nftDAOs: Making Noun Accessible to 100M South East Asian Crypto Users

NounsDAO NounsDAO Proposals
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nftDAOs: Making Noun Accessible to 100M South East Asian Crypto Users

TL/DR - Enable Nouns to launch DAOs without coding. Noun holders can create their own SubDAO and synchronize the governance with Noun DAO.

A. What are we doing?

The aim is to make Noun accessible to the mass market. We aim to do this by fractionalizing Noun NFTs. Shareholders can still partake in governance and interact with the Noun through the DAO consensus mechanism.

Here are some key points:

  • Noun owners can create NounDAO by fractionalizing Noun NFTs.
  • NounDao likes the country with treasury & citizen (community)

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  • Each NounDao holds:

  1. Voting rights: Members in the NounDao can vote on proposals and results sent to Nouns.wtf

  2. Create proposals: Members can create proposals on NounDao, and if the community approves, this proposal will be submitted to Nouns.wtf

  3. NounDao Treasury: This is where the Nouns, assets, and fees paid by the members are stored. The DAO members have full permission to decide how to use this treasury.

  4. The community can decide to add more Noun to the treasury to increase the power of NounDao

This model will lower the entry price for Noun NFTs, making it more accessible to markets like South East Asian (SEA).

B. Why are we doing this?

The chart below shows Noun’s average price since the first NFT was minted. At present, the average weighted price is around 82 ETH.

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Noun’s price has remained consistent regardless of the market movement and ETH price. At 82 ETH ($109,500 in September 2022), the entry price is too high for most NFT buyers.

There’s massive scope for growth for Noun. With over seven million crypto users in Thailand and Vietnam alone, Southeast Asia (SEA) also has the highest number of NFT users. The challenge is to unlock the market and make high-value NFTs accessible to more people.

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We present an excellent opportunity to unlock Noun’s growth potential by giving them access to high value NFTs at an affordable price. We do this through fractionalization and allowing you to become a part of a DAO that owns a whole NFT. It still offers the same benefit of participating in governance activities of Nouns while lowering the entry and still hold the value of the Nouns DAO.

In short, we provide the key to the mass adoption of Noun.

Key takeaway:

  1. Noun’s value is high, and it’s hard to accumulate enough ETH to mint a Noun
  2. There are 5.5M users in Thailand and 2.5M in Vietnam who are actively in the NFT community. However, the entry point for Nouns is too high for the majority of these users.
  3. CSAO (Central and Southeast Asia and Oceania) region represented 14% of global cryptocurrency value in 2021, equivalent to $572 billion. However, similarly to the previous point - the market remains untapped.

C. How nftDAOs work?

Step 1: Create your DAO and mint ERC-20 governance tokens set by the value of your NFT.

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Step 2: Buyers’ receive their share of the DAO by purchasing ERC-20 tokens from the Noun owner.

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Step 3: Voting participation

D. Who is building nftDAO?

We are an experienced team with 15 people, including engineers, developers, and designers. We all have one thing in common:

We are believers in Web3 and NFTs.

We are also based in Ho Chi Minh City, Vietnam, in the heart of South East Asian. Otherwise known as Saigon, HCMC is one of the world’s most dynamic cities and home to a thriving Web3 industry. We know what it takes to win over the fast growing and increasingly discerning South East Asian market.

We have a proven track record of building successful crypto and other Web3 platforms.

0xDobharchu, are successful entrepreneurs, product builders and NFT collectors. Robert is our Growth Director who has secured strong partnerships with other key Web3 projects, layer 1 Foundations like Near and Polygon, as well as the wider NFT trading community. George is a Senior Advisor to the project, with vast experience in art, tech, and marketing.

They are ably supported by a talented team of creators and developers. Much of the core team have also worked together for five years, and we’ve blended our experience with an injection of fresh talent to take us to the next level.

E. Proposed Timeline of nftDAO

Phase 1: Complete the design and coding to facilitate fractionalizing Noun NFTs. There’ll be a full audit before the Beta launch. (Estimated time: One month)

Phase 2: Beta launch of fractionalized Noun NFTs. Planned for November 2022.

Proposed URL: nftdaos.wtf

Phase 3: Full product launch in January 2023.

F. Funds raising and allocations

Design (function design & detail design) — 5 ETH

Coding & deploy — 30.9 ETH

Publishing & maintenance — 8.1ETH

Therefore, we require 44 ETH to execute all the actions listed above.

U. Screen example

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Bring people together to form a DAO to buy Noun NFTs at affordable prices.

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A dashboard where you can manage your assets and DAOs in one place.

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The subDAO will have voting rights on Noun proposals, just as you would if you own a whole NFT.

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Additional information, i would like to share some takeaways data show that entering to Southeast Asian market will be great for Nouns.

  1. 4 countries in Southeast Asian (Philippines, Thailand, Malaysia, Vietnam) are the top 5 nations with the highest NFT adoption rates.

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  2. Thailand is the country with most NFT users.

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  3. Search interest in the term ‘nft’
    Users in the Asia was more interested in NFTs than those in Europe, Latin America, or the Middle East and North Africa and three Southeast Asian countries are in the top five

  4. Typical price for an NFT is roughly $200 → The price is right for Southeast Asian User

I would love to receive your feedback, please share what is on your mind.

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Hi zonchu, your prop is well-written and well-presented…appreciate that. I wanted to give you some insight and suggestions that might help if you don’t get a lot of traction with the idea. We love having newer people come into the community and want to build, but a couple thoughts might help your journey.

  • While the prop is well-presented, there is nothing in there about any of the team having any involvement with the Nouns community. It reads as if you have assessed the Nouns and jumped in with this idea. If you all have been involved in the Nouns community and know people, I would certainly talk about it. If I am correct in my reading, then I would suggest you take a bit of time and get involved so that people know you and you have a better grasp of what the Nouns community is about. Hang out on the discord, join The NounSquare daily Twitter space for a while. These kinds of things would serve you well to better understand how you can help and help you get traction in the community as a more known and “Nounish” entity.

  • related to that, it’s a tough path to not be known and jump in at 44 ETH. Unlikely to get any traction. Along with my suggestion above, as you get to know the Nouns community think about how you can start out small and show your abilities and interest. Think about entering a prop house round or what you could do as a trial for a few ETH leading up to a proposal like this.

Don’t take any of this as discouragement. We love that you are here and want to build. If I’m reading things correctly, I think these efforts will help you a lot.

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Hi bradq, Thank you for your thoughtful words and we’re not discouraged by it at all. We really appreciate you took the time to write to us and share your ideas.
Both points you’ve raised are valid and we accept your suggestions. I can see where you’re coming from and on reflection, I agree with your views. We do need to take a bit more time to engage with the Noun community and show what we can do.
We’re excited to get onboard and view this as the beginning of an exciting journey.! Once again, thank you for your time and please feel free to reach out again.

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It is an exciting journey. You’ll love it. Dig in and enjoy!

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Hey, just wanted to check back in…how are you guys doing? Have you been poking around in the Nounish world and getting to know people and projects?

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