FreeRossDAO as Manual for Crypto Crowdfunding?

FreeRossDAO as Manual for Crypto Crowdfunding?

See also: Crypto Investor Group Raising Funds to Buy Rare Copy of US Constitution The high-profile ConstitutionDAO effort ultimately failed to win the historic document, despite having raised more than twice the amount of the auction house Sotheby’s estimate. However, that was because it ran headfirst into the billionaire hedge fund CEO Ken Griffin, who was apparently determined to get the Constitution at any price. A proof-of-concept test had proven that the structure worked.

FreeRossDAO plans to put excess funds into a war chest for future projects, also controlled by $ROSS holders. If its bid is successful, FreeRossDAO is planning to tokenize the 10 Ulbricht NFTs and distribute the $ROSS cryptocurrency to donors, who will own a fraction of the artwork, along with voting rights over what to do with it.

A Patreon/Kickstarter Hybrid While FreeRossDAO’s ultimate goal is to get Ulbricht out of his two-life-sentence-plus-40-years jail term, its short-term goal is to win an NFT auction of 10 Ulbricht drawings being sold to raise funds for both the Free Ross campaign and more general prisoner support. The auction is being held on the SuperRare NFT marketplace during Art Basel Miami, which runs from Dec. 2 through Dec. 4.

The core of this new cause-based fundraising technique is the decentralized autonomous organization, or DAO, which provides the trust necessary to build a fundraising campaign. DAOs are the cryptocurrency-based governance mechanism that makes decentralized finance (DeFi) platforms possible. What’s a DAO?

Combine the increasingly mainstream NFT artwork craze, self-governing decentralized autonomous organizations at the heart of DeFi, and social media — the Discord social chat app and Twitter, in this case — and you’ve got a mashup of Patreon and Kickstarter for the crypto age. If FreeRossDAO is successful — and it seems unlikely that any billionaires want Ulbricht’s 10 pencil drawings — it will have created a blueprint for future fundraising efforts.

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