A first non-fungible token (NFT) of Silk Road’s illustrious founder Ross Ulbricht has been sold at auction. The digital work was purchased by FreeRossDAO, a decentralised autonomous organisation actively campaigning for the release of Ulbricht, who is serving a life sentence.
Silk Road creator’s first NFT has been bought by FreeRossDAO
Famous Silk Road founder Ross Ulbricht’s first non-fungible token (NFT) has just been auctioned for 1,446 Ether (ETH), or approximately $6.2 million.
Offered on the SuperRare platform, one of the leading platforms for the sale of NFTs, the collection entitled “Genesis Collection” includes journals and artworks made by Ross Ulbricht throughout his life.
WE DID IT. Over 1,320 people raised over 2,800 ETH in a week (over $12m at todays price) to win the auction for Ross’s NFT (sold at 1446 ETH – about half of our treasury). Crypto is amazing.
Here’s what happens now
– FreeRossDAO (@FreeRossDAO) December 9, 2021
The first NFT sold is entitled “Perspective”. It is a pencil drawing made by Ross Ulbricht in his cell. It was purchased by FreeRossDAO, a decentralised autonomous organisation working for the release of the Silk Road creator.
Arrested in October 2013 by the FBI, the young Texan was sentenced to life imprisonment after being found guilty on several counts. On its Twitter account, the organisation explains that it “collected over 2,800 ETH in one week” from its community to get its hands on the unfungible token.
This is just the beginning. The purchase of this NFT has not freed Ross. We still have a long way to go to get justice and rectify his disproportionate sentence of double life imprisonment,” says FreeRossDAO, whose Twitter account opened in early December and is followed by more than 4,500 users.
An NFT split into governance tokens
As announced ahead of the auction, FreeRossDAO will split the non-fungible token into governance tokens, the $ROSS. These ERC-20 tokens will be distributed “pro rata, weighted by contribution” to all participants in the DAO. Token holders will get a snippet of the NFT and the right to participate in the governance of the organisation.
$ROSS holders can vote on proposals and contribute to the direction of FreeRossDAO,” the organisation explains on its official website.
In its manifesto, the DAO says its mission is “to free Ross, advance prison reform, share Ross’s work with the world and give everyone a unique opportunity to own a piece of him. The organisation has several people close to Ross Ulbricht on its board, including two long-time friends.
As Trippy Labs, an internet user heavily involved in Ulbricht’s release, explained to Decrypt, the DAO is designed to “act as a steward for Ross and his family” so that “the burden of repairing his unjust grief does not fall solely on those who are related by blood. “
Typical participatory funding lacks decentralised governance. A DAO allows for transparent management and execution of funds”, argues Trippy Labs.
