DAOfi Version 2 Roadmap & Update
DAOfi Update: We’re extremely excited to launch a 30 edition NFT by pplpleasr and Qrion today called QLOUDPLSR: https://daofi.org/qloudplsr/ It’s almost sold out at the time of publishing this letter and we’re really happy with the result!
After launching several fractionalized NFTs, the predominant feedback from customers was that they preferred owning ERC-721s compatible with OpenSea instead of ERC-20 tokens. We quickly wrote up a contract that would allow ERC-20s to be redeemed for ERC-721s and QLOUDPLSR was our first launch with the ERC-721 redemption contract. We’re pleased to see all the positive feedback so far.
We also worked with CoinGecko so people can follow the prices of our NFTs there too: https://www.coingecko.com/en/coins/refraction Our partner Blep Analytics also just upgraded our analytics service so people can now view each onchain trade line by line as well as liquidity pool numbers!
DAOfi Version 2 Roadmap
DAOfi V2 will be a significant pivot and a total product rewrite based on the feedback received after the V1 launch. The V2 product will be branded as Liquid and we are planning to have it built in the next couple of weeks. The V2 product will have the following features:
- ERC-721 Bonding Curves: We are allowing the bonding curves to work only with ERC-721 tokens, removing ERC-20s entirely. This decision was based on the feedback of customers who preferred owning a non-fungible token instead of a fractionalized ERC-721 represented by ERC-20s.
- Customizable Royalties: Every time an artist launches an art piece on a bonding curve, they will be able to establish a royalty percent for each buy and sell order as the primary way they monetize their project. Also, DAOfi will be taking a percentage fee out of each trade which will be used to buy back DAOfi tokens.
- Rug Protection: Since each art piece on the bonding curve will have a reserve pool of liquidity, we will have safety mechanisms in place that will prevent the artist from being able to rug the reserve pool.
- Curated Gallery: DAOfi V2 will also have a curated gallery for all the art work in a central place. This was very important to have based on customer feedback.
- Fiat On-Ramp: We will also have the ability for buyers of the NFTs to use credit card checkout via Stripe. We observed we had many non-crypto interested buyers of our V1 launches, but they dropped off due to MetaMask onboarding friction. Providing credit card as an option should reduce friction.
- Ability to Launch Buy-Only Bonding Curve Sale: We will also have the ability to toggle between bonding curves with reserve pools and bonding curves that are just used for a one-way sale of collectibles.
- Generative Art: We are also exploring ways to have generative art integrated into the ERC-721 curves, so that each buyer will get a unique permutation of algorithmic-based art.
- Integration With OpenSea: All the ERC-721s bought on DAOfi will be viewable on OpenSea.
- Provenance: Lastly, we are exploring unique ways for digital artists to prove that they created their digital work, and may integrate Twitter as a way to sign off on an art piece as a form of digital provenance.
The DAOfi team conducted hours of user interviews to understand product market fit better and to understand how we need to adapt and improve the product. The product decisions above were carefully considered based on what customers suggested they wanted. Coding for DAOfi V2 already started 1.5 weeks ago. We did not take any delays in getting started and adapting as fast as we could!
Our goal is to first validate product market fit within the crypto community first, then to slowly expand to artists and mainstream media figures who cater to a non-crypto trader buyer demographic. We’re adding credit card payment flows to help capture all the demand out there that doesn’t have MetaMask. While MetaMask has over 3M monthly active users, we feel that if we are even moderately successful at onboarding the non-crypto demographic the potential market size is significantly larger.
After surveying an extensive number of customers, we decided to curate our art content towards more narrative, surreal, photo conceptual and avant-garde art. We have an amazing roster of talent committed to launching art on DAOfi, including Jared Madere, Sharon Lockhart, Jacolby Satterwhite, Mitchelle Syrop, W.G.D.96, Alex Seton and more.
We will also be assisting a few token-permissioned communities launch tokens and bonding curves on DAOfi. We are experimenting with tokens on Binance Smart Chain as well, and deployed DAOfi on BSC last week: http://bsc.daofi.org/
We will soon be offering a curated gallery of communities to join on the DAOfi.org site, shown below. In addition, DAOfi has built our own token-permissioned telegram bot so we can better assist with downtime and bug fixes for communities.
Thanks for the early support! It means a lot and we’re confident we have a very long and rewarding journey ahead. And thank you to the team again: Alex Lewis (lead dev), Nathan Ginnever (solidity and all things blockchain) and Duc Nyugen (front-end).