Submission Date
February 25, 2022
Project Links
Global Citizens Club: https://www.globalcitizensclub.io
Global Citizen DAO: https://www.globalcitizensclub.io/dao
Twitter: https://twitter.com/GCCeth
Discord: https://discord.gg/WjkX64s3sr
Project Description
Global Citizens Club is a community-centric and utility-driven NFT-based project that serves as a launchpad for a variety of follow-up projects (metaverse expansion, ERC-721 supply-based DAO, launchpad for NFT projects from DAO member artists, and a collaboration/launchpad Web3.0 platform)
Global Citizens Club NFTs are three collections (7777 male, 7777 female, and 1000 mutants) that will be rolled out consecutively. The art consists of different backgrounds from famous cities and landmarks around the world, hosting characters wearing different clothing and headwear from various cultures, skin tones, different colors and styles of hair and beards, etc with the goal to promote diversity and inclusion. The project offers a variety of IRL and Digital utilizes.
The major utility of the project is its DAO. The team is launching the first-of-its-kind public DAO, that with the exception of a small ICO of its governance tokens, its governance token supply will be yielded solely through staking of its affiliated NFTs.
The Global Citizen DAO is the overlying umbrella above this NFT project as well as all other NFT projects that the DAO supports. Above all, it will be a Ventures DAO and is flexible and dynamic in terms of its investments. We believe having a centralized execution (not in terms of decision-making) will bring more fruitful investments for members and allow us to be prepared to capitalize on upcoming opportunities and innovations in the space – essentially becoming first-movers in the future in a space that is still extremely immature.
Ideally, the DAO members consist of:
- Creatives and artists that can create a high0quality and unique art, but don’t have the means and team to bring the idea to fruition
- Technical experts in different parts of the project life-cycle of projects revolving around NFT, DAO, L1 protocols, and other crypto projects including Solidity Developers, Security Auditors, Full-stack developer, Marketing Experts, Influencers, Community Managers, etc.
- Investors, small or large, who whole-heartedly believe in this space, and specifically the projects funded by the Global Citizen DAO
Issues with DAOs today
The points below briefly touch on a few of the issues previously established DAOs have:
- ERC-20 as the governance token has some innate issues, but even more is its misuse as evident in the past. Through the creator’s full power on the total amount of tokens, with any injected liquidity, and controlling the supply release often leads to exponential price volatility – and sometimes what we know as a rug pool.
- DAOs usually offer yield farming staking mechanisms to attract new users – which are unsustainable in the long term. Once those incentives disappear, most yield farmers cash out their holding which results in a huge price drop, leading to a domino effect as more panic sellers sell out their positions – eventually leading to the DAO’s downfall.
- Due to the nature of the liquidity-based token price, initial large investors buy large amounts of tokens (aka votes) at a low price, and sometimes, even incur more votes, through inducing a a huge shock loan, which defeats the whole purpose of decentralizing decision-making in the DAO investments.
How GC DAO Provides a Solution
In short, this is how the Global Citizen DAO aims to solve these issues:
- Besides the initial ICO, governance tokens will be supplied only through the holders of NFTs (from our created or affiliated projects) to stake their NFT and convert the yielded utility token $HUMANx to the DAO governance token $HUMAN (ideally at a 1:1 ratio). This removes the power from the creator to manipulate the token price and supply – essentially preventing rugpools by creators as well as crash & dumps induced by large stakeholders.
- The governance token sale price will be decided through a proprietary formula that uses both the available liquidity as well as the floor price of said NFT collection on the secondary market – hence we need to develop our own marketplace where NFT holders can stake their NFT, and either use the yielded tokens as their stake in the DAO or sell all, or some of, the tokens to other people who want to enter the DAO.
- This long-term value of the NFTs, and its ability to generate passive income for holders, is a continual incentive to have invested members hold the NFTs. For new investors looking to join the DAO, it would then make sense to buy an NFT and generate votes daily instead of buying tokens each time, which in turn raises the floor price of the NFTs, which in turn also raises the governance token price of the DAO. This is mutually beneficial as the DAO and NFT projects enjoy steady growth together (30% of secondary sale royalties will be injected into the DAO liquidity pool).
- Since the underlying NFT projects will have a max minting limit per wallet (i.e. 3 NFTs), this will create a barrier from anyone having a significantly larger voting power within the DAO. Essentially, utilizing this dual-governance model creates a whale-resistant DAO.
We envision the DAO members to make all decision on the type of investments, and the platforms to build it on. Ideally, we want to diversify our NFT collections on a variety of platforms, each with its own conversion rate to the governance token. Nonetheless, the main governance token and the DAO platform’s main tokenomics & mechanisms will be performed on Polygon.
Amount requested
10,000 USD
Current Status & Roadmap
- The first collection of the Global Citizens Club NFT is ready in terms of the art generation, smart contract, website, marketing strategy, etc. and in the initial phase of marketing (ACHIEVED)
- 30% of the annual projected token supply in ERC-20 will be launched as an ICO – polygon based token
- The second collection, the female Global Citizens Club NFT, will be released followed by the 1000 mutants
- While these milestones are achieved, we would have been working on developing the platform and Dashboard of the DAO where members can submit proposals and vote on them, stake their NFTs and yield the utility token, sell their tokens to external DAO investors through our own marketplace, …
- After beta testing of the platform, we expect the DAO to be fully launched and operational by December 2022 – executing its first approved proposal.
- The full roadmap of the NFT collection, as well as the specific DAO roadmap, can be found through the websites provided above