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Community Comes Together To Buy Uniswap V3 NFT Video For >$500,000

Community Comes Together To Buy Uniswap V3 NFT Video For >$500,000

Here is a heart-warming story from the crazy world of NFTs. David Hoffman, the co-owner of Bankless, announced on Twitter that a Uniswap V3 NFT, an animation called “x*y=k” made by “@pplpleasr1” got sold for 310 ETH ($525,000). 

The buyers were a DAO or Decentralized Autonomous Organization called “pleasrdao,” a group that was specifically created to buy this particular NFT. 

What Is The NFT About?

@pplpleasr1’s video is closely linked to the theme of DeFi protocols finding the “promised land” in Ethereum. The title refers to the bonding curve equation. Plus, the artist said that she and Uniswap would be donating all the proceeds to charities supporting AAPI and other minority representation to show solidarity with the #StandWithAsians movement.

“I've been looking for a way to meaningfully contribute to the NFT space, and this seemed like the right opportunity for it.”

Formation Of The Pleasrdao

A user going by Jamis.eth tweeted on March 26 his intention of support @pplpleasr1 by forming a DAO called “Pleasrdao” to bid for and buy the NFT.

“Let’s support the most OG DeFi artist by forming a DAO to buy @pplpleasr1 ’s genesis piece. We can @fractional_art the shares. What’s the best way to go about this?? I can contrib 10Ξ. h/t to @lay2000lbs for the idea! @andy8052 @bluekirbyfi @iamDCinvestor @CryptoCobain”

The idea was to form a DAO, bid for the painting and own it via fractional ownership. Coincidentally, three days back, Ethereum co-founder Vitalik Buterin talked about the possible synergy between NFTs and DAOs in his blog post:

"Some institution (or even DAO) could "bless" NFTs in exchange for ... some portion of the revenues goes toward a charitable cause."

The Best Of What Ethereum Has To Offer

Hoffman also neatly summed up why this story expresses everything great about the Ethereum network. It had

  • Capital formation through DAO.
  • A financial asset like the NFT.
  • Cultural expression like the video,
  • Legitimacy since the market values were based on human values.

“This story is a perfect example of what makes me so optimistic about the future that #Ethereum can help enable: A world of open financial tool that help facilitate humans alignment between our cultural values and the market valuation of our assets.”

Reactions From The Artist

@pplpleasr1 was clearly overwhelmed by the sheer amount of support she got from the community and shared a pic with tears in her eyes saying:

“I’m actually crying. Moved beyond words, as I mentioned, I literally don’t deserve DeFi, the same community that supported my art from day one. The funds will not go to waste, I promise.”

Doubling down on her intention of donating the funds, she also tweeted:

“Thank you thank you thank you I don’t know what else to say Pleading face will have to do lots of homework over the weekend to see how many charities we can contribute to!! Any recs/inputs from the DAO are welcome.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.