The revenues made from secondary sales will also be disbursed to support DeFi lobbying efforts globally. This is the main purpose it is to serve upon its creation.
Nonfungible tokens (NFT) with cartoon lobsters in suits have garnered almost $4 million to assist lobbying efforts for the decentralized finance (DeFi) sector.
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.
Already $4m raised for lobbying efforts in DC. 💪
Let’s go Lobby Lobsters 🦞 community. pic.twitter.com/VeT1XymMoL
— Universe.XYZ 🌌 (@universe_xyz) September 5, 2021
Each NFT cost 0.1 Ether (approximately $390), with all 1,000 Ether raised through primary sales going to “a non-profit focused on the policy challenges affecting cryptocurrencies.”
Universe identified the recipient in a blog post, but the name of the organization would not be published until later.
Resale proceeds will be transferred into the Universe DAO’s multi-sig wallet, with monthly communal votes determining which organizations will receive funding. 7.5 per cent of secondary sales will go to lobbying organizations based outside of the United States.
Many prominent people in the DeFi and crypto ecosystems, including Foobar, Fiskantes, and Delphi Digital co-founder Tom Shaughnessy, praised and participated in the Lobby Lobsters drop.
The concept for Lobby Lobsters arose from discussions between Hayden Adams of Uniswap and Kain Warwick of Synthetix about how to fund lobbying activities on behalf of the DeFi business.
The release of Lobby Lobsters coincides with the US Securities and Exchange Commission’s inquiry of Uniswap Labs, the company’s development team.
The widespread approval for Universe’s Lobby Lobster drop contrasts with the recent uproar surrounding the Uniswap treasury’s transfer of one million UNI tokens (worth around $20 million at the time) to fund the newly created DeFi Education Alliance’s lobbying and advocacy efforts.
In July, the group was chastised for selling half of the UNI tokens it had been given for cash, despite having said that tokens would be sold over a four- to five-year period.