Poseidon DAO is the evolution of the former Poseidon NFT Fund account name. We started collecting NFTs back in 2015 when they were only known by the name collectibles. Since its inception, we have identified the NFT as the blockchain killer app. Indeed, NFTs have proven to be the technology able to unlock blockchain mainstream adoption.
We started collecting card games like Spells of Genesis and Force of Will, keep following the evolution of the NFTs landscape, collecting Blue Chip collectibles such as CryptoPunk#4174 and BAYC#5899. Since 2020, we have focused on Crypto Art, collecting and never selling 1-of-1 NFT artworks. At this point, the collection involves both known and emerging NFT artists, totaling between 200 and 300 artists. In this last phase, the NFT Fund evolved into the idea of Poseidon DAO. The evolution is built on top of a huge collection, the relationships created thanks to it, and the need for the disintermediation of its curation.
Today, we introduce the final step in the evolution into Poseidon DAO. This is only meant to be the first step in the route to our vision of Poseidon DAO. You can now download the Poseidon DAO Whitepaper Draft 1.0, while this article will provide a summary of the main concepts. We believe the DAO is the perfect representation of a model combining the requirement of a cohesive and focused community and the requirements for building a valuable collection. The collection is leveraged for shaping the direction of this community of innovators. The governance model enables productivity at scale, the tokenomic incentives participation, the decentralization avoids bindings, and the openness allows opportunities.
“Our goal is to make crypto art the artistic movement of the 21st century, creating a decentralized curator based on strong artistic knowledge, investing, and innovating in the NFTs technology.”
In our opinion, innovating in this space means designing new financial models that ease access to financial resources and instruments. In this case, NFTs themselves become financial assets beyond the artwork asset as historically meant, transforming them into liquid and expendable assets. We believe the NFTs DeFi opens up the doors to an unprecedented evolution of art. This model democratizes access to valuable art, as well as leverages valuable art to democratize access to credit.
“The information contained in the Whitepaper is in Draft state and might be updated or subject to DAO vote. The draft version will be updated accordingly.”
Architecture of Poseidon DAO
Poseidon DAO is composed by two souls: DAO Governance and Founder Collection. The PDN Token is the glue between them. The token holders have access to DAO Governance using PDN Token. The amount of tokens held defines the voting power in the DAO Governance. The DAO Governance is the core of the DAO, where important decisions are made, managing the DAO Treasury and the business model initiatives. The DAO Governance is led by DAO Boards, that are composed of thematic committees.
Token holders can burn a certain amount of tokens, defined as Burn Ratio, to become Guardians. Guardians receive a Guardian NFT, which grants them access to the Founder Collection. The Founder Collection is the vault where the whole Poseidon DAO collection is held, at the moment of the DAO launch. The Guardians will be the keepers of the collection.
We decided to split the DAO into two strands. The first reason is we want to maintain higher control over the collection, obviously because of the high investment and effort we put into it. The second reason is we don’t want to limit the scope of the DAO to a decentralized curator focusing on growing our NFT collection. We think this goal would not be inspiring for artists, indeed would be the wrong premise for a community that aims to shape the future of crypto art.
A DAO is not only a community, but rather a productive organization generating cash flows. Cash flow is the fundamental brick for any company to thrive and innovate. Increasing cash flows means increasing the number of collaborators, taking more risks while investing and more dividends for the stakeholders. There are a number of ways to achieve cash flows, mostly depending on the business segment.
- SuperRare Space: we submitted a proposal to become an independent gallery on SuperRare and our gallery will primarily aim to bring known and established artists from the traditional art sector to the NFT market
- Open Editions and Derivatives: monthly drops with a limited supply and a limited amount of time, in collaboration with valuable artists
- Collectibles: a special initiative in collaboration with Niro Perrone wherein 2000 unique collectibles will be minted
- DeFi and Indexes: we are investigating opportunities related to NFTs staking, where NFTs can be immobilized as collateral to get access to credit
By the end of 2022, the PDN token will be issued on the Ethereum network. At the same time, the DAO Governance model is introduced, as well as the Founder Collection. Poseidon DAO will be the place for blockchain early adopters and artists to shape the future of Crypto Art.
We are looking forward to your feedback and opinions. You can reach out at [email protected], Twitter or Discord. All links are available in our linktree.