Rarible DAO updates - Week of August 23 2021
Great Project updates from DAOhaus, brainstorming on DAO NFTs and becoming a Coalition, NFT news of the week.
This newsletter covers important updates going on in the ecosystem (most importantly, the weekly community call). You can re-watch them on our YouTube channel or by checking out last week’s video below.
Governance proposals
[Grant Proposal] Rarible Plugin for biggest No-Code platform (LINK): PASSED!
[Grant Proposal] Screensaver.world X Rarible Protocol (LINK): FORUM
Project updates
Background: DAOhaus is building a native interface on the DAOhaus platform to allow DAOs to interact with NFTs through the Rarible protocol. DAOs will be able to buy, sell, curate NFTs, and more. This opens up a lot of possibilities for DAOs that deal with NFTs (e.g. PartyDAO) as they will be able to manage their NFTs in a Moloch DAO with on-chain governance.
Update: The team showed us the product on Rinkeby (testnet). On the DAOhaus interface, a user can go to “Boosts” (which are plug-ins of sorts) and install the Rarible boost to get started.
Afterward, a DAO will be able to interact with NFTs in different ways. Including:
1) Buying/Bidding on an NFT or Selling an NFT that the DAO is holding.
2) User buy-out: when exiting a DAO, someone can propose to receive a fraction of an NFT or some stables to be “bought out”.
3) NFT tribute for new members: new members give an NFT to the DAO to join.
During the call, we got a demo of the NFT selling functionality. A person from a DAO can propose to sell an NFT that the DAO holds by filling several fields (see below).After submitting, a proposal is created and the DAO members will vote. If the proposal passes, the action is executed. In this case, the NFT is put up for auction/sale on Rarible.
NFT news
Visa bought CryptoPunk #7610 - In an announcement made on Monday (Aug 23rd), Visa stated it bought CryptoPunk #7610, entering the NFT world. The purchase was made last week, on Aug. 19th for $150,000.
Cuy Sheffield, Visa’s Head of Crypto, said in a blog post that the main reason behind the purchase was to learn about the space, also stating that Visa believes “NFTs will play an important role in the future of retail, social media, entertainment and commerce.” Additionally, Visa wants to signal its support for creators, artists, and collectors who are building the future of the NFT space, showing its intention to work “with this growing community to make NFTs useable and accessible in a variety of contexts.”
90 CryptoPunks are snapped in only 1 hour - Following Visa’s announcement, around 90 CryptoPunks were sold in only 1 hour! The purchase heated up the CryptoPunk market and, according to Larva Labs, the majority of the sales were for 180k-250k.
Cryptopunk images and Attributes added On-Chain - Speaking of CryptoPunks, Larva Labs, the creator of this project, announced that the pixelated faces now live On-Chain! Back in 2017, when the project was created, only the cryptographic hash of the image was stored in the Cryptopunk contract. Since the images are very small (24x24 pixels), Larva Labs was able to change this, and store them directly on the Ethereum blockchain.
“Storing them on-chain in this way would further cement the long-term survival of the Cryptopunks images and attributes, and ensure that they can be fully accessed by anyone with only an Ethereum client.”
NFT for biopharma research and IP rights sold to DAO to fund research - For the first time, biopharma research and IP were bought and funded by VitaDAO as an on-chain NFT. The IP-NFT was purchased for $325,000 and represents full legal IP rights, in addition to data access control to biotech research and data. VitaDAO is a decentralized intellectual property collective that aims to democratize research into longevity therapeutics.
This represents another very interesting use case for NFTs, breaking the barriers to research funding and supporting developments in science!
Project AFGHANISTAN #StandUpForUnity NFTs -As the harrowing and uncertain situation in Afghanistan worsens, and the humanitarian crisis is further aggravated, acting fast to help civilians who are in danger becomes crucial. With this stark reality in mind, “Stand For Unity” launched the campaign #StandUpForUnity NFTs. This Global Awareness campaign aims to “create a monetary aid fund for resettlement costs using blockchain technology. To mobilize artists, musicians, collectors, and the NFT community to participate by creating/donating NFT art and/or via special events/performances.”
NFTfi saw its best month to date in July - NFTfi, a marketplace for NFT collateralized loans, saw its best month to date in July when it hit its 1,000th loan according to its CEO Stephen Young. The company has already facilitated $5M worth of loans, still representing a fairly small figure when compared to the overall NFT sales volume. As the market continues to grow, the expectation is that these figures increase exponentially.
NFTfi also stated that “the two NFT projects that have driven the most lending have been Autoglyphs and Art Blocks.”
Thanks everyone! Remember to join the conversation on Discord, or in our Forum :)
Special thanks to Barmaan for the art used for this week's video & newsletter image cover.