In March 2021, digital artist Beeple made history after a “monumental collage” of his work was sold as a non-fungible token (NFT) for over $69 million. While many critics assumed that the NFT mania was only a passing fad, the sector has continued to wax stronger, attracting people from all walks of life. By the first half of 2021, the sector had recorded $2.5 billion in transaction volume. Comparatively, this number was just $13.7 million during the same period in 2020.
OpenDao, the DAO behind the SOS airdrop, is looking to reward all NFT creators, collectors, and markets for nurturing the entire NFT ecosystem.
The Basics: What is OpenDAO?
Touting itself as “the token for the largest NFT community; to pay tribute, to protect, to promote,” OpenDAO (SOS) is currently trending in many crypto cycles. The new project was launched on Friday, making its debut into the scene with a token drop for NFT collectors. Within 24 hours, its Twitter followers grew to over 61,000 and the number of SOS holders had surpassed 130,000 as of press time.
The project is on a mission to reward all those that have contributed to the growth of the NFT sector, particularly, users of the leading NFT marketplace OpenSea. Apparently, all an NFT collector needs to do is to connect their wallets to the project’s website and then claim their free airdrops.
OpenDAO has allocated 50 percent of its SOS tokens to all addresses that have traded on OpenSea since its inception. The distribution is calculated based on the number of transactions on OpenSea, as well as the amount of money spent on the NFT marketplace. And while the number of transactions carries a 30 percent weight, the amount spent via ETH, DAI, or USDC weighs 70 percent. As a result, some of the most active collectors on OpenSea have received the largest payouts from the airdrop.
Speaking of the team behind the DAO, Twitter user 9x9x9eth is the figurehead of the project. According to him, there is no private or public sale for the tokens, no venture capitalists, founders, or team members. The project is being run for free by a team of contributors.
How does OpenDAO work?
Although the overall roadmap and future trajectory of OpenDAO are still sketchy, the most important thing, for now, is that users can claim fee tokens from the site. All you need to do is click the link on the website and connect your decentralized wallet. Your estimated reward will be automatically calculated on the site, after which you can initiate your claim. The tokens will be airdropped to your wallet in hours.
What makes OpenDAO unique?
Rewards NFT collectors
It is almost impossible to talk about OpenDAO’s unique approach without mentioning OpenSea’s recent IPO saga. The leading marketplace for digital collectibles recently welcomed a new chief financial officer in the person of Brian Roberts. The new executive reportedly told Bloomberg that he was mulling over taking the company public, a move that was heavily criticized by the NFT community. Roberts earlier said:
“When you have a company growing as fast as this one, you’d be foolish not to think about it going public. It would be well-received in the public market given its growth.”
Users of OpenSea had long hoped that the company would launch a community token and airdrop it to users, a common practice in the DeFi world. Although Roberts later clarified that the company “would look to involve the community,” many customers were already left disappointed.
That being said, OpenDAO appears to be the knight in shining armor amid the recent developments surrounding OpenSea. Guy.eth, a notable personality in the crypto space, tweeted:
“Shoutout to OpenDAO rewarding the NFT community in a way Opensea wouldn't.”
In a follow-up tweet, he lauded the decentralized nature of Web3, stating that “if the community doesn't like the status quo, they can develop another solution. Fork the code and build something more inclusive.”
In addition to the 50 percent airdrop to OpenSea users, OpenDAO has earmarked an extra 20 percent to support the NFT ecosystem. Verified scam victims on OpenSea will be compensated with SOS. The funds will also be used to provide developer grants for the SOS ecosystem, as well as support NFT communities and emerging artists.