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Yesterday @Grimezsz put out a tweet saying they would split 50% Royalties on any successful Ai generated song that uses their voice
This brings up the perfect use case of how smart contracts can be used 👇
VOTING IS LIVE ON SNAPSHOT!
The Rug DAO and the DAO Council have been hard at work these last several weeks bringing the heat with 4 new Rug DAO proposals now up for voting in Snapshot! (Link below)
Let’s break them all down for you…
1. The first is important for the Rug DAO community. It’s called: “Expanding $Rug to $RDAO Conversion Access to the Wider Rug Radio Ecosystem” and it’s a good one.
It’s meant to allow all holders of Rug Radio NFTs (Membership Passes, Genesis Rug NFTs, and Cory Van Lwe PFPs) the ability to convert the $rug token they earn through the rewards program into the $RDAO governance token.
This will allow all Rug Radio NFT holders, many creators, and many more Rug Radio ecosystem participants the ability to join the Rug DAO and help to forge a path forward for a truly decentralized web3 media platform.
2. The second proposal is called: “Enhancing Genesis Rug NFT Utility and Rewarding Long-term Holders” and it is super fun.
Its main purpose is to help foster a set-builder mentality for all of the varying Genesis Rug NFTs.
Holders can now be rewarded $Rug tokens for as long as they hold complete 16 meme card sets of the differing roles and complete sets of all 4 roles of the same meme. It sounds complicated but it really isn’t. The details are in the proposal.
3. The third proposal is titled: “Incentivizing Web 3 Engagement and Rug Radio DAO Growth."
Its main purpose is to allow the hosts of the GM Web3 show as well as the Rug Radio core team and DAO Council representatives attending the NFT Lisbon conference in June the ability to invite industry leaders into the Rug DAO.
Essentially the Rug DAO treasury will provide enough $rug tokens to convert into 100 $RDAO tokens so the team can gift 1 each to other Web 3 founders, builders, artists, and creators to energize the Rug DAO with new concepts and ideas.
4. And last, but certainly not least, is a proposal called: “Small Grants Committee Proposal” and it is basically what it sounds like. It allows for the Rug DAO to set up a Small Grants Committee.
This gives the DAO the ability to retroactively pay builders and creators who do small jobs or build low-cost tools for the DAO with little to no friction and without having to create a new proposal for every little thing we contract.
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These are the 4 proposals that are going into a Snapshot vote and we think they will collectively bring a ton of long-term value to the Rug Radio ecosystem, each in their own unique way. Now it’s time to go vote!
Vote here: https://t.co/APx1OkFTTb
There is a lot of chatter about ecosystems and sizes, so figured I would write a tweet about our own. The @RugRadio ecosystem is composed of three NFT collections and two ERC-20's.
NFTs (ERC721-M):
1. Rug Radio Membership Pass
Launched in December 2021 for free, the Rug Radio Membership Pass' original utility was to be able to mint a Genesis NFT in January 2022.
It also gives you full access to the Rug Radio community, IRL events, different activations throughout the year online and offline, our Rewards program, and more.
The Membership Pass will always have access to everything we launch, it is the lowest barrier to entry to our ecosystem. It will also have access to everything we are building from a tech standpoint.
2. Rug Radio Genesis NFT
The Genesis NFT was launched in January 2022 for 0.11 ETH each. Like the Membership Pass and the PFP, 1000 NFTs were held back by the team.
This NFT is the highest barrier to entry to our ecosystem but also the most important one. It yields $RUG token daily (5, 7, or 11 based on rarity), has all of the Membership Pass utility but also access to drops, such as the PFP that minted recently.
It is the most important NFT in the ecosystem for the reason that it yields tokens daily but also that we prioritize it over any other NFT when it comes to access, events, etc., if we need to pick between collections.
3. Cory Van Lew x Rug Radio Faces of Web3
The PFP collection was launched in February 2023 for 690 $RUG per Genesis owned, and about 5,000 of them were sold to the public for 0.069 ETH each.
This collection has the same level of utility as the Membership Pass for now, and is a collection designed by @CoryVanLew meant to reward our holders, but also give them a piece of fine art to collect, to build their identities around of, and support Rug Radio.
We are actively working with Cory on fun activations for PFP holders and things they will be able to do with their NFTs such as evolving them (???), merch for different traits, and more!
ERC 20's:
1. $RUG token (0xD2d8D78087D0E43BC4804B6F946674b2Ee406b80)
The $RUG token is a utility token yielded by the Genesis NFTs daily, that holders can claim using our Dashboard whenever they want.
Its main utility is to be swapped for the $RDAO token once one yields 1800 $RUG. We opted in for a dual-token ecosystem to separate governance from utility.
You can earn $RUG by being a Genesis NFT holder, or by holding any NFT ecosystem and participating into our Rewards program. The rewards program has daily bounties across most social media platforms, and we have a listen to earn to govern program in place on certain live audio shows.
The $RUG token can now be used for more than swapping to $RDAO, as the store allows you to trade it in for multiple things. Think of it as a loyalty program and a point system, where you can redeem your tokens for things IRL and URL. If you are interested in partnering with Rug Radio and accepting $RUG, feel free to reach out as we are always looking to expand our rewards program and our store.
Lastly, the $RUG token will be used in everything we create and is at the centre of our ecosystem. Our tech roadmap for the rest of 2023 has releases every quarter this year and will be made public shortly.
2. $RDAO token (0x6235CAEea7C515DaC14060Ec23a760090655F21b)
Rug Radio is governed by the RugDAO, and the DAO represents the heart of our decentralized media structure. The DAO stores the value created within the network and houses the governance of the whole platform.
The $RUG and $RDAO tokens are released slowly, over a 5 year period, which means that the DAO will grow slowly because we want to move at a pace that we know Rug Radio and its governing body will move towards true decentralization.
You can view all of the previous proposals we have for on Snapshot, as well as all the future ones!
Running out of characters, feel free to AMA below! 💙