What is Nova Dao? #1
By Captain James (Edited by John Brindley)
Nova DAO aims to be a market leader as a web3 funding mechanism for innovative NFT projects. The idea to merge Decentralised Autonomous Organizations (DAOs) and Non- Fungible Tokens (NFTs) with venture capital came from founder Raghav Gupta.
DAOs have been a native word in Crypto for some time and have been made possible by VC funding. Some retail investors have benefited, but only the lucky few. Generally speaking, retail investors have been locked out of these types of high-risk, high-reward opportunities.
The concept of a DAO is unique. Gone is the CEO, replaced by a core team that is responsible for building the project as well as making and communicating early decisions to the incoming DAO members. A company that is decentralized from a top-down model. The core decision-makers are the founding team, but over time the members of the DAO become the governing body. The DAO vote on proposals that are put forward by the core team. This is not unlike a public company with shareholders but does have some major differences. The DAO framework is very new and is in constant flux. Organizations such as DAOist fund conferences each year in various locations discussing the benefits and potential problems that need to be discussed.
NFTs are the hot new thing everyone is talking about. BAYC led the way during what may be the first NFT boom. While Cryptopunks, Doodles, and Fidenzas made NFTs and Art synonymous a cultural phenomenon. NFTs have nearly endless use cases. Fractional land ownership and even a quick attempt at purchasing the constitution of the United States gained traction during the NFT frenzy.
With the Art scene saturated, new types of NFTs are popping up but require substantial building and marketplaces. As builders look to new markets, we can expect to see more projects challenge the major industries: finance, insurance, health-care, real-estate are all ripe for disruption.
Nova DAO is disrupting the early-stage venture capital markets by fractionalizing ownership of early-stage web3 startups. Nova’s first public move will be dropping. The drop consists of a mint of 7,500 with each NFT representing 1 DAO vote. Thus, the holders become members of the DAO, given voting rights. Anyone can pitch their idea to Nova DAO and the DAO members are responsible for voting on the projects that interest them the most. This is done with the native token currency $NOVA which is burned to fund each project.
This revolutionary idea presents members the opportunity to fund projects that are selected by existing members, rather than by a select few people as well as giving everyone an equal opportunity in DAO rights.
The Genesis Nova Pass is a 3D art piece that signals a DAO vote, by holding this NFT pass members are part of the DAO and the community. Minters are given a 50% chance of getting the ‘sunny’ Genesis Nova pass or the ‘raining storm’ Genesis Nova Pass which will have some novel abilities and utilities to gamify the funding/voting process.
Nova DAO provides a solution to a sea of generative PFP artworks that currently flood the market. This project aims at building unique and innovative NFTs that will push the technology forward while providing the market with new and exciting value propositions.
The Founder Raghav Gupta grew up in India, he studied at UCLA and has a hobby of Mathematics and Quizzes. It’s through his involvement in Pixel Vault that he met Captain James. James Di Martino is from Australia (known as Captain James in discords and Twitter) and Is a filmmaker and academic. James is currently completing his PhD thesis on NFT with a focus on the consumer journey and organisation adoption.