Journey to FP DAO — Part 1

Bounty for Participating

We’re allocating 10 ICP for up to 10 DAO proposals that created anywhere from now to one week after the Twitter Spaces. As a reminder, any flower holder can make a proposal and/or vote on fpdao.app. Here’s the criteria:

  • Proposals must be submitted anywhere from now to 08/24.
  • Proposal must relate to DAO development directions, i.e., Twitter Spaces topics or similar.
  • Proposals must have “Accept/Deny,” “Yes/No” options. Multiselect won’t be considered because they don’t represent a unique idea of the proposer.
  • Proposals must have a majority voting “Accept/Yes.”

2022: DAO V0.5

What we’ve done

We are currently in DAO V0.5 but will be moving to V1 in 2023. We have a decentralized base of flower holders. We have instituted flower voting rights in the DAO. We Launched the Pineapple Punks with Ludo as the first official Collaboration Proposal. A great start to a rather experimental DAO model, but we’ve still got a ways to go.

What we’re doing

#1 of the FP DAO Bill of Rights starts with a reminder of the DAOs founding mission.

“Finding and supporting quality art through wisdom of the crowd is the FP DAO’s foremost ambition.”

The remaining 5 fundamental rights describe the function of the DAO in pursuing this ambition, followed by the collaboration proposals section describing how to make this happen. Our immediate next step is delivering a 3rd party collaboration proposal as described in the constitution.

2023: DAO V1 Upgrades

The challenge for DAO V1 is decentralizing the proposal issuance and curation processes. Currently, any Flower can post a proposal, and separating the wheat from the chaff is currently a team responsibility. Further, the only formal DAO process is for collaboration proposals, and the issuance for those is constrained by the team to limit the number of collections.

Example Marketplace Hub of the Future

Flower Utility

In FP DAO V1, DAO gardening is the means through which new art grows. Here’s how the process would work:

  1. Flower holders plant (stake) their flowers.
  2. Planted flowers generate SEEDs.
  3. Collectors delegate SEED to the collaboration proposal of their favorite artists.
  4. When an artist’s collection idea accrues enough delegated SEEDs, they are accepted into the DAO and development begins.
  5. At launch, those delegated SEEDs are burned in exchange for art airdrops or other incentives dictated in the original proposal.
  6. Left in place of the burned seeds is a memento Soul-Bound Token, commemorating the SEED collector’s contribution to that artist.

Beyond DAO V1

It’s hard to say what’s beyond the establishment of a DAO-governed community hub, because, well, it will unleash creative directions that we’d be naïve to try and predict. But the ambition we’d like to establish now is that of Soul-Bound utility.

Problems Solved

Short-term Token Models

It’s shouldn’t come as a surprise that standard token distributions are arranged such that community liquidity becomes the founder and investor’s investment hedge against project failure.

Short-term Art

Just like fungible-tokens, NFT collections have been shaped by their economics, which is further shaped by their marketplace economics. Typically, at least 90% of the money from NFTs comes from the initial sale. Very little is made on royalties. So, knowing this, the best strategy for any artist is to launch one collection after another at max price and then leave or move to another ecosystem. The best things for marketplaces to do is to encourage this strategy.

Boring DAOs

Snapshot is a great sample of the existing blockchain governance protocols today. They’re often incredibly useful in helping make roadmap and protocol decisions while incorporating the community. But… they’re really boring. No one sits around all day pondering DeFi protocol decisions for fun. And that’s why voter participation in these “DAOs” is usually around 1–2%. And there’s not really a fix for this either until DAOs find a use case that makes people want to be a part of it.

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FPDAO

FPDAO

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Community controlled NFT launchpad by @btcflower — Merging the best Web3 stack with the finest art