Remember Silk Road? Not the road connecting China to Europe and if you do remember that then you’re a vampire. There once was a website on Tor browser called Silk Road where you could buy and sell pounds and pounds of drugs. It was a cool thing you showed your friends in high school on your iPhone 4s and lied about buying stuff from it. Well, the imprisoned founder Ross Ulbricht has sold an NFT collection for $5.8 million and we just want to take a stroll down the memory lane as we tell you the news.
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Silk Road was an e-commerce website on dark web. It was found in 2011 by Ross Ulbricht and shut down in 2013 by the FBI. The majority of the 10,000 products for sale were drugs. And the website kindly provided specific categories for each one. Later on, a sister site called “The Armoury” offered quite a diverse digital marketplace for weapons and firearms.
All transactions were done via Bitcoin. The FBI reported in 2013 that the website made a total revenue of 9,519,664 Bitcoins. Out of them, 614,305 Bitcoins went to the site as commission. If the numbers sound crazy, remember that Bitcoin was worth less than $1 in 2010. If only Michael Saylor could go back to 2010!
Silk Road NFT
Ross Ulbricht recently sold his NFT collection consisting of some of his artwork and writings for Nearly, $5.8 million. The purchase was on the Ethereum network by the FreeRossDAO. DAO stands for decentralized autonomous organization. In this case, the organization aims to raise capital and legal actions to free Ulbricht.
According to the DAO, over 1,320 people helped raise 2,800 ETH roughly worth $12 million as of December 2021. The Genesis Collection NFT was in auction and sold for $5.8 million. As for the rest of the funds, FreeRossDAO says that the managed by the members. The group also utilizes a native governance token called ROSS.
“Once the bid to acquire the Genesis Collection succeeds, contributors will receive ROSS tokens in return for their contributions pro-rata, serving as both fractional pieces of the Genesis Collection as well as FreeRossDAO’s governance token.”
Ulbricht reacted to the auction results on Twitter,
“I am floored. The auction exceeded all expectations. I feel like I have a new purpose now. Lots of joyful work lies ahead.”
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