The OpenDAO Milestone Report March 2022
It has been another busy month here at The OpenDAO! $SOS, The OpenDAO’s governance and utility token, crossed a major milestone this month, surpassing US$5,042,000,000 in total volume traded, and counting.
We are building and shipping products faster than originally anticipated and in keeping with tradition, we have continued to grow and add value to The OpenDAO ecosystem throughout the month of March with quality partnerships and continued product development. This month, we secured a first of its kind US$5,000,000 strategic investment in tokenized in-game assets in BigTime Studios’ upcoming play-to-earn (P2E) game, Big Time; we secured a number of quality partnerships on 721Starter; we launched The OpenDAO Newsletter; and commenced development work on a number of exciting new products.
Strategic Partnership with BigTime Studios
In what has been dubbed the “Biggest Virtual Real Estate Transaction in History’’, The OpenDAO secured a partnership with BigTime Studios and made a strategic investment of US$5,000,000 in the purchase of “Space” in BigTime’s upcoming genre-defining P2E massively multiplayer online role-playing game (MMORPG), Big Time. This strategic partnership was secured pursuant to The OpenDAO community mandate via SOSIP-9 The OpenDAO P2E Gaming Expansion, SOSIP-11 The OpenDAO P2E Investment Budget, and SOSIP-12 The OpenDAO Power of Attorney.
In a proactive move towards implementation of the above community mandates, the sum of US$5,000,000 was invested in the purchase of ‘Space’ in BigTime’s upcoming MMORPG. ‘Space’ is the descriptive term of Big Time’s virtual land Non-Fungible Tokens (NFTs) in the MMORPG, and Space comes in five (5) rarity tiers, that is, Rare, Epic, Legendary, Mythic, and Exalted. Space is also differentiated by sizes, that is, Small, Medium, and Large. Furthermore, Space is paired to ‘Sockets’, which are used to install additional in-game features. The larger the Space, the more Sockets it has, and the more valuable the Space is.
This ground-breaking purchase effectively makes The OpenDAO the largest Space holder in Big Time, and since The OpenDAO is the largest Space holder, The OpenDAO would also have the most Sockets.
With rapidly increasing adoption of P2E gaming as a most practical use case for NFTs, suffice to say that, the revenue-generating potential of this strategic investment is highly favourable to The OpenDAO. This potential revenue, once realised, would be strategically re-invested into The OpenDAO ecosystem to continue to build trend-setting products, to add value to The OpenDAO’s $SOS token, and to add value to The OpenDAO community by extension.
Since the launch of 721Starter on the 8th of February, The OpenDAO has partnered with a total of 11 top-notch NFT projects to launch on this novel platform. As previously noted, a good number of NFT projects hosted on 721Starter to date have delivered quantifiable value to The OpenDAO community in the form of positive returns on investment — the month of March was no exception. In March, The OpenDAO partnered with the following projects:
- UNXD — For exclusive access to the Dolce&Gabbana NFT universe with the launch of the DGFamily NFT community. With this partnership, members of The OpenDAO community would be able to join the iconic Italian brand on a journey to experience fashion in the metaverse and beyond (50 WL Spots).
- Defi Frens — A project conceptualized in 2021 to build a community with a shared passion for decentralized finance (DeFi), NFTs, and web3 (125 WL Spots).
- Star Wolvez — A project that has been in development since Q3 2021 with planned utility in the upcoming The Star Wolvez game (100 WL Spots).
In addition to the above NFT projects, The OpenDAO is in advanced stages of securing partnerships with Meta Son Heung-Min for 150 WL spots, and Evinco Winery DAO for 200 WL spots. To date, 42,736 community members have participated in the WL raffles and 2,025 WL spots have been given away.
Congratulations to all WL winners! The OpenDAO will continue to bring value to the community through quality partnerships with NFT projects such as the ones already hosted on 721Starter.
