Lobster DAO Donates NFT Proceeds To Crypto Lobby Group

The sale of 10,000 “Lobby Lobster”, NFTs, has recently raised 4 million dollars. Proceeds will go to the crypto lobby group Coin Center.

According to NFT platform, community Universe, the Lobby Lobster NFTs were sold out within an hour. This raised the equivalent of 4,000,000 dollars. It will be used to support crypto lobbyists at the non-profit research advocacy organization Coin Center in the effort to get regulators to the DeFi industry.

Universe posted the following blog post:

“Cryptocurrency, non-fungible tokens and cryptocurrency are so new that it is only natural for policy makers to be disconnected from what the industry innovating towards. While the end goal is greater power for artists and creators, its the job of litigators to ensure that they understand the networks they serve. Lobby Lobsters is an effort to aid education.

Secondary resales from the NFTs will be used to support various crypto-organizations, as determined monthly by communal votes.

Many occasions have occurred where crypto communities collectively influenced cryptocurrency companies. The Lobster DAO community is a good example of how community efforts can even reach the political sphere.

Over the last few years, the crypto industry has been subject to a lot of scrutiny by regulators. This has only increased in the recent months. This scrutiny has resulted in increased participation by the crypto community, as they seek to take part in crypto-friendly regulation and increased adoption of blockchain technology and cryptocurrency. Many in the pro-crypto community view the Securities and Exchange Commission of the United States as too punitive. They have been an important figure in crypto regulation.

Cathie Wood, of ARK Invest, and Jack Dorsey from Square are two of the most prominent figures in crypto. They have vocally supported crypto lobbyists. The Crypto Council for Innovation is a global alliance of crypto industry leaders. It recently launched “The BTC Word”: How Institutions can Embrace Bitcoin”, an initiative which aims to de-mystify and discredit the narratives surrounding crypto.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

Read More