Hello! In this article, we’ll be telling you all about EventDAO. We’ll start with some basics and insights first. Let’s go!
First things first, let’s ask the main question and even if we know the answer, let’s take our time and make sure we don’t miss anything important!
What is a “DAO”?_
DAO is a Decentralized autonomous organization that runs on a software in a democratic way by peers, proven by the blockchain. This means that DAOs, built for whether an NFT project, a marketing studio, a city, or in our case a full-suite event organization / planning company, are not controlled by a single institution like a government or a CEO, but are controlled by individuals who have received their rights to vote by minting or buying the said DAO access pass, token or NFT.
Why are DAOs important?_
Due to the state of laws and other legal structures, running a company or a country doesn’t strictly require central authorities to ask for individuals’ opinions in certain decisions, and also creates the illusion of “rights”, such participating in elections or giving voting rights to shareholders and Board of Directors. But the common problem of these systems is that they can be and they are most of the time manipulated.
This is the main reason why we need DAOs, as DAO is independent from legal norms and most human factors, the provability of the votes on blockchain prevents corruption and fraud, and ensures the equality in the system it’s implemented on.
Why do we choose to be a DAO?_
We, as the developers and moderators, really love to have fun, whether we are in a concert, a workshop or underground parties, and when creating EventDAO, our motto was “Let’s have fun!”
But of course, this wasn’t enough to create something big, we wanted this idea to be bigger than us, this is why we decided to create a system that allows its members to decide where, when and how to have fun, this is why we are more than some random people who love to have fun, we are the EventDAO, a community.
How do DAOs work?_
A DAO can work in many ways depending on the project but the main idea is creating a safe, decentralized voting system, controlled by no authority but the voters, so the community members can create proposals about the future operations of the project or structure they are in. The core rules of the DAO are handwritten by the creators of the system through smart contracts. These contracts are written onto the blockchain and kept there forever, the “Ballot” of the DAO may be an NFT or a token and can be minted, bought, or airdropped to participators, depending on the way the creators choose.
How are DAOs funded?
Funding strategy of DAOs also can change with the purpose and structure of the DAO.
NFTs can be minted or bought, or the protocol can sell tokens in exchange for crypto or fiat. Also, the DAO can start fundraisers and sell secondary items such as POAPs or psychical merchandise.
Now, If we are good with the basics of DAO and hyped about what DAOs will represent in the future -
Let’s get to know “EventDAO”…
EventDAO is an ERC-20 based “Decentralized Autonomous Organization”.
It’s not founded by a single person who wants to have some fun, it’s being created by a team of ghost marketers and top developers who enjoys good music and likes some good fun, and is backed by a highly reputable marketing and event organization company through a partnership.
As EventDAO team, we aim to create sustainable, profitable and most importantly fun musical, cultural and recreational events, created and directed by our DAO members, without the need of any higher authority, like a profit-based company or a super expensive PR agency.
We will create, fund, promote and execute the projects that we create and vote as DAO without depending on other actors in the entertainment sector besides our partners.
EventDAO will not only give you access to a world-star artist’s backstage IRL, but also will let you create and organize that event as a community and profit from it, even when it’s on the other side of the world.
But how is this possible?_
EventDAO will use NFTs as proof of membership, These NFTs will be acquired by minting and they will be tradable on OpenSea.
NFTs are divided into three:
The first is the Pass Card, the second is the VIP Card, and finally the CEO Card.
We wrote an algorithm where vote weight is affected even by the number of days you hold the NFT and each has a different vote weight on our Governance Dashboard.
At the same time, the share of each of them from the profit after the concerts is different.
The Pass Card is the main access card of EventDAO and it has a supply of 10K (TBA?_).
The Pass Card will grant its owner right to vote, share from profits after each event, a free ticket to events if selected by the raffle, or a %40 Discount on the ticket, if not…
The VIP Card has a supply of 100 and is the medium tier NFTs of EventDAO.
VIP Card owners have voting rights and receive a share of the profits after each Event. In addition, they have a guaranteed ticket to every event.
There is only 1 CEO Card and that card belongs to the team. This card has the same voting rights as VC.
Voting system of EventDAO is calculated by 3 different variables for all 3 Cards.
First, The HODL — The weight of your vote is affected by the time you HODL your card.
Second, the LISTING — If the card you own is not listed on any NFT Marketplace, the vote weight will be algorithmically higher.
Third — the Card itself, The CEO and VIP Cards has a higher vote weight than the Pass Card, but for example a Pass Card being held for 100 days will have more vote weight than a VP card held only for a week, so that votes are balanced overall.
After the mint is 100% completed, the DAO members next stop will be our Dashboard…
will have 4 sections:
Profile page will contain event tickets that you attended as POAP, which are also tradable on the Marketplace. The reviews you have written, available to only those who also have voted for that event and other info about your presence as a member of DAO will be reflected on your profile.
The governance section will be the place where you vote. In this section, DAO members will create and vote for the events, artists, places and even the decoration, layout decisions in the event — a whole new experience created by the community itself. This section will be the most active section as the DAO is able to make changes on everything the community votes on.
In this section, you will be able to monitor and claim your earnings from the profits of events, keep track of your income and see how you spend and earn your income.
Our internal marketplace will be the place to buy and sell event tickets as they are also valuable and can prove that you were there when the event actually happened!
For every ticket that is sold, every holder will get a profit, which is also calculated just like the weight of votes. The longer you hold your access card for and the more you have of these cards, the higher your profits will be from each sale.
In this graph, we’ll share how we manage our incomes.
While %20 is used for team and organizations, rest of the income goes directly to our holder %10 VP income is split to 100 and %70 PC income is split to 10.000, depending on the factors explained in article.
For example, Let’s say we organized a concert and sold 50k tickets for an average of $200 each, which will be making a 10 Million$ revenue. 20% of this revenue is allocated to the organization expenses and the team (2M$).
70% of the remaining portion is allocated to Pass Card Holders ($7M) and 10% to VIP Card Holders ($1M).
One thing you should keep in mind is that there are only 100 VIP Cards, Which means, the 7M$ We allocate to Pass Card Holders is divided into 10k, while the 1M$ We allocate to VIP Card Holders is only divided into 100.
So VIP Card Holders earn 1m$/100 = $10k, Pass Card Holders earn 7m$/5k = 700$ per NFT from an Event where EventDAO collects $10m.
Your earnings as an EventDAO member will not be limited to cash or access to events… Being a part of a special global community will let you have exclusive experiences, access to high-quality networks. Benefits of EventDAO are limited with your imagination.
I hope you are ready, because we are.