Droposals (proposals to issue Nouns media as canonical NFTs from the DAO) have demonstrated early signs of PMF, generating up to hundreds of ETH in sales. However, they are not easy to do well because it's difficult to put one together both technically and socially.
We're going to build a super fast and easy to use droposal creator that also automatically updates nouns.wtf and and other frontends to feature any drops that the DAO approves.
What's the problem?
We know that Droposals can be wildly impactful. They can:
- Generate hundreds of ETH of revenue for the DAO and Builders
- Create more accessible ownership to canonical Nouns media
- Curate our best creations, making our body of work more legible
Talking to builders, there seems to be two major barriers to creating more successful droposals:
- Creating a droposal is not easy – it requires putting together a complex transaction, and is subject to the same level of approvals as a potential protocol upgrade
- Even when you do manage create one, droposals are only successful if we're able to rally the whole community behind the mint
As a result, although Droposals have demonstrated success, we have not been able to make use of the format consistently as a community.
What we're doing
We're going to make it super easy to deploy and rally all of our attention resources behind droposals. The goal is to make it super easy to create a drop, and then to rally the DAO's excitement arond the mint. Concretely, this means a few things:
Step 1: Create a simple and powerful Drops Creator We'll deploy a drops-specific gov contract and a super easy to use droposal creator at nounsagora.com/drop. More details on how this contract works in the next section!
Step 2: Make drops incredibly exciting! We'll update both nounsagora.com and nouns.wtf to display droposal mints on the front page when there is one. This helps bring attention to the drop, further bring it into canon, and rally the community's excitement.
Over the long term, we'll also work with other NFT sites like Zora and others to feature Nouns Drops so that getting your Droposal approved will catapult an artist to the top of every NFT site.
Step 3: Profit and proliferate! By making droposals accessible and impactful for artists, we think this Proposal will not only pay for itself, but also help us monetize and promote all future media funded by Nouns.
Drops creator contract early design
So how does the Drops creator actually work? Well, it's a bit like a mini governor contract controlled by Nouns token holders strictly for the purpose of managing and issuing drops. It does a two things:
Issue drops Aka create Droposals according to one of the types available.
Manage drop types Drop types dictate the terms of the drop (price, editions, etc) in advance so that artists only have to put up their media for voters to decide whether they're excited about the work itself.
On launch, we will initiate the contract with a single flagship proposal type modeled after the successful This Is Nouns drop. The rough terms we're thinking are: 12 per year, 0.069ETH, 3000 editions. Split will be 60% artist, 30% DAO, 10% Agora.
Anyone can create a type and set their own params, including fee. We could see there being many other types that are stewarded by different teams with different economics and cadence such as:
- Free drop: free & unlimited on an L2, optimistically approved droposal
- Oscars drop: only one allowed per year, more expensive, and high quorum to pass
- Drops segmented by media type: episodes of a movie, Nounish
Future considerations
If the initial feature is successful, we have many ideas on how we can push drops even further:
- We can make it easy to drop on L2s, which could be especially meaningful for free mints.
- Approval voting can be used to choose one of many proposals to mint as the yearly "Best media". Almost like the Oscars of Nouns media
- Droposals can act as a curation mechanism for us to find "the best of" Nouns. Using this, we can create a high quality Nouns media site showcasing our best work. Ranking on the site can be determined by the popularity of the mint
Funding & logistics
Funding
- We request 20ETH upfront to cover costs
- Agora will charge a 10% fee on the flagship droposal type, and will return the first 20ETH in fees to the nouns treasury via a 0xSplit waterfall.
- Anyone meeting the proposal threshold can create a droposal type with no fee (all dropoasal types will be minted from the same address)
Timeline
- Agora will provide biweekly progress updates
- Expected to complete all within 2 months
- When the contract is completed, another proposal will be created to deploy the drops creator and set its name to drops.nouns.eth