The Gnogen DAO is a 1,500 membership, decentralized autonomous organization that is comprised of 100 seats belonging to Gnogen DAO launchpad Artists, and 1,400 seats belonging to the Gnogen NFT holder community. Every year, a verifiable on-chain lottery will choose between the top Gnogen NFT holders and choose lottery winners to be awarded NFT rights to one Gnogen DAO membership.
NFT projects can enter the Gnogen DAO launchpad program and donate either 5 or 10% of their supply in exchange for marketing, technical support, consulting, and 1 or 2 membership seats into the Gnogen DAO. Thus far, we have 7 members in this Gnogen DAO launchpad program, with an extensive application and screening process involved for new projects hoping to participate. With only a few projects being selected to enter the Gnogen DAO launchpad program every year, each spot in the DAO has become highly competitive, which is ideal for ensuring the highest quality projects from within the Elrond Ecosystem are approved.
Immediately upon receiving the DAO NFT donations, Gnogen is allowed to liquidate up to 10% of the total NFTs donated. These NFTs will be sold on the secondary market to recoup the costs to integrate each DAO member (thus far the GnogenDAO has not sold a single DAO Partner NFT). Once the smart contracts for the DAO voting mechanisms are in place, future proposals (meaning after the 3 year vesting period) for which NFTs to sell and for what price will be done on-chain amongst DAO members. Voting will be conducted entirely on-chain via NFT ownership and smart contract functionality.
The DAO Launchpad was created for several purposes:
Protect the Elrond NFT ecosystem from a wild wild west environment where teams were not doxxed and projects were not properly vetted.
Shed spotlights on hard working teams with strong artistic and brand concepts that bring value to the Elrond NFT ecosystem.
Bring value to Gnogen NFT holders, as anything that gives utility to a brand will help it stand out in the highly competitive landscape. By making 1,400 of 1,500 total DAO membership seats reserved for Gnogen NFT holders, it creates immense holding pressure, which helps stabilize secondary markets for community members to operate within.
Preserve value for brands and projects until our Metaverse goes live for the public release. It will be difficult for independent teams to survive NFT winters without the proper support system. The Gnogen DAO seeks to provide elite teams this support. Once our Metaverse is online, these brands can port their lore and characters, which serves as massive utility for their community members to experience!
Assist NFT projects and founders on the Elrond ecosystem build, innovate, and bring value to the entire community.