Before we dive into Droposals, it’s important to understand what Web3 Proposals are.
Web3 Proposals – What Are They?
In the Web3 universe, Proposals serve as a democratic tool enabling protocol or NFT collection communities to vote on various changes. These could range from alterations to the smart contract, website modifications, or amendments in tokenomics. With the power to vote, the community decides whether these changes should be enacted or not.
What’s so unique about Web3 Proposals is that the proposal wraps a smart contract call. The creator of a proposal crafts a transaction that will be executed if the vote passes, meaning the change can be implemented without the need for centralized authority.
It’s much like Kickstarter, where creators propose a project and the community votes by backing it. If sufficient support is gained, the creator goes and builds the project. Similarly, in the Web3 realm, the community votes on protocol or collection changes, and these alterations are enacted by the smart contract in a permissionless, decentralized way. As long as you have enough tokens to propose, and the vote passes, the contract executes the proposed transaction.
Okay, now that we have a basic understanding of Web3 Proposals, let’s move on to Droposals.
Enter the World of Droposals
Droposals, are a special kind of Proposal that is specific to NFT collections. Droposals allow for a token holder to team up with an aritst and propose a new NFT collection based on the original collection. Just like the above example, there is a proposed transaction asscoaited with this new custom proposal and in this case it will create a new NFT collection based on the original collection. This is typically called an Edition.
Why are Droposals so interesting?
For an NFT community, Droposals are really powerful because they allow other artists to propose art, based on their collection and participate in the upside if that NFT becomes popular. It’s a lot like a brand collaoration in the real world. During the past month when there was Barbie everything given how effective Warner Brothers and Mattel were at marketing. Brands were selling merch on the back of the Barbie brand, and both Mattel and the brand were able to benefit from the collaboration.
Droposal contracts give a percentage of the sale of the new NFT being proposed in the Droposal back to the original NFT community, so the original NFT community can benefit from the upside of the new NFT collection. This is a really powerful way to grow a community and to grow a brand.
NFT communities that are interested in proliferation and getting their brand “out there” love NFTs.
Droposals in action
I will keep posting updates here as we build and ship Droposals for Nouns.