Over the past week a number of new members have been onboarded into the GDN through the LOOK derivatives competition and Fashion Hackathon.
Today too marks a big milestone, where the first $GDN governance token distribution is taking place after the weekly GDN community calls!
It took one of the biggest NFT artists today, xcopy, almost three years, if not more, to get to where they are today and have the market realise their value. The “Right-click and Save As guy” NFT sold on Superrare 3 years ago for just $90. Look at how far we have all come.
It takes time to create value and the Global Designer Network is the very first on-chain web3 fashion DAO. We are building it the right way. No web2 bullshit.
With that said, this article is to further clarify and outline how all of the mechanics for the GDN work, giving a quick primer to new members, and also detailing out moreover the distribution of $W3F (Liquid trading token for the GDN DAO) and the role of the DIGITALAX ecosystem, $MONA and Genesis MONA NFT holders within that.
Many of the mechanics for the GDN DAO will be transferred over to establish the DIGITALAX DAO authentically— well beyond coin token voting.
The most important part of any DAO is to remember that decentralisation doesn’t mean a flat org chat. In fact, it’s the opposite, tiers and hierarchies do exist, and are essential to effective operation, however, instead of being static, frozen in place and not accurately representing the members that make it up, DAOs are dynamic, ever evolving and incentivised in a way that maximises growth for all involved.
The GDN DAO has it’s own hierarchy, whereby all new members onboarded in are first represented on-chain through being sent their official GDN Membership NFT. This gives them access to the private Web3 Fashion discord server and allows them to start contributing to the DAO + receiving first tier benefits i.e. free minting access to the DIGITALAX Marketplace, inclusion in featured events/drops, dedicated designer profile accounts + support from DIGITALAX infrastructure etc.
The second tier, which all GDN Membership NFT holders have access to, is the ability to earn the $GDN governance token through the weekly contribution quests. This token can only be claimed by GDN members as they actively contribute to the DAO, furthering their own and the DAOs value and expansion, as well as maintaining a high signal to noise ratio. This is not something that is automatically given out to DAO members, it is only granted to those that are actually active as DAO members . For example; running community calls, launching projects, contributing content, onboarding new members etc. Once holding $GDN, members are able to access private discord channels, as well as submit and vote on DAO proposals.
As mentioned previously, a liquid tradeable token will also be launched under the GDN DAO, whereby this token, $W3F, will grant holders access to unique NFT airdrops, access to events and other web3 native products and services brought forth by the GDN DAO. With DIGITALAX a closely aligned to-be-DAO, DIGITALAX ecosystem holders (i.e. $MONA, Genesis MONA NFT, PODE, LOOK etc.) too will have an allocation of this token on initial snapshot and so be afforded the same $W3F utility and the ability to vote on tier gated proposals that cover particularly those parts that cross-involve designer operations.
The GDN DAO is experimenting with completely new structures and mechanics, and overtime, many of the initial operation and governance procedures will naturally evolve as the DAO and web3 fashion market matures and scales. To better align with this dynamism, we are taking inspiration from FWB Seasons, and implementing Arcs — segmenting progression of the DAO and its operations across different intervals, which will begin and end dependent on consensus from the DAO members and also as events transpire in the live market, signaling the need for new mechanics to be implemented i.e. larger expansion could cause for reconsideration of quest-like distribution of $GDN to ensure incentives remain relevant and aligned. This architecture will allow us to more elegantly introduce and progress the DAO.
With the token distribution occurring later today, we will be updating the community continuously on the progression of the GDN DAO, release of $W3F and active learnings from Arc One.
Let’s go web3 fashion!