NFT

Moonbirds Reveals DAO Details in the Project’s Next Chapter

Including $2.3 million USD in initial treasury funding with plans for a royalty trickle as well.

NFT

Moonbirds Reveals DAO Details in the Project’s Next Chapter

Including $2.3 million USD in initial treasury funding with plans for a royalty trickle as well.

Moonbirds, the popular Ethereum-based NFT project launched by Kevin Rose’s PROOF Collective, revealed further details for the implementation of a decentralized-autonomous organization (DAO). To kick things off, the effort will be funded with $2.6 million USD worth of crypto and NFTs — with a goal of empowering creatives “to further the Moonbirds ecosystem, reputation, and lore.”

The Moonbirds project, powered by Rose’s PROOF, has been on quite the journey in the NFT space. When it first launched in April, it broke records and saw what was considered to be overnight success as it skyrocketed from its 2.5 Ether mint price to well over 20 ETH in the days following.

Since then, the collection also reached several milestones, including a 350 ETH sale, as well as an average sale price of 40 ETH at its peak, however, like many projects in this market, Moonbirds’ floor price has come down substantially from those levels and currently hovers around a 10ETH floor price (roughly $13,000 USD at the time of writing).

Another factor the project has had to overcome in recent months was its decision to make its intellectual property (IP) cc0, effectively placing the IP into the ownership of the public domain. With this, anyone is allowed to reuse creative assets through remixes, adaptations, or anything else they see fit.

For most, it wasn’t so much so that the IP was now unable to be leveraged for commercial use, but rather that the decision seemed to come out of nowhere with no consultation of current Moonbirds holders. The controversy surrounding the situation identified a need for increased lines of communication, which a DAO might be the answer to.

In most cases, a DAO is made up of a group or community that has a common goal in mind. These groups are token gated, allowing for voting power to be assigned based on the share of ownership. Once membership is established, users can come together and vote on various proposals that might be used to advance the common goal.

The objective in the case of Moonbirds is to empower the ecosystem with the initial $2.3 USD treasury, which members will vote on the allocation of and issue proposals.

Other factors include the allocation of 35% of ongoing creator royalties from its collectible tokens to be sent to the DAOs treasury. As the group gets off the ground a “cold start” safety protocol will be in place that lets PROOF veto any “rogue proposal.”

“We doubt this will happen, but want to have safeguards in place to protect against attacks until we are comfortable with the voting process,” shared PROOF’s explainer on the structure of the DAO.

Slated to go live in 2023, holders of Moonbirds are excited at the prospects of what the next step might mean for the project.

Elsewhere in NFTs, Shrapnel, a AAA Blockchain Game Reveals Its Trailer made with Unreal Engine 5.

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