Can you explain how this community-led approach will ensure the success of the project and foster a sense of ownership among NFT holders?
Accomplished with the Pawn Bot 2.0 Virtuous Cycle mentioned in the original post.
Sustainable revenue: What strategies will be in place to ensure that the chosen business ideas generate consistent revenue, particularly in the rapidly changing web3 landscape?
Web3 will obviously be a tough one to accomplish, but web2 is relatively easy since we already have decades and centuries of evidence of models. Web2 is where the HiFi DAO employee comes in to do stuff that we cant. We cant sign contracts or lease a kiosk at a mall for example. The employee is needed for that.
Limited HiFi DAO employee support: With only 5 hours of HiFi DAO employee support per week for 4 months, how will the community manage the technical and administrative aspects of the project?
Yep, thats the design. The NFT holders will self lead the project. If they decide that everything needs a vote, then thats what happens. If they decide they need to Delegate their votes to representatives, then thats what will happen. The HiFi DAO employee will be around to do whatever the NFT holders canât. Acting as a liason between the Web3 world and Web2.
Dependence on specific community members: The example provided relies heavily on the connections and resources of specific community members. How will the project adapt if these individuals are not available or willing to participate?
Its not dependent on them, just using them as examples of ways we can leverage our network to get preferential treatment. Hollywood says he wants to buy a warehouse. What if he does, then we could lease space out at a discount. This would be very helpful if the business plan was to buy Amish Furniture in bulk and store it in a warehouse and then dropship it to people on demand. If we dont have any special discounts from our network, then it doesnt change anything. We still move forward.
Competition with other NFT projects: How will this project differentiate itself from similar NFT projects, such as Nouns DAO, to attract investors and users?
Nouns is built on the following wheel. Each day a noun is sold, this money goes to the treasury. This treasury is then spent on ideas that push the nouns brand forward. This new push gets new users who buy nouns. Loop.
PB2.0 is built on the idea of. We have $15k. Community decides how to spend it. If the community messes it up, the experiment is over. If the community does a great job, theyâll make money. They have more money to work with and maybe can hire someone from the community to run this part time. The larger it grows the more people we can hire from the community. I dont know if hiring is a goal here, but just tossing out an idea that make sense based on the experiment being a success. Nouns is also an experiment, the difference is, we have no reoccurring income so we have to be smarter and more thrifty with the funds.
Regulatory environment: What measures will be taken to address potential legal and regulatory challenges that may arise from operating a web3-based business?
None that I can see. The web3 community can only make suggestions of the 1 person. If we make this a non-profit, we should be able to sell products or services to further our end goal of X (we havent established what X is) and by being a nonprofit, we can have the members of the NFT collection be volunteers to that nonprofit. So we can work together collectively to make it better. Reminder im not a lawyer, but at face value it makes sense to me.
Revenue allocation: How will the revenue generated from the selected business ideas be distributed among the NFT holders and the project itself?
A potential avenue is to further champion our cause as a non-profit. So if that cause is to promote the HiFi ecosystem. Boom, we have our cause and our champion (nft collection) The profits can be spent by giving to the DAO, that can be spent on employees, marketing, audits, etc
Decision-making process: What specific voting mechanisms will be in place for NFT holders to make decisions regarding the project?
The only thing that makes sense at this point, is to have a vote to enact Delegated Representatives. Probably use @Kingcliff82âs idea as a base and modify it a bit to make it fit. Delegated Representatives that last weekly is the best way forward. To prevent voter fatigue, we simply have a snapshot vote, that is open from now, to 4 months in the future. Then we setup snapshot to use percentage vote, i think its called, where you vote for the various names and can assign a percentage of your voting power to those people. Maybe we make our own snapshot fork to enable this, but have it setup so that each name listed, cant exceed 8% of the total votes. For example, once @Mainbrain gets 5%, he gets elected. His fans can continue to delegate votes for him up to 8% total votes. Beyond that, he becomes ineligible for votes and someone else must be picked instead. That 3% window is your safety buffer. If you dip under 5%, your out. Only those with 5% are in as representatives, they can have up to 8%, but if you drop below 5% your out. This allows the community to speak their mind and remove people they dislike at will and very quickly at that. An easy way to show how unfavorable their voters feel their actions are. Conform to what your voters want, convince them they need this or risk being involuntarily removed.
Risk management: What contingency plans will be in place to address potential setbacks, such as supply chain disruptions or changes in community member availability?
I think community member availability is resolved by the above. May need to have the NFTs staked, to get that voting power, so we know they are in this as a participant. If they unstake, 100% of their voting power is removed. When someone unstakes, it means the NFTs are going to PooledNFT, OpenSea or Blur⌠which means its now avialable for sale and a new participant can join or someone who wants to be a delegate can buy it to help reach their 5% goal. Or someone who is at 5.5% can sweep the floor to put themselves at 5.9% to help solidify their position as a delegate. Setbacks and supply chain issues should all be thought through at the beginning, when selecting what path to go down. Part of the Suggest-Criticize-Revise-Repeat to determine which idea is the one that makes the most sense.
Marketing strategy: How will the project raise awareness and attract new users to support the Pawn Bots 2.0 Virtuous Cycle?
Nouns did something crazy, but they had enough believers that it caught on. I think this is a crazier idea, because we have much less money and the experiment ends when the bank balance hits $0. Its the âyour back is up to a wallâ style challenge. Sink or Swim. This is Nouns but hard mode. Its the ultimate challenge. Being forced to work with people, over a large but yet small sum of funds and to turn it into the largest pile of cash you can while handcuffed to your peers.
Scalability: How does the project plan to scale and accommodate an increasing number of NFT holders and business ideas?
The NFT set is limited by total amount and as such, so is the voting power of staked NFTs. If theres 10 NFTs staked, thats 100% of the vote. So as more people stake, the current holders get diluted down. As people unstake, they do so to sell⌠so more NFTs are available for those who want to delegate to themselves or delegate to others.
