NFT Merchants Wished an OpenSea Airdrop. Then OpenDAO Launched on Christmas

Following an overnight surge, OpenDAO’s market cap is at roughly $295 million. 

SOS Airdrop Calms NFT Neighborhood’s OpenSea Woes 

Christmas exact keeps getting better for the NFT community. 

A brand unusual project called OpenDAO launched Friday, bursting onto the scene with a token airdrop for dedicated NFT collectors. 

The project allocated a 50% share of its SOS token provide to customers of OpenSea, the biggest NFT market. The quantity disbursed to every user modified into as soon as calculated in maintaining with the quantity spent on OpenSea and the possibility of transactions earlier than a snapshot date. As a result, a few of primarily the most active NFT merchants beget received the biggest payouts from the airdrop. Christmas token airdrops be pleased this beget turn out to be something of a crypto phenomenon as of late; in 2020, 1inch memorably disbursed its 1INCH token to early customers at hour of darkness on Christmas Day. 

OpenDAO’s chosen distribution attain is famous in fragment thanks to contemporary trends surrounding OpenSea. As NFTs exploded in recognition in 2021, OpenSea cemented its space as the leading marketplace for digital collectibles. OpenSea customers beget long hoped that the crew would originate a token to provide the community ownership over the project. Token airdrops are a classic apply in crypto, and particularly DeFi, amongst projects seeking to trot in direction of decentralization and reward the early adopters that contributed to their success. On the replacement hand, despite ongoing rumors, OpenSea is yet to originate a token. Earlier this month, the firm hired a peculiar CFO from Lyft, Brian Roberts, who printed in a Bloomberg interview that he fundamental to work in direction of taking the firm public, which would likely rule out any token plans. Roberts later clarified that the firm “would gaze to involve the community” in any potential IPO following intense backlash from the NFT community. 

There modified into as soon as inaccurate reporting about @OpenSea‘s plans. Let me blueprint the story straight: there is a mountainous gap between smitten by what an IPO also can in any case gaze be pleased & actively planning one. We’re now not planning an IPO, and if we ever did, we would gaze to involve the community.

— broberts.eth (@BKRoberts) December 8, 2021

Now, curiosity in OpenDAO and its SOS token implies that the community has an scoot for food for a decentralized project centered on NFTs. Per files from CoinGecko, SOS is up 589% in the last 24 hours. Fair like many meme coin projects that emerged this 365 days, the token has a gargantuan provide of 100 trillion, that skill every token is price most efficient fractions of a cent. At press time, $100 price of USDC buys about 12 million SOS on Uniswap. With the overnight upward thrust, the project’s market cap is at roughly $295 million. Etherscan files reveals that SOS has over 130,000 holders, and that quantity also can amplify as extra customers originate to state their airdrops. 

On its web living, OpenDAO describes SOS as “the token for the biggest NFT community, to pay tribute, to give protection to, to promote.” Interestingly, it says that a 20% allocation of the provide will trot in direction of supporting the community by compensating OpenSea scam victims, supporting rising artists, NFT communities, and art work preservation, and organizing a developer grant for the SOS ecosystem. Whereas it’s unclear whether OpenDAO will scheme a permanent impression on the NFT place, for now, it’s generated a well-known quantity of buzz thanks to its token giveaway. 

Disclosure: At the time of writing, the creator of this selection modified into as soon as eligible for OpenDAO’s SOS airdrop. As well they owned ETH, USDC, and several other cryptocurrencies, and had exposure to UNI in a cryptocurrency index.