Moonbirds Announces Official DAO Launch with $2.6M Worth of Ethereum and NFTs
Moonbirds, a popular Ethereum NFT project, will implement community governance through a DAO, or decentralized autonomous organization, which is expected to debut in early 2023, according to the project's creator Proof.
According to official documentation, the previously confirmed DAO structure is being developed to "empower creatives that are building towards furthering the Moonbirds ecosystem, reputation, and lore," as stated by Proof, co-founded by CEO and tech entrepreneur Kevin Rose.
About $2.6 million worth of assets, including $2 million worth of ETH, would be used to launch Rose's startup's DAO. In addition, Proof will provide the DAO seven of its own Moonbirds NFTs, or roughly $100,000 worth based on the current floor price (or cheapest available NFT), and another $500,000 will be used to purchase Moonbirds NFTs on the open market, totaling an estimated 37 NFTs.
Additionally, Proof will provide the DAO a 35% share of the ongoing creator income from both Moonbirds and its Oddities collection. Like the DAO-driven Nouns project, the organization will begin with a "cold start" restriction that allows Proof to 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,” reads Proof’s explainer on the structure.
Moonbirds debuted in April amid a flurry of trading activity, amassing $280 million in primary and secondary market sales in only two days. According to CryptoSlam statistics, secondary market transactions have reached $595 million to date.
Launching a DAO is one stage in the project's tremendous evolution from its concept phase. Moonbirds will be transitioned to an open-source, "no rights reserved" model utilizing the Creative Commons Zero (CC0) license, Proof stated in August.
That implies anybody can utilize any Moonbirds or Oddities artwork to produce derivative works of art and goods and profit from doing so. The improved strategy will be integrated into the Moonbirds DAO structure, where members may vote on which derivative projects can utilize the Moonbirds brand and trademark.
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