Just when you thought you could take a vacation and have the holidays off from the fast and furious NFT world, The Open Dao decides to launch its program of air dropping free $SOS tokens to anyone who ever bought an NFT on OpenSea. Details of the air drop can be found here.
OK, you like many other people may be asking, Who is the Open Dao? And why are they giving away free tokens to OpenSea buyers of NFTs?
Great questions!
OK, first things first, who is the Open Dao? Or, is it, The Open Dao? The Twitter handle is @The_OpenDAO.
Oh, by the way, a DAO stands decentralized autonomous organization. It’s basically a way to gather people on the Internet to create an organization, agree on a mission for the organization, set up the governing rules for the organization, etc. It’s kind of like a Web3 nonprofit, company, or group. But the people in the group run it. That’s the big change.
It’s unclear if this Open Dao is the same as the Open Dao that produces the USDO stablecoin. I can’t find anything on the latter’s website connecting them to $SOS. The latter goes by the website domain opendao.io. The former who did the Christmas air drop is: theopendao.com.
If they are not the same DAO, then talk about consumer confusion! (If you know the right answer, please email us.)
Next question: why are they giving away free tokens to OpenSea buyers of NFTs? The Open Dao stated: “$SOS is grateful to all NFT creators, collectors and markets for nurturing the entire NFT ecosystem. The token to pay tribute, to protect, to promote…”
OK, questions answered, right?
Not exactly. It looks like the Open Dao gave away trillions in $SOS tokens, if not more. Those tokens could be converted into ETH on OpenSea, granted the exchange rate was ridiculously low. But who is paying for $SOS when it used converted or used? Have crypto whales donated to the Open Dao? Or is it funny money?
Fo example, could we form our own DAO and air drop trillions of tokens to people, assuming our token is approved for exchange?
Alexis Ohanian, for one, appears to support the $SOS air drop. The Reddit founder said:
Are you all realizing the implications of this $SOS Airdrop???
Because everything is in a public database, it allows anyone to show up and reward behavior stored there. Yes, there will be lots of spam, but the projects that emerge w great teams can win big by incentivizing (not preying upon) community.
Now: Anyone can show up to a massively successful project and draft on their community and if you offer something more interesting / rewarding etc, leapfrog your way into a very motivated Minimum Viable Community overnight.
