UkraineDAO

What's Dropping, Community Over Everything, And More

March 04, 2022

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What's Dropping âš¡

  • World of Women (WoW) partners with Billboard for the first-ever NFT magazine covers designed by WoW co-founder Yam Karkai. Covers feature artwork of Mariah Carey and Madonna.

  • An NFT of Ukraine's flag by UkraineDAO has raised over $6.7 million for the country's defenses (more in article below).

  • The U.S. Securities and Exchange Commission (SEC) took action this week, and have reportedly sent out court orders demanding information about token offerings— Specifically tokens that have been sold for the purpose of raising funds for a business, acting as traditional securities. These NFTs would be considered securities if they pass the Howey test, and may be subject to the same rules as stocks.

  • Wonderpals revealed and they look amazing.

  • Kevin has become such a meme that people are making derivative projects off of it.

UkraineDAO

In recent weeks, we have seen the geo-political situation unfolding within the eastern region of Europe. A group of Ukrainian humanitarian activists decided to think of a creative, Web3 way to raise money to go towards the country’s defenses and to the aid of innocent citizens.

By creating UkraineDAO, a group was able to essentially crowdfund a pool of money and then purchase their own NFT with the money that the DAO raised. The NFT was a picture of the Ukrainian flag, which serves as a symbol for the adversity and perseverance of the Ukrainian people, while the total amount of ETH raised by the DAO serves as a powerful symbol of international support. A total of 2,174 ETH (about $5.93 million at the time of writing) was in the bidding pool when it closed.

The individuals that donated to the DAO will be airdropped an amount of $LOVE token proportionate to the amount they pledged. The token will have no value, according to the DAO, but exchanges have already started listing it, after hours of it being released. Our prayers are with our eastern European brothers and sisters. We hope this situation can come to a peaceful resolution. WAGMI.

The Importance of Community

We now know that when we’re purchasing an NFT we are not only exchanging ETH for a work of art but we’re also funding the possibility for a project to flourish into what it promises. Projects like Psychedelics Anonymous have found an effective structure for creating suspense and engagement for their holders while simultaneously building out their backend. In other words, they promise holders an exciting future but also create a stimulating experience in the present. Zipcy’s Supernormal is an example of a project that has an exceptional team and an exciting future planned out but does a less stellar job of engaging its highly committed holders. The caveat to this is that a project doesn’t become sticky because there’s no real sense of being involved in something rich and meaningful. Airdrops have worked particularly well in developing a sense of culture amongst users. OnChainMonkey holders were airdropped desserts that let them transform their Monkey. While people may be buying the promise that a project makes about its future, projects ought to dedicate resources to community cultivation so that the journey to the destination is not uncomfortable.   

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.  

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