TL; DR Breakdown
- Ross Ulbricht’s NFT sold for $6.2 million
- FreeRossDAO won the bid
- The organization wants to fractionalize the NFT
Non-fungible tokens have continued to gain immense popularity across the entire market because of what they represent. Although the market is pretty young, there have been massive movements of funds across the market. Some weeks ago, news flew around that jailed Silk Road founder Ross Ulbricht was floating an NFT. As it stands now, the NFT has been sold for $6.2 million, which is about 1,446 Ethereum.
FreeRossDAO won the NFT bid
According to the report, the auction was live on Superare through Art Basel Miami. As predicted, the organization to help free the jailed Ulbricht, FreeRossDAO, came out on top during bidding. According to the organization, their aim, should they win the bid, was to give people in prison hope. The organization also wants to fractionalize the said piece so that enough people can own a piece of the legendary Silk Road founder’s work.
The first NFT that went up for auction was a piece that Ulbricht made while in prison. Named ‘perspective,’ the piece was made with a unique graphite drawing tool. In the collection, there were other pieces of works that talked about Ulbricht’s present dilemma in the prison system.
The organization wants to fractionalize the NFT
Another part of the ten collections of artworks was a short video taken of Ulbricht’s time during his court processes. In a statement by the FreeRossDAO organization, all the money eventually generated from fractionalized sales will be channeled towards a trust that will be created. The trust, Art4Giving, is a new legal powerhouse to help people with their legal issues and awareness of the prison system.
Talking about how they plan to achieve this, the organization claims they would fractionalize the NFTs as planned and exchange them for cash using a newly created ROSS token. In turn, the holders of the token will be actively involved in the activities of the FreeRossDAO organization. According to recent data by NonFungible, this sale slots into the top ten highest sales in the last week.