Moonbirds NFT creator Proof announced that an official Moonbirds DAO is launching in 2023 with funding from Proof in the form of cryptocurrency funds and NFTs.
Proof, the Moonbirds NFT collection’s creator, has announced that an official Moonbirds DAO is launching in early 2023. Through this DAO, the popular Ethereum NFT project will adopt community governance.
More details regarding the Moonbirds DAO were revealed by Proof’s co-founder, CEO and tech entrepreneur Kevin Rose. Through an official explainer, Rose said they are establishing the DAO structure to “empower creatives that are building towards furthering the Moonbirds ecosystem, reputation, and lore.”
A Closer Look at the Moonbirds DAO
Typically, a DAO—a decentralized autonomous organization—is an online group brought together by a shared purpose or objective. You need to be a member of a DAO for your “voice” to matter, and you must represent your membership via token (NFT) ownership.
In Moonbirds DAO’s case, it will allow owners of Moonbirds NFTs and the yet-to-be-launched Moonbirds Mythics NFTs to join the DAO and participate by submitting and voting on proposals that would expand the growing ecosystem around the popular Ethereum NFT collectibles.
According to the explainer notes, Rose’s Proof will seed the Moonbirds DAO with nearly $2.6 million worth of assets, $2 million of which will be in ETH. An additional $500,000 will be used to purchase Moonbirds NFTs on the market. Based on current floor prices, that would be roughly 37 NFTs. The remaining $100,000 will be in the form of Proof’s own Moonbirds NFTs, seven in total, which it will award to the Moonbirds DAO.
Rose’s startup will also grant 35% of the ongoing creator royalties from Moonbirds and its spinoff NFT project, Oddities, to the DAO. The Moonbirds DAO will launch with a “cold start” caveat; that means Proof will be granted authority to veto any “rogue proposal.” Such is similar to how the DAO-driven Nouns NFT project saw its beginnings.
“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.
In April, Proof launched the Moonbirds NFT collection to a flurry of trading activity that generated $280 million worth of sales, from both primary and secondary markets, for the project in only two days. According to data from CryptoSlam, secondary market sales for the project have breached $595 million to date.
Expanding Beyond Planned Design
The imminent launch of the Moonbirds DAO is a significant evolution of the project from its original design. In August, Proof rocked the NFT space when it announced that it would be switching Moonbirds to an open-source, “no rights reserved” model using the Creative Commons Zero (CC0) license.
That meant anyone, even non-NFT owners, could use Moonbirds or Oddities digital artwork to create and earn money from derivative artwork and products. The Moonbirds DAO structure will have a say in this updated approach. How? DAO members can vote on which derivative projects can use the Moonbirds trademark and the official name.
Meanwhile, according to a late August announcement, Proof’s planned utility token, which will launch in Q1 2023, could intersect with the Moonbirds DAO plans in some way. Proof also revealed two other updates in that announcement. First, the aforementioned Moonbirds Mythics, which comprises 20,000 NFTs, will launch early next year, and second, they have benefited from a $50 million funding round led by venture capital firm Andreessen Horowitz.
“We are well aware that the world doesn’t need another token for speculation,” Rose said during August’s announcement. “So when we do something, it should be uniquely our own with real utility, and something that we believe pushes what’s possible in new and exciting directions. Otherwise, why would we be doing it? There’s just no reason at all.”
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