The sale of 10,000 “Lobby Lobster” NFTs recently raised a total of $4 million, with the proceeds going to the crypto lobbying group Coin Center.
According to NFT platform and community Universe, their Lobby Lobster NFTs sold out in an hour, raising the equivalent of $4 million dollars to support crypto lobbyists of the non-profit research and advocacy organization Coin Center in their efforts to get regulators off the DeFi industry’s back.
Universe’s blog post included the following:
“Because cryptocurrency and non-fungible tokens are such new innovations, it’s natural for policymakers to be a little disconnected from what the industry is innovating toward. The ultimate goal is to give more power to artists and creators, but it is the role of litigators to police networks that they are attempting to comprehend. Lobby Lobsters is an effort to aid in education.”
Secondary NFT resales will also support various crypto organizations, as determined by monthly communal votes.
Many times, crypto communities have collectively influenced crypto companies, with the recent Lobster DAO community demonstrating how community efforts can even enter the political sphere.
Over the last few years, the crypto industry has been subjected to intense scrutiny from regulators, which has only increased in recent months. As a result of this scrutiny, the crypto community has increased participation as it seeks to participate in crypto-friendly regulation, as well as increased adoption of cryptocurrency and blockchain technology. The Securities and Exchange Commission in the United States has been a key figure in the regulation of cryptocurrency, and its regulatory approach to crypto is frequently viewed as overly punitive by many in the pro-crypto community.
Cathie Wood of ARK Invest and Jack Dorsey of Square are two prominent members of the crypto community who have publicly expressed their support for crypto lobbyists. The Crypto Council for Innovation, a global alliance of crypto industry leaders, recently launched ‘The Word: How Institutions Can Embrace Bitcoin,’ an initiative aimed at demystifying and destigmatizing narratives surrounding crypto.