Lobby Lobsters NFT drop raises $ 4 million in one hour to support DeFi lobbying efforts

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Non-fungible tokens (NFTs) depicting cartoon lobsters in costume have raised more than $ 4 million to support lobbying efforts supporting the decentralized finance (DeFi) sector.

On August 5, the NFT Platform and Community Universe sold their NFT Lobby Lobsters in less than an hour, raising around $ 4 million.

Each NFT was minted for 0.1 Ether (about $ 390), with all of the 1,000 Ether (ETH) raised through primary sales going to be donated to “a nonprofit focused on policy issues that face crypto-currencies “. In a blog post, Universe revealed that the recipient has been selected; however, the name of the organization will soon be made public.

Proceeds from resales will also be deposited into the multi-signature wallet of the decentralized autonomous organization Universe, with monthly communal votes scheduled to determine which organizations to disburse funds to. In addition, 7.5% of secondary sales will go to support lobby groups outside the United States.

The fall Lobby Lobsters has garnered praise and participation from many personalities in the DeFi and crypto ecosystem, including Foobar, Fiskantes and Delphi Digital co-founder Tom Shaughnessy.

The idea for Lobby Lobsters arose out of discussions between Hayden Adams of Uniswap and Kain Warwick of Synthetix about how to fund lobbying efforts supporting the DeFi industry.

Related: DeFi Literacy: Universities Adopt Decentralized Financial Education

The drop in Lobby Lobsters comes against the backdrop of U.S. Securities and Exchange Commission investigations into Uniswap’s development team, Uniswap Labs.

The broad support shown for the decline of Universe’s Lobby Lobster contrasts with the recent controversy surrounding the allocation of one million UNI tokens (worth about $ 20 million at the time) from the treasury of ‘Uniswap to fund the lobbying and advocacy efforts of the newly formed DeFi Education Alliance. .

In July, the organization was criticized for brutally giving up half of its allocated UNI for cash, although it said the tokens would be sold gradually over four to five years.

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