No Fun News Update – DAOs, NFTs and a bid to buy the US Constitution.
This is the No Fun NFT news round up brought to you by the no fun toads.
Transcript: ConstitutionDAO was an attempt to use the future of human coordination and governance to buy the past of human coordination and government. As a curious Toad, I not only had to participate and buy a million people but also fall down a never ending rabbit hole on DAO’s.
I’m Caster the Toad and on this No Fun News Round Up, we’ll cover DAOs, NFTs and the ways in which they’re comingling. Using web 3 concepts like a multi-sig gnosis safe for a community wallet, an ERC20 governance token titled PEOPLE for DAO voting, and a slick new web3 fundraising interface called Juicebox – ConstitutionDAO was able to raise over 40 million dollars in just a few days and give little toads like me a true shot at competing in an auction against billionaires.
We lost the Sotheby’s auciton, Fuck you Ken and what up Brooke!, but the experiment was a success. Web 3 enabled a sea of Davids to rise up against goliath. We were struck down this time, but this was just the first wave. DAOs, which can be described as a chat room with a shared bank account, are becoming easier to spin up and ever more popular. DAOs like PleaserDAO and Flamingo are raising funds to share ownership in bluechip NFTs like punks and Fidenzas. NFT projects like mutant cats are setting up a DAO with a shared treasury to buy Cool Cats and other NFTs.
Mutant cat holders can then stake their NFTs to earn $FISH token which represent fractional ownership of the NFTs in the vault. Honestly, all of these projects have fascinating mechanisms and a system of checks and balances that are far too nuanced to cover in this video.
So if you are interested maybe google a few of the projects and tools I mentioned. Because for now, I gotta get back to work.
Me and the other No Fun Toads just set up our own Gnosis-Safe that contains 10 ETH.
We’ll be slowly building out and experimenting with our own systems to vote on and award that grant to creative endeavors and community initiatives. So cop a No Fun Toad on OpenSea and help shape our DAO as we move into this wild future. Hey Jerry, We’re a crypto nation baby! #NFTs #constitutiondao #dao
Further reading: What is a DAO? – Peer Through Media
Further reading: NFT Marketing Strategies – Peer Through Media