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Welcome to the 80th Edition of the FF Newsletter
In this edition:
▹ Team updates
▹ Tokenized Communities by Jihad Esmail
▹ Apecoin by Yuga Labs
▹ Vitalik on Time Magazine
▹ DAO Legal Framework by DYDX
▹ Simon de la Rouviere w/ NFT Universe
▹ ... much more
Plus: What’s Poppin' / Market Pills & $SOCIAL Index Snapshot
Let’s get into it.
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Tokenized Communities. Forefront’s mission is to empower creators building at the forefront of tokenized communities… but what are tokenized communities. In this essay, FF Core Team member Jihad Esmail outlines a clear framework for understanding what a tokenized community is, why they’re important, and why community tokens are valuable. While we’re in the early stages of truly defining and understanding tokenized communities, this essay is a valuable outline to understanding where we’re headed and why the journey is so important. READ ON 🔥
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Yuga Labs announces $APE. Yuga Labs, the team behind Bored Ape Yacht Club, has officially launched ApeCoin ($APE), "a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3." The Forefront community has expressed some excitement around the launch, and we’ve listed $APE on the FF Market. We’ll be keeping an eye on how $APE is used in the market and what the future of community tokens in NFT-first communities will look like. SO IT STARTS ⚡️
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Legal Framework for Non-U.S. Trusts in DAO. In this report, the dYdX Foundation outlined a potential legal solution for "grants DAOs." The “Purpose Trust” would theoretically allow DAOs to participate in off-chain activities, protect members from individual liability, and clarify tax burden at the organizational level. While there does not seem to be a one-size-fits-all approach to DAO legal entities, use-case specific frameworks like this will become more valuable. SUPER INSIGHTFUL 🔬
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DAO Delegates: Misunderstood and Misused. Recently, "metagovernance" – holding another DAO’s token to participate in that DAO’s governance – has become all the rage in the DAO community. Members of the Orca Protocol team are here to set the record straight around metagovernance, specifically individual delegation, and how we can improve the current system. The team argues that individual delegation has unclear responsibilities, misaligned incentives, and an inability to scale, amongst other problems. They then offer potential solutions and best practices. TAKE NOTES 📑
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Vitalik Buterin On Time Magazine. Vitalik is on the cover of Time Magazine – what a time to be alive. While he expresses concern about the current public perception of crypto, the Ethereum creator is optimistic that the blockchain will be a breeding ground for new socio-political experiments. The piece is very long and covers a lot of ground, but it’s a great introduction to some of Vitalik’s thoughts on the last two years of Ethereum ecosystem development and where we might go from here. CRYPTO & BEYOND 🚀
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DAO Governance: Challenges, Ideas and Tools. DAO governance is… hard. This post from Tally outlines some of the history of DAO governance, common governance models, and some more innovative approaches that the community is either experimenting with or (they believe) should be experimenting with. Among these are a “multi-DAO” approach with constrained delegation and the Cardano community’s governance approach. COOL 👀
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Common pitfalls for Web3 founders. DeFi Alliance Qiao Wang put together a Google Doc outlining some of the common pitfalls they see web3 founders fall into. Among them are an unhealthy obsession with marketing, recruiting, scaling your team too quickly, unnecessary and premature focus on token economics, and many more. This is an extremely valuable document for web3 startup founders and DAO operators alike. PROGRESSIVE GROWTH ✍️
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CC0, Fidelity, & On-Chain Bundling. NFT creative universes are undergoing an exciting phase of wild experimentation, emphasizing free IP, new economics, and remixing. This piece from Simon de la Rouviere explores CC0, the power of low-fidelity creations in worldbuilding, and what it means to build a creative community in the world of NFTs. This is a truly wonderful deep dive into the opportunities that NFTs are beginning to scratch the surface on for creators. POWERFUL BUILDING BLOCKS 🪐
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Social Tokens Index Fact Sheets
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David from Mintgate
In this week's MintGate v2 development, we focused on:
— We have improved the unlocked video and audio player experience on the token page.
— It is possible to add unlockable content to an NFT even if it does not already have any unlockable content.
— A fresh new NFT page design.
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Forefront DAO
Forefront had a big week! Here’s a taste of what the community is up to:
— We launched the FF Labs Pitch Series, a bi-weekly jam session where our community comes together to pitch and vote on our favorite web3 experimental ideas to tackle. We’ll then build and ship it as fast as possible. This is the first initiative out of our experimental studio – FF Labs – and everything we build will be fully open-sourced.
— We also launched Forefront Studio, which aims to give community operators the tooling, services, and knowledge to build next-level communities, compiled from our learnings building at the heart of the space. We’re excited to work with communities at all stages to provide guidance and build alongside. Let us know if you’re interested in working with our team!
We’re working with Surge to map out the web3 projects creating space and building for women. If you know of any organizations doing great work for women in web3, please fill out this very short form.
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