Convict Behind 'Solkroad' Black Market Sells NFT For $6.2M

Ross Ulbricht — the man convicted for creating the infamous darknet black market — sold his first non-fungible token (NFT) for $6.2 million or 1,446 Ethereum ETH/USD.

What Happened: Ulbricht's NFT was bought by a decentralized autonomous organization (DAO) called FreeRossDAO, according to a Cointelegraph report. The organization states that it aims to “advance prison reform” and to “share Ross's work with the world and give everyone a unique opportunity to own a piece of it.”

The auction was held at Art Basel Miami via the SuperRare platform and the FreeRossDAO placed the winning bid for Ulbricht's artwork called "perspective," which he created with a graphite pencil and is part of a 10-piece collection.

See Also: BEST NFT INVESTMENTS IN 2021

All the proceeds from the Genesis Collection will go to the Art4Giving fund, which is a donor-advised trust created by the FreeRossDAO to fund new legal proceedings and raise awareness.

The NFT will be fractionalized into ROSS governance tokens and distributed pro-rata in return for donor contributions. The holders of the ROSS tokens will have the right to vote on proposals and guide the DAO.

The report follows Ulbricht's NFT auction being announced earlier this month.