The OpenDAO Newsletter
The OpenDAO Newsletter is an initiative of The OpenDAO Research, Analytics and Writers (RAW) Alliance, and it was implemented with the objective of keeping community members informed of weekly developments in The OpenDAO ecosystem. In the short period since launch, The OpenDAO Newsletter has amassed more than 1000 subscribers.
The OpenDAO Newsletter is an initiative of the community, for the community. So remember to hit the Subscribe button when you visit the Substack page to stay up to date on current developments within The OpenDAO ecosystem.
Partnership with DappBack
On the 1st of March, The OpenDAO secured a strategic partnership with DappBack, a web3 micro-task distribution platform.
With DappBack, The OpenDAO community members can now earn rewards for completing simple web3 micro-tasks such as, visiting The OpenDAO website, joining The OpenDAO Discord Server, visiting The OpenDAO Forum, following The OpenDAO on Twitter, joining The OpenDAO Telegram Global Community Channel, joining The OpenDAO Telegram Announcement Channel, visiting The OpenDAO Medium Blog, etc.
More tasks, levels and rewards will be periodically released, so be sure to regularly scan The OpenDAO Task Page to stay ahead of the pack!
Products in Development
In March, The OpenDAO commenced development work on two brand new products!
721Max is best described as a NFT wrap, through which The OpenDAO would issue an I-Owe-You (IOU) NFTs representative of real NFTs before the minting of the same.
With 721Max, NFT traders would be able to trade these IOU NFTs on popular NFT marketplaces such as, OpenSea, LooksRare, X2Y2, and any other platform that supports ERC1155 NFT trading. The IOU NFT artwork would be done or commissioned by The OpenDAO, and The OpenDAO would collect a 1.5% royalty fee on each IOU NFT transaction. Fourteen (14) days after completion of the public mint of the real NFTs represented by the IOU NFTs, NFT traders who have acquired these IOUs would be entitled to redeem them for the real NFTs they represent.
The above may be an oversimplification of the process but you can read more about 721Max and the transformative value it brings to the NFT community here.
Zero-fee Escrow NFT Marketplace
Imagine a decentralised escrow NFT marketplace that charges 0 fees to enable friction-less trading! The OpenDAO community voted for it with SOSIP-16 Build an Escrow/Marketplace and we have commenced development work on this novel concept.
Whereas, it is intended that the escrow marketplace services be totally free, The OpenDAO ecosystem would still benefit from the positive exposure generated therefrom, and in addition; advertisements can be hosted on the marketplace to generate revenue or direct traffic to other The OpenDAO products such as 721Stater and SOSMarket.
Both 721Max and the Zero-fee Escrow NFT Marketplace are currently in development. Remember to subscribe to The OpenDAO Medium and Substack page to stay in tune with the development work being done on these novel products.
One Snapshot was passed successfully this month, that is, SOSIP-16 Build an Escrow/Marketplace which is currently in advanced stages of implementation.
One Snapshot, SOSIP-18 The OpenDAO Academy for a grant of US$100,000 to establish The OpenDAO Academy was proposed but denied.
We have continued our daily Core Contributors text-based AMA throughout March and have completed 76 consecutive days in total so far.
The OpenDAO’s various social media accounts continue to grow, and this can partly be credited to our weekly Twitter Spaces which have been a hit with the NFT community! Our Twitter Spaces are informative, educative, entertaining and enlightening, so remember to tune in to; the Bullish Show hosted by Suchi every Monday; Non-fungible Tuesday hosted by Cyborg every Tuesday; The OpenDAO Spotlight hosted by LauraTheMiamiApe every Wednesday; and The TAO of the DAO hosted by Angyts and Curiousjoe on Fridays.
At The OpenDAO we are always on the lookout for new additions to our ever growing team of talents, skilled individuals, and working professionals. In the month of March, we recruited the following eight (8) persons:
- Greg D Stephen#8094
In total, we are now a team of 46 contributors at The OpenDAO.
That about sums it up for the month of March! We look forward to another month of building with you.