See the integration of NFT and DAO from a performance art experiment

The enthusiasm in the NFT field has continued for several months and has not diminished in the slightest.

On April 21, technology giant IBM announced its entry into the NFT field, saying that it will cooperate with IPwe, an intellectual property operator, to convert patents into NFT. A week ago, the New York Stock Exchange (NYSE) also announced the issuance of NFT for the first transaction of iconic stocks to commemorate the first stock transactions of several well-known American companies. The out of the circle released a positive signal.

In addition to big companies, influential celebrities/public figures are also promoting the expansion of NFT circles. On April 21, the famous rapper Eminem said that he would sell NFT collections on the Nifty Gateway platform; The well-known American artist Paris Hilton launched a series of NFT artworks, among which the work "ICONIC CRYPTO QUEEN" was sold at a high price of 1,111,211 US dollars.

"For a long time to come, NFT will be one of the mainstream hotspots in the industry, and penetrate from the encryption circle to the mainstream business circle," said a senior NFT practitioner.

Mu Changchun: Digital renminbi smart contracts have been successfully applied in government subsidies, retail marketing and other fields: According to news on September 2, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, spoke at the main forum on financial services at the 2022 China International Fair for Trade in Services , The 2022 China International Financial Annual Forum stated that at present, digital RMB smart contracts have been successfully applied in government subsidies, retail marketing, prepaid fund management and other fields. With the gradual improvement of the underlying platform and related institutional arrangements, it will be accelerated on a larger scale. [2022/9/2 13:05:19]

In this issue, we will talk about "NFT and DAO community governance", a point that is not discussed much in the current market, and also take you to see "The current missing territory of the NFT encrypted art market". First, let's take a look at the potential of NFT in the field of DAO community governance through an NFT performance art experiment in the CryptoC community.

Governance of NFT and DAO

On April 2, the CryotoC community (referred to as C Society) and the encrypted artist "Xi" launched an NFT performance art experiment. From this experiment, we can get a glimpse of the new things that NFT can bring to DAO governance.

RSS3 announces that PreGod v1.0.0 is officially put into production: Golden Finance News, decentralized content-zce distribution and social protocol RSS3 announces that PreGod v1.0.0 is officially put into production, v1.0.0 has made major changes to the structure returned by its API, and improved the index module High performance, supports 8 networks and various platforms, supports 6 select tags and subtype granularity. v1.0.0 will be free to use but will implement a rate limit (600req/min) with plans to gradually increase the limit over time.

The RSS3 team will release the first release of PreGod on April 5, 2022, replacing PreNode. PreGod is the core of the RSS3 network, and is also the implementation basis for the RSS3 protocol v0.4.0 and the future fully decentralized architecture. [2022/7/9 2:01:28]

DAO, a decentralized community organization, is a new type of organizational structure formed by implementing a set of shared rules on the blockchain. The concept of DAO has taken root in this rapidly developing DeFi field and has become the most popular in the blockchain toolbox. Popular Lego toys and standard equipment for project operations.

Animoca Brands was fined $50,000 by ASIC for failing to submit financial results: News on July 1, Animoca Brands was fined $50,000 by the Australian Securities and Investments Commission (ASIC) for failing to submit financial results for the 2019/2020 and 2020/2021 financial years Dollar fine. Animoca Brands stated in a statement that it is cooperating with its legal counsel to resolve the matter and is cooperating with auditing companies to complete the financial report as soon as possible to ensure that the interests of shareholders are protected. (Startup Daily)[2022/7/1 1:44:10]

Let me first take a look at the main process and form of this behavioral experiment, and see how Club C drives the self-development of the community through "NFT airdrop + time lock":

Main settings for behavioral experiments:

Company C used the artwork of "West" to set a total of 200 NFT medals. At the beginning, only 2 were randomly airdropped to the community, and then the users who obtained the 2 NFT medals passed them on. Members who get the NFT can choose to hold the medal and not transfer it to others to ensure the scarcity of the medal; if one of them chooses to transfer it, the system will also airdrop another one to him (so that the market There will be a total of 3 NFTs), which will increase the community consensus of NFT medals, and there will be a first-level game here.

Informed sources: Liu Yulong, head of global partnerships at Babel Finance, plans to leave: According to news on June 29, Liu Yulong, head of global partnerships at Babel Finance, an encrypted financial service provider, plans to leave at the end of this month or early next month. He recently updated LinkedIn But the profile has since been deleted. He has been with Babel Finance for almost three years and is responsible for finding new partners for the company.

