNI tokens (worth around $20 million at the time) from the Uniswap treasury to fund the newly created DeFi Education Alliance’s lobbying and advocacy operations.

In July, the organisation was chastised for immediately selling half of the UNI allocated to it for cash, despite indicating that tokens would be sold progressively over four to five years.

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