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.
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.
But Mintable doesn’t like ERC-20s, we like NFTs (ERC-721 non-fungible tokens).
Even Andre Cronje, the great DeFi builder, has issues with speculators running into his latest experiments blind. So what’s the next iteration of DAOs that solves these problems and provides unique benefits to the governance voters?
Traditional DAO:
- Governs mostly investments and monetary value.
- 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.
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.
This offers a series of benefits to the user, as well as unique propositions for the NFT ecosystem down the road. This is like the early days of MakerDAO, a huge step forward for the creation of DeFi, but now for the NFT ecosystem.
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.
“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.
If you don’t know what an NFT is, you can see this article below — but in short…. its like a baseball card, or an ID card in this case — that says you can vote.
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.
So since we are all about NFTs, it makes sense for us to have NFTs instead of ERC-20s if we want to have a DAO— doesn’t it?
Here’s the real benefits though:
- No more pump and dumps. There is no one that can dump on you. Since NFTs are not like ERC-20s — even if someone has 50% of all the voting power — its still just a single NFT, or maybe a few. But there will never be a red wick that crashes the price 50%.
- Governance tokens are supposed to be for governance and not speculation. It’s a lot easier for that to happen by using NFTs.
- Voting power is tangible, like a badge you can see/wear.
- Selling votes or your voting NFT is more peer-to-peer interaction than doing a swap on uniswap.
- Provides a healthier ecosystem for the DAO and for proposals.
- 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.
- DAO/Mintable v2.0 goes live: End of November
- Can start earning/buying MINT and NFTs: As soon as its live
Mintable.app will be taken down 2 weeks prior to launching and replaced with a landing page as we get closer to launch.
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:
The DAO doesn’t take tokens for voting, but instead uses NFTs. In order to submit proposals, vote in a proposal, you need a voting NFT with more than 10,000 votes to propose, and any number for voting.
Each person who wants to vote has an NFT that contains their voting power on it. Each NFT is unique, and each NFT is given to anyone when they buy/sell an NFT on our marketplace or via the bonding curve.
This means people who actively use our platform, have a say in our platform. Exactly what we want.
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.
If you already have a voting NFT, your votes will increase, but you will not get a new NFT.
Example: Bob creates an NFT on Mintable and offers it for sale. This is Bob’s first NFT. Sally sees this new NFT and loves it, so she buys it for 100 USD, Sally buys a lot of NFTs and she already have a voting NFT with 5,000 votes on it. When Sally submits the transaction — she gets Bob’s NFT and her votes on her voting NFT increase to 5,100. Bob gets 100 USD and since it’s his first time selling an NFT or buying one, he is sent a voting NFT with 100 votes on it. (these numbers are made up and not accurate depictions of the amount of votes you’d get.)
The second method of getting votes is via a bonding curve. The DAO contract will sell NFT votes starting at roughly $2.50 per vote, with only 10 million votes available to be sold. This will allow people to start accumulating votes and earning rewards without having to wait the long game of selling multiple NFTs.
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.
How voting works
- If you have over 10,000 votes you can submit a proposal that can be voted on by the community.
- Proposals require a quorum of 15% of total votes in order to succeed and then be decided upon their outcome.
- Votes are calculated using your voting power.
We will be releasing more news and updates as we get closer to launch! Join the discord to get updates the quickest
Check us out and stay tuned for next Sunday’s update
Join our discord!
Feel free to check out our old, v1 from 2018 at https://mintable.app.
The v2.0 marketplace for the Zilliqa blockchain at https://zilliqa.mintable.app (with extremely cheap and fast transactions).
Our twitter at https://twitter.com/mintable_app
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.
They won’t be available for sale after our update to v2 though, so if you don’t get one before we go live — you won’t have a chance to get one again.
They remove all fees from our contracts for life. Just need to have them in your wallet when interacting with our contracts. You can buy them directly on our homepage at https://mintable.app
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.
MINT does not in any way represent any shareholding, participation, right, title, or interest in the Company or any other company, enterprise or undertaking, nor will MINT entitle token holders to any promise of, dividends, revenue, or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. Ownership of MINT carries no rights, express or implied, other than the right to use MINT as a means to enable usage of and interaction within the Mintable platform.
