OpenDAO 721Starter
The OpenDAO keeps on giving.
The OpenDAO launched in Christmas 2021 with a very generous airdrop for all Opensea users. Since then, the OpenDAO team and community have been executing relentlessly on our promise to the NFT and Web3 landscape; by enhancing the ecosystem and supporting projects and players.
First, we launched the SOSMarket in January 2022, a prediction tool to gauge the NFT market.
Next, we airdropped the Genesis Membership NFT to our most loyal $SOS stakers on the 23rd of January 2022.
Today, the team is set to deliver on our next promise, drumrolls:
The OpenDAO 721Starter — a launchpad for top NFT projects
Current pain points of the NFT minting and whitelist process:
Quality projects are aware that they will sell out quickly. The problem these projects share is, “How do I get this NFT project into the hands of our most active community member,NFT whales, key opinion leaders and most diamond hands HODLers?”.
The process of earning a spot on a whitelist to mint an NFT is never consistent, rarely transparent and can take a toll on our mental wellbeing.
Problem solved: Introducing the 721Starter:
The $SOS token was airdropped to all active NFT traders based on their volume traded on OpenSea.
SOS Power is calculated based on the $SOS, $veSOS (Staked $SOS), $SOS-WETH LP (Liquidity Providing), and OpenDAO Genesis NFT within a holder’s wallet.
Based on their individual SOS Power, OpenDAO community members will get a chance at a raffle for whitelist slots of top tier NFT projects. If you win a raffle, congratulations, you get a chance to whitelist mint, but you are not obligated to.
To remain fair, there will be a cooldown period after winning, to allow others to have a better chance at the next raffle. There are ways to reduce this cooldown period, such as holding the Genesis NFT.
In simple terms, the higher SOS Power = the higher the chance of a whitelist.
NFT projects automatically get a better chance to whitelist active participants of the NFT space, without having them jump through hoops and spend hours grinding.
What’s the mission behind 721Starter?
To support the OpenDAO community, both collectors and artists.
We attract high calibre projects with highly capable founders and world class artists.
Upcoming projects can access our community of highly engaged NFT players. These community members include, NFT whales and Key Opinion Leaders who have been actively collecting and trading NFTs for years.
Where does the name 721Starter come from?
We want to honour the first widely used token standard for NFTs, the ERC721 contracts. If you are a web3 builder, please consider using ERC1155 instead, for the sake of your collectors.
To SOS believers
We thank you for your support: holding $SOS, staking $SOS for $veSOS, providing a liquid market for trading as $SOS-WETH LP, and minting/holding our Genesis NFT. All of these actions count towards your SOS Power. All of these activities help our community as we continue to build important infrastructure like 721Starter.
To web3 builders
You will get access to the most fervent web3 participants to help jump start your community.
Allocate a portion of your whitelist slots to 721Starter and you will be granted access to a Godsend list of most active and influential web3 participants. These OpenDAO true believers staked, held and provided liquidity for $SOS when the OpenDAO launched with nothing to show. You can almost be certain that they are going to be the most diamond handed group of web3 participants.
If you have additional requirements, you can reach out to our team to discuss further.
For example, if you need a subset of web3 participants who are governance minded, you can consider adding our snapshot POAP as an additional requirement for whitelist.
As we launch more and more educational products, you might be able to whitelist web3 participants who have completed our basic web3 safety educational packages. Our educational products will give our participants a long term mindset. In short, even more diamond hands.
The possibilities are endless.
Ensuring an orderly mint market
Like how an ICO is the most vulnerable time for token launches, the mint is the most vulnerable time for NFT projects.
The OpenDAO ensures a smooth mint process by simplifying your whitelist process. The OpenDAO team is filled with NFT veterans who will give our 2 $SOS to improve your project as well as the minting process.
Looking for proof of humanity?
Check, we have done that for you.
Looking for a group of diamond hands?
Check, we found them for you.
Want to avoid gas wars?
