AlgoDAO Fleet Elite unlocks the potential of NFTs in early-stage funding on Algorand

The year 2021 was the year of NFTs. Digital Artist Beeple made a record-breaking US$69.3 million sale on NFTs. By Q3 2021, NFT trading volume had surged to US$10.7 billion, marking a 704% increase from Q2 2021, and a whopping 38,060% growth from the same period in 2020. Few would dispute that NFTs are more than just cloud-stored jpegs.

NFTs are now a big deal across art, gaming, and music, but we have not even begun to scratch the surface of their potential utility. AlgoDAO is unleashing new utility for NFTs by leveraging them as funding mechanisms and rewards for core community contributors within AlgoDAO for the projects we incubate and launch.

Introducing a new fundamental utility for NFTs on AlgoDAO

As we prepare for AlgoDAO’s IDO, we will be teasing out our innovative use case for NFTs by integrating AlgoDAO’s IDO allocation inside some newly minted NFTs. In essence, people interested in participating in AlgoDAO’s IDO have an alternative path to participating through NFTs.

Here is how NFT utility works on AlgoDAO

AlgoDAO is issuing three (3) new classes of NFTs — called Fleet Elite NFTs — and we are integrating actual AlgoDAO’s IDO allocations into these NFTs. Purchasing any of the Fleet Elite NFTs, gives you a predefined IDO allocation. The cost of the NFT reflects the allocation. In other words, if you buy, say, an NFT worth a 100 ALGO, on the day of TGE you will receive an airdrop of 100 ALGO worth of ADAO tokens at IDO price.

This means that you can participate in AlgoDAO’s IDO by virtue of buying the NFT. But there is much more to it. Read on.

In the words of AlgoDAO’s Appointed Managing Director, Nathan Kaiser: “We created Fleet Elite NFTs to extend the functionality of NFTs within the Algorand ecosystem. Beyond the bragging rights that come with having a unique piece of art that proves your OG status, these exclusive NFTs can now serve a practical and functional purpose by guaranteeing owners the right to participate in IDOs on AlgoDAO.”

Now to the specifics of AlgoDAO Fleet Elite NFTs

We have three classes of Fleet Elite NFTs — exclusive to AlgoDAO; namely, Superrare, Rare, and Common NFTs. Each NFT class has different IDO allocations integrated into it. Below are the specific features of each of the Fleet Elite NFTs.

Now, let’s get to the numbers: there will be a total of US$50,000 worth of IDO allocations integrated into the Fleet Elite NFTs: US$16,667 for each type of the NFT.

There will be 10 Superrare NFTs, 30 Rare ones and 60 common NFTs.

• The Superrare NFT will have an allocation weight of six (6) amounting to US$1,667 worth of effective allocation.
• The Rare NFT will have a weight of two (2) equal to US$555 worth of effective allocation.
• The Common NFTs will have a weight of one (1) worth US$277 of allocation.

The Superrare (SR) NFTs

The Superrare (SR) NFTs provide you with access to the highest allocations with 3× more allocation than Common (CMN) NFTs. So by purchasing them, you automatically receive an airdrop of $ADAO worth (at IDO price) as much as the listing price of the NFT.

The Superrare (SR) NFTs also provide access to the ambassador status within AlgoDAO. Only about three (3) Superrare (SR) NFTs will be available for purchase. The bulk of Superrare (SR) NFTs are to be EARNED. So, if you want to earn the Superrare (SR) NFTs, you will need to deliver value to AlgoDAO in community building, engagement, and growth.

But there is much more utility to it. Check it out.

Owning a Superrare (SR) NFT gives you early access to AlgoDAO’s A-list Fleet Elite Room. And the best part, you can combine twenty (20) Superrare (SR) NFTs to access the High Council level in AlgoDAO’s hierarchy and ten (10) to access the Fleet Commander tier in the Federation. This means, there are potentially two top tier seats at stake. How can one collect 20 NFTs when there are only 10 of them in existence? Read on.

You can already get started on the path to earning a Superrare (SR) AlgoDAO NFTs by participating in our ongoing Bounty Campaign. Keep a close eye on our socials — we will be letting you know how you can earn it…

The Rare (R) NFTs

The Rare (R) NFTs provide you with access to 2× allocation than Common (CMN) NFTs. So by purchasing them, you automatically get an airdrop of $ADAO worth (at IDO price) as much as the listing price of the NFT.

The Rare (R) NFTs also enroll you in AlgoDAO’s ambassador program. Unlike the Superrare (SR) NFTs that are mostly earned, you can acquire most of the Rare (R) NFTs by simply buying them. All holders of Rare (R) NFTs will participate in the whitelist lottery to get a guaranteed large allocation in our IDOs.

However, if you would like to access the unique benefits of Superrare (SR) NFTs, you can burn three (3) Rare (R) NFTs to acquire one (1) Superrare (SR) NFT.

The Common (CMN) NFTs

The Common (CMN) NFTs have a small IDO allocation integrated into them. Holding Common (CMN) NFTs still guarantees your allocation at ADAO IDO but it will not enroll you in AlgoDAO’s ambassador program. Similarly, by purchasing them, you automatically get an airdrop of $ADAO worth (at IDO price) as much as the listing price of the NFT.

However, if you would like to access the benefits attached to Rare (R) NFTs, you can burn five (5) Common (CMN) NFTs to acquire one (1) Rare (R) NFT.

Exciting things are coming your way

The utility of the first foundational Fleet Elite NFTs is everlasting. There will be progressively more features and utilities accruing to those lucky ones holding these exclusive NFTs. We will also be expanding the Fleet Elite NFT collection with time. So there will be more opportunities for most active community members to earn their spot on the High Council. Build guilds, build DAOs and contribute to the ecosystem — the ecosystem will pay back in full and above.

For AlgoDAO’s IDO and other upcoming IDOs on our pad, we will host a collaboration with a well-known NFT artist. And we will also run some campaign-specific surprise campaigns to distribute some special rewards to NFT holders.

Similarly, once AlgoDAO starts incubating other projects, users will be able to mint any of the NFTs to secure their allocation in the IDOs of those projects launching on AlgoDAO.

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