Hello everyone! I discovered Buzzed Bears while wading through Twitter. I’m excited to get in on this project on the ground floor (assuming I’m able to snag one!). I believe the art is superb, and the pivot to allow each Bear to act as membership to the DAO is what really makes Buzzed Bears stand out and sold me on the project.
This BuzzedBears thread is what got me interested. In this post I wanted to bring up some things mentioned in the Twitter thread, for both discussion and clarity.
The future of NFT avatar projects is much more than having a PFP for social media. Launching another project with a filler roadmap is not our thing.
Today people are looking for how a project can sustain its community, generate utility & create extra revenue streams for members.
As this team realizes, NFTs are not just avatars, collectables, or one-of-a-kind art. They can act as membership access, fundraising mechanisms, or DAOs (and much more!). I believe membership-based NFT communities - specifically those with solid governance and clear objectives - will dominate the space in the next 1-2 years.
Assuming Buzzed Bears actually operates as a DAO, in practice, we’re pretty close to the front lines of the NFT-DAO space.
Some questions for the founding team:
1 = 1 vote.
On Discord it was revealed there will be 10,000 Bears. Will the founders have any set aside, and how many? I.e. how many will you personally own, how many will be set aside for promotion, will you be purchasing any during the sale, etc.
Our Honeypot, or the community chest, will be funded with 50% of the initial mint and >70% of all the secondary sales revenue.
50% of funds raised from mint go to the founding team, correct? Obviously more than fair: launching this itself is providing value and by providing 50% to fund the Honeypot, we can actually act as a DAO (and grow!).
Does this also mean that 30% (or less) of all secondary sales goes to the founding team? Is this adjustable based on a DAO vote, or is this a right granted by founding the project?
I’m not against either way, but I think clarity is important. These things often come up later in a DAO when they should be addressed early on.
This ambitious idea will raise 400 ETH (~ $700k USD) just from the initial sale - leaving the community to vote & govern how to use these funds.
Point of clarity: Does this mean that $350k USD will go to the team, and $350k USD will go to the Honeypot treasury?
There are already some good proposals for the DAO. I’ll have some myself, and no doubt many others out of the potential 10,000 Buzzed Bears will. As most proposals cost $$$, we will need to carefully manage our treasury so we don’t run dry.
Does the founding team intend to take a salary out of the treasury and continue to work on the project daily? Or will you utilize your initial 50% to fund their continued work on the project for X months? Contribute as normal community leaders without a salary? Or leave this up to a DAO vote?
Again, I’m not trying to be intrusive, I only ask because these things become important in time and are best addressed early on.
The governance and participation of the DAO will be crucial in the success of the project as this is a long term plan, and not a short-term trip . Community-building will be one of the core values of the BuzzedBears DAO and we need each community members to be involved.
Governance of DAOs and maintaining community involvement is where most DAOs actually fail (I’ve been studying existing DAOs lately). If this is going to be a long-term project that successfully grows value over time, we need to 1) get governance right, 2) keep the community engaged, and 3) reward members based on their participation.
Then, make good decisions with the Honeypot of course.
I will likely create a new thread with my thoughts on governance mechanisms and community engagement, as these topics deserve their own thread.
The Buzzed Bear DAO will evolve into a massive organization over time, and today is just the first step.
I’m about that life, eager to get involved. Hope you guys don’t mind the questions. Let’s make it happen.
P.S. I believe a launch date hasn’t been decided yet, but will you announce it on the official Twitter a few days beforhand?