A new type of DAO — For NFTs, by NFTs

The first NFT only DAO. Mintable is going decentralized — and as such we created a brand new type of DAO never done before — completely ran via special NFTs for voting and proposals.

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A next gen DAO for a next gen dApp

Most DAOs today are built with an ERC-20 token as their means of governance voting — which ultimately leads to many people becoming investors if they want to take part in any form of governance, or worse — governance ran by speculators. Neither is ideal.

  • Intrinsic value of governance is corrupted by short term price movements and speculations
  • Decentralized method of community power/delegation of direction.
  • Runs on an ERC20 which ends up as a gambling mechanism and not governance. Which then can be pumped and dumped.
  • Requires monetary value to be staked/spent in order to get votes.
  • Provides some potential income/profit for participating.
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A traditional DAO

A NFT ran DAO — introducing MINT

Mintable is going decentralized.

We have built the world’s first DAO that has no ERC-20 but instead voting is done via NFTs (ERC-721s). In this case, via MINT, a special NFT each person has in order to vote.

Mintable NFT DAO:

  • Completely novel — no one has created an NFT DAO before.
  • No ERC-20, only NFTs .
  • Voting power is earned directly via participation and engagement in the platform.
  • Governance of future direction and features of the Mintable platform.
  • Cannot be pumped and dumped as it is non-fungible, as compared to fungible ERC-20 tokens.
  • Each person has their own unique NFT that can be traded or purchased.
  • Ability to add yield farming/staking into the voting NFTs if voted upon.
  • Ability to add revenue earning possibilities from our smart contracts if voted upon.
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“What do you mean a DAO ran by NFTs?” — asked chad

Its a DAO just like every other DAO, just like Uniswap, Compound, Moloch — but instead of having a ERC-20 token that is traded on a traditional exchange — the Mintable DAO only has NFTs. In fact, we used Uniswap’s and Compound’s DAO as the basis for our own — but when you switch out ERC-20s, a lot of things had to be changed. It took awhile, but we made a fully functioning DAO running on NFTs.

Ok, cool, a DAO….but why NFTs? What’s the benefit?

Well, first off — Mintable is an NFT platform. Secondly, we don’t think every dapp needs to have its own $#!*coin in crypto, and are strongly against having our own ERC-20.

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  1. Governance tokens are supposed to be for governance and not speculation. It’s a lot easier for that to happen by using NFTs.
  2. Voting power is tangible, like a badge you can see/wear.
  3. Selling votes or your voting NFT is more peer-to-peer interaction than doing a swap on uniswap.
  4. Provides a healthier ecosystem for the DAO and for proposals.
  5. Governance is safer — whales cannot do a flash loan just to sway a vote in one direction.

Starting Dates

When we go live with Mintable v2.0 we will also go live with the DAO. We are aiming to go live at the end of November.

  • Can start earning/buying MINT and NFTs: As soon as its live

How a NFT DAO works

Mintable wants to be community driven, decentralized, and flexible. To do that a DAO is the best choice. Here is how it works:

How to earn a voting NFT and get votes

If you make a transaction on Mintable.app — either buy or sell an NFT — you will be given an NFT automatically in the transaction that you purchased the NFT in. So if you buy an NFT, you will actually get 2 — the NFT you wanted to buy, and the voting NFT.

How proposals works

At any point a person with over 10,000 votes can make a proposal for the future direction of our platform. A proposal can be anything, either a proposal to change our logo, to changing our name, to adding a new feature, to adding an artist to the community approved artists, or adjusting our fees on our smart contracts. Proposals can be used to enact different features on the smart contract, if the community wants them, such as the ability to convert their NFTs into ETH, or to upgrade the DAO into a new smart contract. These are all just examples and will be dictated by whoever is making a proposal and then of course, if it’s passed.

  1. Proposals require a quorum of 15% of total votes in order to succeed and then be decided upon their outcome.
  2. Votes are calculated using your voting power.

Check us out and stay tuned for next Sunday’s update

Join our discord!

Get a discount card before we go live

We have been selling NFT discount cards that remove all the fees on our smart contracts since we went live back in 2018. It has really been helpful for supporting us and our project.

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Legal Disclaimer — Voting NFT (MINT)

The native, non-fungible digital cryptographically-secured voting token of the Mintable platform Voting NFT (MINT) is a transferable representation of attributed functions specified in the protocol/code of the Mintable platform, which is designed to play a major role in the functioning of the ecosystem on the Mintable platform and intended to be used solely as the voting token on the platform.

Written by

Ethereum lover and founder of Mintable.app

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