Over 13K people mint Coinbase commemorative ‘stand with crypto’ NFTs
Coinbase’s “Stand With Crypto” NFTs are purely commemorative and had no intended value or utility at press time.
U.S.-based crypto exchange Coinbase launched a commemorative non-fungible token (NFT), “Stand With Crypto,” after filing a legal action against the Securities and Exchange Commission (SEC).
According to its website, the NFT symbolizes unity among the crypto community seeking a clear and sensible policy.
The NFT features a blue shield, representing a collective stand to protect and promote the potential of crypto.
“The blue shield not only shows your support for the cause but also that you’re part of a growing community who believes in the future of crypto.”
Meanwhile, the team clarified that the NFTs are “purely commemorative” and “has no intended utility or value.”
All the proceeds associated with the NFT collection launched would be donated to vetted organizations through a Crypto Advocacy Round with Gitcoin, according to the website.
Over 13,000 individuals — including Coinbase CEO Brian Armstrong — have minted the NFT. OpenSea data shows that the collection has a total volume of 0.1793 ETH, and its floor price is 0.003 ETH.
Coinbase ramps up crypto advocacy efforts
Earlier in the year, Coinbase launched Crypto 435 — a grassroots crypto campaign targeted at influencing policy-making in the U.S.
At the time, the exchange said it would support crypto advocates with information on contacting politicians in local districts and data on their stance toward crypto.
The exchange’s legal action against the SEC is also aimed at forcing the financial regulator to develop guidance for companies in the crypto industry.
Over the weekend, Armstrong and his staff met with the SEC and members of the U.S. Congress.