Check, only people who won the raffle are allowed to mint, no need to fight.
Want to avoid pump and dumps?
Check, one winning ticket only allows a single mint. There is no concentration of minters.
Want to widely distribute your NFT?
Check, we have one of the most diverse and inclusive communities in web3.
WAGMI (We are going to make it)
We have every interest to ensure the success of your project, if your project is listed on 721Starter. Needless to say, the entire OpenDAO marketing machinery is at your disposal.
The OpenDAO provides projects with the opportunity to connect with the OpenDAO community — the perfect target market for new, upcoming NFT projects. We have 200K token holders, social accounts with 150K+ followers, around 50K Discord members and a passionate community and team of supportive active contributors. 721Starter will enable projects to utilise and benefit from not only these resources but also lean into the amazing community!
Mechanism
- 7 days before the raffle time, we take a snapshot of the SOS Power of the user accounts, every 1000 ethereum blocks. For example blocks 14,030,000, 14,031,000,14,032,000,14,033,000, etc.
- The lowest SOS Power will be used for evaluation.
- The SOS Power is derived from the sum of the equivalent in $SOS token of
- $veSOS token, our staked token (contract:0xedd27c961ce6f79afc16fd287d934ee31a90d7d1). Gives 1x SOS Power converted to $SOS equivalent.
- $SOS-$WETH token, our liquidity provider token in Sushiswap, both staked and unstaked (contract:0xb84c45174bfc6b8f3eaecbae11dee63114f5c1b2). Gives 2x SOS Power.
- $SOS in the wallet (contract:0x3b484b82567a09e2588a13d54d032153f0c0aee0). Gives 0.1x SOS Power only, so please stake or LP it!
- Ownership of OpenDAO Genesis membership NFT (contract:0xd22f83e8a1502b1d41c0b40cf64b291a6eabc44d) is taken into account, which requires the user to hold the NFT in all the blocks.
- After getting the SOS Power of a user, we can determine its weight in the raffle by dividing the SOS Power by the lowest entry of the raffle.
- If a user’s SOS Power is in the top 10 among all the participants of this certain project, the user automatically wins the eligibility of this project without entering the raffle process.
- Holding all NFT from Tier1–4 would allow you to participate the raffle without cooldown.
- Holding Tier 1 NFT would bring you 10% extra booster.
Update: Reduced minimum entry requirement
To allow more people to participate, our users voted on 1 March 2022 to lower the minimum entry requirement to 400 Million SOS Power.
A simple example
If the user has 400 Million to less than 2 Billion SOS Power, he will get 1 ticket.
If we set the lowest tier to 1B SOS Power and the user has 72.5B SOS Power, he/she will get about 72.5B / 1B ≈ 72 tickets.
Since the user hits the highest tier, the user gains a 1.25x booster so its final weight in the raffle is 72 * 1.25 = 90 tickets with no cooldown.
How can you launch your project with 721Starter?
For the initial launch phase this February 2022, the OpenDAO contributors will curate the NFT projects that will be launched.
For the second phase, planned in the 2nd quarter of this year, the community will participate in the selection process. The application form will be made available on the OpenDAO website.
All applications will go through a rigorous vetting process. The application process ensures the project’s quality and validity. There will be a scoring system that will be implemented for each selection criteria to ensure that the vetting process is done fairly and transparently. These are the criteria that will be assessed:
- Team’s background and history of execution
- Uniqueness of art and project
- Utility
- Tokenomics
- Socials and website
- Existing partnerships
- White paper and roadmap
- Community management style
- Innovation in technology
After the application gets approved, the team will notify the applicant and the details for whitelisting and cross-promotion schedule will be discussed.
And let the fun begin!
Future plans for 721Starter
We will charge a fee in the future for using the 721Starter. But for now, it is free. We might also require projects to stake $SOS to qualify for 721Starter.
Action items:
- Go to our discord and get excited.
- Follow 721Starter twitter and OpenDAO twitter for the latest news.
- Subscribe to this medium account.
