The imprisoned founder of the now-defunct hidden Web marketplace "Silk Road," Ross Ulbricht, has opted to sell off some of his artwork as non-fungible coins (NFTs). These works of art were selected from various periods of Ulbricht's life. From December 2 through December 8, all 10 of Ross's original artworks and essays, as well as an original animation collected into one single NFT, will be up for auction. Ulbricht stated in a blog post that he is also using artwork to depict his journey from being a child to being imprisoned at the age of 29. "When I was arrested, I was 29 years old.
As I was in prison, I suddenly found myself with more time to draw. "Then one day, I was informed, 'you should sell your work as an NFT,'" said the Silk Road creator in a piece titled "My NFT." The collection, dubbed the "Ross Ulbricht Genesis Collection," will comprise Ulbricht's writings and artwork. Ulbricht's debut NFT series will also include an original animation with his audio explaining his jail experience. Ulbricht's "loved one from the free world" had a Twitter account that shared black-and-white images of his work.
Ulbrichit has been in jail after being condemned to two life sentences in October 2015. In February 2011, he founded the Silk Road dark web bazaar, which allowed users to buy anything, including illegal drugs, using Bitcoin. Ulbrichit has other intentions for the money raised by the NFT sale, aside from paying his personal efforts to get out of jail. "With the earnings from this NFT, we're launching Art4Giving, a donor-advised fund committed to alleviating the suffering of jailed people and their families." "There's a lot we can do," the blog continued, "but one concept I'm devoted to is helping kids travel to visit their mothers and fathers in prison." NFTs are digital valuables that are transferable and immutable on the blockchain network.
The Fidenza digital artwork number 938, titled "God Mode," has been proclaimed the first most expensive NFT in the history of the business, with a price tag of $8.5 million and is owned by rapper Snoop Dogg. According to statistics from industry tracker DappRadar, NFT sales volume increased by more than eightfold in the third quarter of 2021, to $10.7 billion. Many have been perplexed by the surge in sales and high prices for NFTs - products that do not exist physically - yet the multifold expansion indicates little or no depreciation.