Christmas came early for the NFT community as every user who has interacted with the Opensea contract were rewarded with a new token $SOS courtesy of Open DAO.
The timing was so perfect that NFT Twitter exploded with tweets and most of the collector community rained praises for this act of appreciation. At the same time, it was an indirect protest against the rumours of Opensea going the IPO route rather than Decentralisation by DAO formation with a token launch. Though Opensea is not obliged to do any airdrop or rewards, that is the culture most of the Ethereum projects have chosen over the past few years.
Earlier ENS launched their token and most of the users were rewarded with a huge sum in dollar terms arguably making it the biggest Airdrop of 2021. Such huge rewards were possible due to the fact that there was no VC or early investor allocation. Which is a rare trait in the industry these days. Organic Community focussed and development-driven projects have comparatively outperformed in every metric in the long run. OpenDAO is aiming to do or has derived that ethos in a community-first approach.
Tokenomics for the project is simple;
- 50% of the token supply is allocated to community airdrop
- 20% for staking incentive
- 10% for liquidity pool in Decentralised exchanges
- 20% for various charity and emerging artist support
There are no sky-high promises or definitive roadmap, it is completely open to the community to decide through snapshot voting. A multi-sig wallet for treasury is being set up, currently inviting candidates from the community. There are rumours of building a marketplace to compete with Opensea.
In the span of under 24 hours, $SOS tokens have already secured listings on the likes of Huobi, Kucoin, Okex and a few others with ample liquidity. As per coingecko, the 24-hour trading volume was close to 300M and active addresses reached an astronomical 200,000. $SOS had a whopping $379 million trading volume and has reached a market cap of 280 mIllion.
Coinbase could list $SOS soon, making it one of a kind NFT project to gain the level of traction like no other.
The Open Dao has partnered with x.xyz, a decentralised NFT marketplace that belongs to NFT creators and collectors. Open DAO has also announced X marketplace will be giving 25% of its tokens to the $SOS community. Users will soon be able to stake $SOS to claim veX tokens that give governance rights and earn 100% of X Marketplace fees.
Additionally, users will soon be able to buy NFTs with their $SOS on X Marketplace.
The NFT community is a vibrant group supporting emerging artists and causes they care about compared to DeFi where it is much more finance and yields parasitism. When yields drop, most of the locusts take their capital to newer patches of farms. Due to that reason, NFTs are highly illiquid making them riskier. Open DAO has chosen to reward those niche risk-takers. This just reinforces the power of Web3. Despite the recent criticism from Bitcoin Maximalists about it, it's still the most liberating technology.
