PoolTogether Gets 100% Of Its Defense Function Via Sales Of NFTs

No-loss lottery decentralized finance (DeFi) platform PoolTogether has accumulated 100% of its legal defense function through the sale of NFTs.  Blown away by how the community has rallied around PoolTogether Inc and myself,” said Co-founder of PoolTogether, Leighton Cusack.

The sale of the NFT took only ten days, which means its funding goal of 769 ETH (about $1.4 million) was reached within the period. This shows very strong support from the DeFi community who are supporting the platform against a lawsuit that many believe is an attack on the larger NFT sector as a whole.

As part of the funding campaign, called “PoolyNFT,” PoolTogether is selling three tiers of NFTs with the hope of defending itself against a lawsuit that the platform feels has “no merit.”

PoolTogether Has Crossed Its Target

The NFTs come at different prices, with some going for 75 ETH while some others are sold for as low as 0.1 ETH. They also differ in the number of total minted tokens. The project is also gearing up to launch the “hodler utility” for the NFTs in the future.

Last week the platform’s fundraising project hit 471 ETH after notable figures in the crypto space pulled in their support. One of those big figures is the general partner of Andreessen Horowitz Chris Dixon, who purchased a Pooly Judge Tier NFT for 75 ETH.

The PoolNFT team announced that it has already reached the millstone set out before the sale of the tokens.  “Over 4,200 unique wallets are now holding Poolys,” the team stated.

The Fund Could Hit $2 Million At The End Of The Campaign

As of press time, the entire funding raised has hit 788 ETH, which is above $1.4 million. But the campaign still has up to 16 days before it closes. If all the NFTs on display are sold, it will generate 1,076 ETH, or roughly $2 million.

The class-action lawsuit was filed in January by Joseph Kent, the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign. According to Kent’s allegation, PoolTogether operates an illegal lottery in New York. He is seeking compensation for double the amount he spent on the platform as well as a reasonable amount for the cost of legal action and attorney fees.