Silk Highway founder Ross Ulbricht has bought a non-fungible token (NFT) for almost $5.8 million value of Ethereum (ETH) to the decentralized autonomous group (DAO) trying to free him.
Ulbricht, who acquired two life sentences plus 40 years with out the potential for parole in 2015 for founding black market e-commerce web site Silk Highway, bought his collection of paintings and writings at a charity public sale to the FreeRossDAO, a DAO fashioned earlier this month by crypto traders devoted to his launch from jail.
The FreeRossDAO says that over 1,320 folks raised 2,800 ETH, value about $12 million, in seven days to win the public sale for the Genesis Assortment NFT, which bought for 1,446 ETH ($5.79 million), or about half of its treasury.
Says Ulbricht on Twitter,
“I’m floored. The public sale exceeded all expectations.
I really feel like I’ve a brand new objective now. A lot of joyful work lies forward.”
In accordance with the DAO, the remainder of the raised funds might be managed by the members of the group, who vote on the group’s path utilizing its native governance token ROSS.
“As soon as the bid to amass the Genesis Assortment succeeds, contributors will obtain ROSS tokens in return for his or her contributions pro-rata, serving as each fractional items of the Genesis Assortment in addition to FreeRossDAO’s governance token.
Holders of ROSS can vote on proposals and contribute to the path of FreeRossDAO.”
Ethereum is exchanging fingers at $4,020 as of writing, a 2.85% decline within the final 24 hours.
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