Ross Ulbricht, the founder of Silk Road, has sold his first non-fungible token, a pencil sketch titled Perspective, for 1,446ETH ($6.2 million or Rs. 47 crores). Ulbricht was arrested and jailed for his involvement in the Dark Web marketplace, and he had no information about NFTs until recently. However, supporters of Ulbricht’s release organized the FreeRossDAO decentralized group, and he received his initial NFT.
The transaction was completed through SuperRare for a total of 1,446 Ether (ETH). Ulbricht claims that his artwork depicts his life narrative, from being a child to being imprisoned at the age of 29, and that the proceeds would be used to fund his release efforts.
Ulbricht created a tangible sketch of the Perspective NFT in prison with a graphite pencil. On Twitter, images of the original drawing have been shared.
The Genesis Collection is the name of Ulbricht’s 10-piece NFT series. Those who donate to the auction will also receive something in return.
“If the bid to buy the Genesis Collection is successful, donors will receive pro-rata amounts of $ROSS tokens in exchange for their efforts, functioning as both fractional parts of the Genesis Collection and FreeRossDAO’s governance token.” The FreeRossDAO website states that “holders of $ROSS can vote on ideas and contribute to the direction of FreeRossDAO.”
Other NFTs in this collection include essays and artwork from various periods of Ulbricht’s life, as well as an animated movie about Ulbricht’s time in a prison created by audio-visual artist Levitate with Ulbricht’s narration.
On the blockchain network, NFTs are digital assets that are both transferable and immutable.
The profits from Ulbricht’s NFT auctions will go to the Art4Giving fund, a donor-advised trust set up by the FreeRossDAO as a legal brand to support future legal and court procedures and create a lot of publicity.
In February 2011, Ulbricht founded the Silk Road Dark Web bazaar, which allowed users to buy anything, including illegal drugs, using Bitcoin.