A Babel spokesman said Liu is still working for Babel and declined to comment on his plans to leave. Liu did not respond to multiple requests for comment. Previously, Babel Finance suspended product redemption and withdrawal functions on June 17. (The Block)[2022/6/29 1:38:47]

Before the end of the event, if an address that received NFT for the first time does not transfer out within 24 hours, the NFT will be destroyed automatically. There will be a second-level game between the transferer and the potential receiver, that is to say, there will be an NFT transfer The confrontation between the export demand and the NFT transfer demand. In fact, there is still a layer of game, that is, users who already have NFTs choose not to transfer out, but expect to transfer out through other users, and expect to complete the distribution of 200 NFTs within 24 hours, so that they will not be affected by the time lock. Restrictions, directly own the NFT without spending energy to forward it.

SBF bought 7.6% of Robinhood shares: According to news on May 13, according to a document submitted to the US Securities and Exchange Commission, FTX founder Sam Bankman-Fried bought 56 million shares of Robinhood, accounting for 7.6% of the shares, becoming Robinhood's third largest shareholder. Affected by this, Robinhood shares rose 28% in after-hours trading, and SBF's stake is worth about $560 million. [2022/5/13 3:12:20]

At the same time, the community uses gas fees to construct digital identities for NFT medals. The experiment was carried out on Ethereum. Addresses with higher gas consumption will eventually hold higher NFT weights, which means the higher the digital identity of the NFT.

What is the end result?

In the end, after spending a total of about 200,000 gas fees, the users in the experiment spontaneously completed the distribution of 200 NFTs in various games. At the same time, they used this NFT airdrop to complete the community's spontaneous market education and social networking with friends. , Purchase (transfer), the entire transfer process is also a social process, it can be said that the use of NFT medals realizes all the functions of traditional social tokens.

At the same time, NFT medals are used to build new digital identities and reputations for users, enabling users to have a more direct connection with community organizations, and based on this, different social networks and community tones have been formed, and a group of DAOs with community centripetal force have been established. community groups.

In fact, NFT itself can bring users more than just ownership of a piece of digital artwork. I think that if NFT can bring users a more advanced user experience, it will be more attractive to users.

Compared with buying and trading NFT physical products, if users can build new digital identities and connect with others and DAO organizations by buying, holding, and trading NFTs, community members can explore, interact, and communicate based on this method. This will bring users a different sense of value.

Once NFT can have a direct connection with the community, the combination of NFT and governance can become a matter of course, which may make DAO's membership more reasonable, community governance more efficient, and change the current user participation in DAO governance Not a high question.

The integration of NFT and DAO can be said to be a brand-new way of playing. If NFT is always just the on-chain of artworks, then encrypted art cannot be called a revolution, but just a mapping of the off-chain world, which belongs to the traditional text exchange. The so-called blockchain, NFT encryption art wants to move towards a more revolutionary road, DAO will be an indispensable part.

Moreover, the current encrypted art track is not only full of bubbles, but also lacks an important territory.

The missing piece

Looking at the application of NFT in different tracks, encrypted art is undoubtedly the hottest subdivision field. It not only gave birth to the third most expensive living artist in the world, but also refreshed the record of market transaction volume every day. All kinds of encrypted art Products and online "galleries" have also sprung up like mushrooms after rain.

We can refer to the traditional art trading market to see what is still missing in the NFT encrypted art landscape.

The main body of the art market in the traditional sense can be divided into the following categories: artists, art intermediaries (such as galleries, auction companies), collectors and investors, appraisers and critics, etc. constitute a complete art market structure. The handover and circulation of artworks among the three nodes of producers, intermediaries and consumers forms a complete industrial chain from production to marketing, to collection appreciation or investment.

But NFT encrypted art is different. At present, there has not been a special appraisal and comment institution for encrypted art. This is a piece that I personally think needs to be filled in if the development of NFT art is to develop better. In view of the characteristics of encrypted works of art, compared with traditional identification agencies that need to identify the authenticity of works of art, the identification of encrypted works of art will reflect more on the art itself.

Artwork is often regarded as a "special consumer product", not only because of its price, but also because of the value generated by its unique spiritual essence. Artwork is the symbolic carrier of artistic creators' emotional expression, cultural literacy, and conceptual intentions. NFT encrypted art should first be art, but it is obviously not in the encryption circle, at least not currently.

Therefore, there is a problem with the current pricing power of encrypted art. This problem will be covered up in the FOMO market environment. What everyone pays attention to is not the artwork itself, but whether it can double tomorrow, that’s all. Therefore, there will be various games of beating drums and passing flowers. Moreover, ordinary people do not have the ability to appreciate art. Professional identification and evaluation institutions are an important part that is missing in the current encrypted art landscape, and it is also the key to whether the encrypted art circle can move to another height.

Furthermore, what if this identification and evaluation organization is also a DAO organizational form? Can it collide with more different sparks?

In the future, the field of NFT encryption art will definitely have a process of scouring the sand. After gradually filling the missing corners and integrating with DAO, it may be able to give birth to another new ecology with a hundred flowers blooming like DeFi.

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