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Key Takeaways
OpenDAO is a brand new decentralized NFT-focused mission.
It launched on Christmas Eve with a token airdrop for OpenSea customers. The token has soared in a single day.
The distribution technique is notable due to latest criticisms aimed toward OpenSea and its hesitance to launch a token.
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Following an in a single day surge, OpenDAO’s market cap is at roughly $295 million. SOS Airdrop Calms NFT Group’s OpenSea Woes Christmas simply retains getting higher for the NFT neighborhood. A brand new mission known as OpenDAO launched Friday, bursting onto the scene with a token airdrop for devoted NFT collectors.
The mission allotted a 50% portion of its SOS token provide to customers of OpenSea, the biggest NFT market. The quantity distributed to every consumer was calculated primarily based on the quantity spent on OpenSea and the variety of transactions earlier than a snapshot date. In consequence, a few of the most energetic NFT merchants have obtained the biggest payouts from the airdrop. Christmas token airdrops like this have develop into one thing of a crypto phenomenon lately; in 2020, 1inch memorably distributed its 1INCH token to early customers at midnight on Christmas Day. OpenDAO’s chosen distribution technique is notable partly due to latest developments surrounding OpenSea. As NFTs exploded in reputation in 2021, OpenSea cemented its place because the main market for digital collectibles. OpenSea customers have lengthy hoped that the group would launch a token to present the neighborhood possession over the mission. Token airdrops are a typical follow in crypto, and notably DeFi, amongst initiatives seeking to transfer towards decentralization and reward the early adopters that contributed to their success. Nonetheless, regardless of ongoing rumors, OpenSea is but to launch a token. Earlier this month, the corporate employed a brand new CFO from Lyft, Brian Roberts, who revealed in a Bloomberg interview that he wished to work towards taking the corporate public, which might seemingly rule out any token plans. Roberts later clarified that the corporate “would look to contain the neighborhood” in any potential IPO following intense backlash from the NFT neighborhood.
There was inaccurate reporting about @OpenSea’s plans. Let me set the file straight: there’s a massive hole between fascinated with what an IPO would possibly ultimately appear to be & actively planning one. We aren’t planning an IPO, and if we ever did, we might look to contain the neighborhood.
— broberts.eth (@BKRoberts) December 8, 2021Now, curiosity in OpenDAO and its SOS token signifies that the neighborhood has an urge for food for a decentralized mission targeted on NFTs. Per knowledge from CoinGecko, SOS is up 589% within the final 24 hours. Just like many meme coin initiatives that emerged this 12 months, the token has a big provide of 100 trillion, which implies every token is price solely fractions of a cent. At press time, $100 price of USDC buys about 12 million SOS on Uniswap. With the in a single day rise, the mission’s market cap is at roughly $295 million. Etherscan knowledge reveals that SOS has over 130,000 holders, and that quantity may improve as extra customers begin to declare their airdrops. On its web site, OpenDAO describes SOS as “the token for the biggest NFT neighborhood, to pay tribute, to guard, to advertise.” Apparently, it says {that a} 20% allocation of the availability will go towards supporting the neighborhood by means of compensating OpenSea rip-off victims, supporting rising artists, NFT communities, and artwork preservation, and organizing a developer grant for the SOS ecosystem. Whereas it’s unclear whether or not OpenDAO will make an enduring impression on the NFT house, for now, it’s generated a big quantity of buzz because of its token giveaway. Disclosure: On the time of writing, the creator of this characteristic was eligible for OpenDAO’s SOS airdrop. Additionally they owned ETH, USDC, and several other different cryptocurrencies.
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