Following the burn of a number of unclaimed gm. tokens throughout the distribution phase, the decision was made to allow a number of these tokens to rise from the ashes & be reborn as 1 of 1 tokens. There were two main reasons behind this decision; firstly, it allowed us to retain the DAO at a size we felt comfortable with, and secondly, it allowed us a means to bootstrap our treasury without needing to resort to typical seed funding techniques.
Subsequently, starting on January 11th, the gmDAO will mint & auction off 30 1/1 gm. tokens. The tokens have been commissioned from 30 different artists across the NFT space exclusively for the gmDAO, with each artist adding their own flair to the gm. token design. These auctions will serve as a unique opportunity to own a one of one piece from world renowned artists.
The bootstrapping event will provide the DAO with sufficient capital to operate and achieve our short term objectives such as launching the gm. studio.
While these tokens will be visually unique they will offer all the same benefits as tokens claimed via our fair distribution back in late 2021, namely, they will grant access to the gmDAO as well as all associated benefits that come with being a member.
As of July 27th 2022, following a vote in GM 24.2 these special tokens will entitle their owners to 2 allowlist allocations for gm. studio drops until December 31st 2023. This will be subject to the condition that the collection can support automatic allowlist for all gm. token holders
Auction format
The tokens will be sold though an English auction starting with no reserve price & will occur every 2 days. Each auction will last for a duration of 24 hours, with the highest bidder at the end of this period being winner (please note that bids made in the final 10 minutes of the auction will extend the timer by an additional 10 minutes).
Details of the artist & the token design will be shared several hours prior to the auction going live.
The auctions can be found within the gm token collection show here: https://opensea.io/collection/gm-token
Good luck to all bidders & we look forward to seeing you in the gmDAO
