What is a DAO? How Babylons Puts Control Into The Hands of Their Community
From day one, Babylons has put our community above all, creating the first-ever community-owned NFT marketplace on the Binance Smart Chain. We wanted to give NFT enthusiasts a faster and more cost-effective method of buying, selling, trading, and creating unique NFTs, while at the same time, allowing them to share an equal voice in how the platform is governed.
Our DAO accomplishes this goal, providing community members with a transparent and fully functional platform that not only rewards $BABI holders with airdrops and buybacks but gives them ownership of it as well.
How a DAO works and Who it Benefits
A DAO, or Decentralized Autonomous Organization, is a group of individuals with no core leadership. As it relates to crypto, the “community” are holders of a specific token and decisions are made and governed collectively by a community around rules created on a smart contract and upheld on a blockchain.
The smart contracts used in DAOs execute a programmed set of rules whenever a specific set of criteria is met. Ethereum was the first to deploy smart contracts, however, they are now utilized across many different blockchains. The DAO model allows those with a stake in the token to vote on how the community moves forwards on new projects or proposals. And while the majority percentage in each case may vary from one DAO to the next, they collectively succeed in preventing their community from being spammed with endless proposals.
DAOs have no hierarchical structure, however, their community can still accomplish objectives and expand, all the while allowing for total community governance. And since tasks are executed by smart contracts, staffing overhead within DAO-governed companies is extremely low, streamlining virtually every transaction performed. For example, let’s compare a DAO governed company with a non-DAO company.
In the past, Uniswap (DAO-governed) has achieved transaction volumes of up to $1B in a 24-hour period and is currently processing over $200M per day. Coinbase (not DAO-governed), on the other hand, has a daily transaction volume of approximately $2B. To some, these numbers may seem far apart at first glance, but perspective sets in when you compare Uniswap’s core team of 20 full-time developers with the more than 1200 employees on the Coinbase payroll. If you had to invest in one of these models, which one would you choose?
Babylons DAO: The Evolution of Our community-governed Platform
Babylons’ commitment to building a community-governed ecosystem began with our sharing and buyback program which involved limiting the supply of $BABI tokens through buybacks and burns, to continue raising the price floor and their value. We also reward $BABI stakers with weekly airdrops from 30% of the marketplace’s weekly profits and allocated an additional 25% of the overall weekly profits for marketing strategies.
Now, the implementation of our DAO is the next step in empowering the community over the direction of projects in the Babylons ecosystem and their NFT creations. It upholds our mantra of creating a fully transparent entity that is owned and governed entirely by $BABI holders.
The Customer and The Creator is Always Right
As Harry Gordon Selfridge always says “The customer is always right”. It can be a profound motto to run your business on. However, it first takes an exceptional MVP to build off of. Once this Minimum Viable Product is set in stone (like our innovative marketplace) allowing the customer to run wild with their collective beliefs for improvement can vastly improve user experience long term.
Although, we do not stop at just the customer. Our creators are also of the utmost importance on Babylons, in fact, they are the lifeline of their entire marketplace. Thus, by issuing the impressive incentives outlined above, Babylons creators will have a plethora of $BABI to utilize to, in the end, look to improve their platform experience. The customer is always right is a solid motto, but never forget that a happy creator makes for a greater product.
Empowering Our Community to Be Stronger Together
Our excitement continues to grow as we approach our much-anticipated public sale, and also for the support our community has shown us. Babylons is poised to become a major player in the NFT marketplace and every one of our community members will own a piece of its success. Through community empowerment, we hold the tools and infrastructure necessary to elevate the entire NFT market and forge a path for Babylons and our community members to be at the forefront of the NFT global takeover.
Babylons is a next-generation NFT marketplace with low-cost minting, weekly rewards, and DAO governance that puts the power in the hands of the community.