Lobby Lobsters have successfully completed their NFT drop with all proceeds (~3.9 million USD) being allocated to DeFi lobbying efforts.
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
1,000 ETH for 10,000 Lobsters
The NFT drop minted a total of 10,000 Lobby Lobsters NFTs, which were initially sold at a fixed price of 0.1 ETH per NFT. The digital art pieces sold out within just one hour, generating a total revenue of 1,000 ETH, worth roughly 3.9 million USD.
On the secondary market, prices have dropped for most of the pieces, with the cheapest Lobby Lobsters NFT listed on OpenSea for just 0.05 ETH. A few of the NFTs have been resold for more than 1 ETH though. The highest priced piece is Lobby Lobster #3428, which sold for 5.5555 ETH only a few hours after the drop and is now listed for sale at a price of 11 ETH.
Better Funding for DeFi Lobbying
All proceeds from the NFT drop will be allocated to lobbying efforts for the DeFi industry. There apparently is a huge demand for this type of activity, shown by the controversy surrounding Uniswap’s DeFi Education Fund.
In June 2020, the Harvard-based group received a sum of 1 million UNI (~20 million USD) under the promise that the funds would be released gradually over a period of four to five years. This promise was broken only six weeks afterwards, when the fund sold half of its UNI holdings in return for stablecoins.
With Lobby Lobsters, a new source of funding for DeFi lobbying has been found that seems to work better. Uniswap was also indirectly involved in the creation of Lobby Lobsters, as the idea came from a discussion between Uniswap’s core developer Heyden Adams and the Synthethix developer Kain Warwick.