Lobby Lobsters NFT drop raises $4M in one hour!

Non-fungible tokens (NFTs) featuring a cartoon lobster in a suit have raised over $4 million. This was in order to support lobbying efforts in support of the Decentralized Financial Space (DeFi). On the 5th of August, the NFT platform and the community Universe sold their Lobby Lobster NFTs in less than one hour, raising approximately $4 million.

Every NFT was minted for 0.1 Ether which is almost $390 and all 1,000 Ether (ETH) raised from the initial sale were intended to be donated to “a non-profit focused on the policy issues facing cryptocurrencies”. In a blog post, Universe announced that a recipient has been selected; however, the name of the organization will be announced shortly. The proceeds from the resale will also be deposited into the multi-signature wallet of the decentralized autonomous organization Universe. It will come with a monthly communal vote scheduled to determine that the funds should be handed out to which organizations.

In addition, 7.5% of secondary sales will go to support lobby groups that are located outside of the US. The drop of these Lobby Lobsters NFTs drew praise and participation. It came from a lot of prominent figures in the DeFi and crypto ecosystem. It includes Foobar, Fiskantes, and Delphi Digital co-founder Tom Shaughnessy.

How Did The Idea For Lobby Lobsters Came?

The unique idea for Lobsters arose from discussions between Hayden Adams from Uniswap and Kain Warwick from Synthetix. They were discussing how to fund lobbying efforts to support the DeFi industry. The Lobby Lobsters drop came in the middle of the US Securities and Exchange Commission’s investigations into Uniswap’s development team, Uniswap Labs.

There is widespread support for the Universe’s Lobby Lobster drop. In contrast to that, there is a recent controversy surrounding the allocation of around 1 million UNI tokens from the Uniswap treasury to fund the advocacy and lobbying efforts of the recently formed DeFi Education Alliance. These tokens are worth roughly $20 million at the time.

n July this year, the organization was criticized for drastically cutting half of its UNI allocated to it for cash. This happened even after having indicated tokens would be sold gradually in 4-5 years.