No Fun New – 12 – Botto, AI, NFTs & DAOs
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This is the No Fun NFT news round up brought to you by the no fun toads. Check out our project. #NFT #AI #Botto
Transcript:
Move over Alexa, there’s a new robot on the block (chain).
I’m Caster The Toad and on this No Fun News Update we discuss BottoProject and its collaborative loopdiloo of tokenomics and training.
(Intro Break)
Botto is a decentralized autonomous artist governed by the people.
Uh, let’s unpack that.
Botto is an AI that makes art.
Every week it auctions off one of the art pieces on superrare.
Side note, supe rare is the crem de la crem of NFT platforms.
Anyway, Botto token holders take ownership of the protocol by holding Botto tokens.
Botto token holders not only own the Botto protocol but also actively train Botto to create “good” art.
They do this because they share in the profits of Botto’s weekly sales in a roundabout, yet beautifully simplistic way.
Here’s the process.
To become a DAO member you buy Botto tokens on a DEX like uniswap.
You then stake your Botto tokens on botto app.
When you have your tokens staked, you get voting points. These voting points aren’t tokens.
Voting Points are just a weighted voting mechanism so that members can act like art critics and vote on the pieces of art the AI generates.
So as a user you just swipe through, left or right, left or right.
Each selection gives the Botto AI a little piece of data to ingest, learn from, and balance the art preferences of its DAO members into future creations.
These preferences make Botto’s art more appealing to the decentralized group of critics, and ultimately informs the final NFT art piece that is generated each week and put up for auction on super rare.
At the time of making this video there have been 6 pieces auctioned off. The highest of which sold for 100 ETH.
Now here’s where it gets tokenomically cool and the reason why you care as a token holder to train Botto to become a better artist.
Once the piece is sold, the treasury takes the Ethereum and buys $botto on the open market, only to burn the token.
Burning Botto token reduces the supply which should theoretically drive up the price of Botto – which is a good thing for all our botto holding art trainers.
So to recap, Botto token holders train the robot to make better NFTs, so that the robot’s NFTs sell for more, which means more ETH is used to burn more Botto token – hopefully driving up the price for Botto token holders.
Now ain’t that just the coolest little mash up of AI, tokenomics and community governance?
Read the story of No Fun Toads!
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