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Lobby Lobsters NFT Downfall Raises $ 4 Million in One Hour to Support DeFi Lobbying Efforts

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

On August 5, the non-fungible token platform and the community Universe sold all of its NFT Lobby Lobsters in less than an hour, raising approximately $ 4 million.

Each NFT was minted for 0.1 Ether (approximately $ 390), and all 1,000 Ether raised through primary sales went towards donating to “a non-profit organization focused on the political issues facing cryptocurrencies.” In a blog post, Universe revealed that the recipient has been selected, however the organization’s name will be released soon.

Proceeds from resales will also be deposited into Universe DAO’s multisig wallet, and scheduled monthly community votes will determine which organizations the funds will be sent to. 7.5% of secondary sales will go to support lobbyists located outside the United States.

The fall of Lobby Lobsters attracted the praise and participation of many prominent figures from the DeFi ecosystem and cryptocurrencies, What Foobar, Fiskantes, and Delphi Digital co-founder Tom Shaughnessy.

The idea for Lobby Lobsters came from discussions between Hayden Adams of Uniswap and Kain Warwick of Synthetix, on how to fund lobbying efforts in support of the DeFi industry.

The fall of Lobby Lobsters occurs within the framework of the investigations of the United States Securities Commission on the Uniswap development team, Uniswap Labs.

The broad support shown for the downfall of Universe Lobby Lobster stands in contrast to the recent controversy surrounding the allocation of one million UNI tokens. (worth approximately $ 20 million at the time) from the Uniswap treasury to fund the lobbying and advocacy efforts of the newly formed DeFi Education Alliance.

In July, the organization came under fire for abruptly ditching half of the UNIs it had been allocated for cash, despite having indicated that the tokens would be sold gradually over four to five years.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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