The DAO of OMMG

Decisions made by holders

We all are OMMG. Every OMM holder invested in OMMG believes in the vision we have: Launching IRL artists on the blockchain, bringing them to the Metaverse and back to IRL with the Nifty Eyes.

We believe in the power of decentralized autonomous organizations. We want to evolve OMMG to be steered and owned by the holders of the OMMG token.

The power to decide will be based on votes and decisions made with the number of the OMM NFT, or maybe also other, upcoming NFTs, held by a wallet.

We will introduce the DAO voting and decision-making process in two steps.

The first step of the DAO

The first step is to set up the decision-making process. Therefore we will use https://snapshot.org and create an OMMG Space there.

Within this SPACE we can create questions that should be decided by the OMM NFT token holders.

If the process is established we can think about a more fancy mechanism to come to the voting power. In the beginning, it will be like 1 OMM NFT = 1 vote. Later on, we can add rarities, the number of tokens from artists launched on OMMG hold or if launched, a certain number of $ART tokens held.

Also, this can be part of the DAO to decide which mechanism should be used.

Second step of the DAO

The second step is to give also financial power to the DAO. So it can decide what happens with the treasury and how.

An easy way would be to distribute the treasury to the OMM NFT holder. But is that the best way? Maybe it would be good to distribute to the upcoming $ART-token holders? And this token can be received only if someone stakes OMM and/or artists NFTs?

Also, this can be decided by the DAO. The team can create proposals for it.

What does it mean from the financial aspect?

One of the first topics on our roadmap is to create a “metaverse” treasury where 30% of our secondary market profits will be added. That treasury is needed to create the gallery and add new extensions for upcoming artists or buy land in a metaverse.

40% will go into the DAO treasury. This treasuries liquidity will be locked until a value of 15 ETH is reached.

Then the DAO can make use of that treasury and administer it. We expect to have the staking mechanism up and running and with it the $ART token.

So maybe it could be worth to payout based on the number of tokens staked?

How will the DAO voting be implemented?

We will make use of https://snapshot.org and its features. At first, we create a space there and allow OMM NFT holders to vote by their OMM token. 1 token per vote.

This is easily done with a pre-configured strategy to make a vote. Later we create our own strategies considering the rarities and maybe $ART tokens or/and artist tokens as well.

When will the DAO voting be available?

We are heading for Friday, the 4th of March 2022.