DAO token-economy for BullishArt.
Few days ago we tweeted about an important coming announcement for BullishArt and now it is time to explain what is about.
At BullishArt we have tried almost every approach to develop our community: we launched generative art, we curated artworks and we launched our token as well, Bart from Tezos all the way to BitCoin.
The last part was the most complicated because launching a token is easy, giving utility is much more complicated.
The first approach for our token was a multi-chain tokens on Tezos and BSV. Then after we decided to move only to BSV but we chose Sensible token because of Token Swap AMM functionality on that protocol.
Bart was the first third-party token to be added on Token Swap when the site begun adding tokens. The first period was very dynamic but after few months it became much more difficult to create interaction with the users.
At the same time, a problem arise, our NFTs are 100% on Run protocol but Token Swap is using Sensible Contract. This fragmentation made things very complicated for us.
After a long time reflecting on a solution, we have decided to go 100% on Run and to quit using other protocol.
There are very important reason behind this choice:
- We need to reward users and we need 1 address for both token and NFT.
- We want to operate within the Run protocol where our developers are familiar.
- Finally we think BSV has to choose one protocol, so we made our choice.
This is the first important update but it is not the last. The second update is, we are going to change token model, quitting the utility paradigma and embracing the DAO.
Our DAO is called Minerva, as the Roman God of Art and War
As NFT gallery and community our DAO will play a crucial role in the expansion of BullishArt.
We plan to develop the Minerva DAO as follow:
- Purchasing valuable NFTs for the DAO and building a separated portfolio for members
- Dropping exclusive NFTs to DAO members
- Voting for structural changes and coming art competitions in BullishArt
- Participating in our collective BullishArt exhibition
- Marketing and promotion
- and more ideas to come.
Most important is the Minerva DAO will be a player on the BSV NFT ecosystem at 360 degrees and if the community will think necessary it will also play a role in other chains, like acquiring other chains valuable NFTs.
We also understand that to bring BullishArt to the next level we need to build up a stronger community and the DAO is one big step toward this direction.
This solution is also important to fix the problems of many holders of Bart on Tezos and on BSV who have not found utility. We will convert every Bart into the Minerva DAO token.
More will be announced in the coming days.