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- DAO took its community-first approach by purchasing a video NFT for more than $5 million
- The video NFT was created by a user named pplpleasr1 as an animated commercial video of Uniswap
- The autonomous organization can still purchase enough NFTs in the future using their treasury funds worth $200k
DAO, or the decentralized autonomous organization’s member, has recently purchased the animated promotional video Uniswap. The video was sold in the form of a non-fungible token (NFT). It is known that an artist @pplpleasr1 has created the video and the NFT. However, the video NFT has fetched a price of $520k in the form of 310 ETH tokens. The user purchased the video NFT is a first-of-its-kind DAO entitled “pleasrdao”.
Pplpleasr1 has created the most iconic video NFT
Alex Svanevik, the CEO of Nansen, a crypto data platform, deemed that the video NFT created by pplpleasr1 is an iconic NFT ever to be minted on the blockchain. Moreover, this has inspired the autonomous organization to drive forward a community-first approach. On the other side, the buyer DAO is donating the whole amount to the Stand With Asians movement. The donation is expected to help stop hate crimes and discrimination against Asian-Americans and pacific islanders. However, the video NFT piece was sold on the Foundation app, which is an NFT marketplace.
DAO can purchase more NFTs with its treasury
DAO was initially created to buy the Uniswap V3 NFTs. According to Svanevik, the DAO can purchase more NFT arts. It is only possible as currently, the organization’s treasury is worth approximately $200k in Ethereum tokens. More than 30 individuals from the Ethereum community are part of the DAO. The members also include Calvin Liu from Compound, Tarun Chitra of Gauntlet Network, and Andrew Kong of Mechanism Capital.
According to Kong, the future is community ownership, and our collective ownership will only help the community to win. Moreover, the NFT art appreciation imposes more value for the tokens if any person or authority owns the tokens themselves.
Besides possibly buying more NFTs in the future, the autonomous could maybe commission arts that it wants to support. Moreover, the DAO has also observed the DeFi ecosystem and has plans for experiments bringing NFTs and decentralized finance sectors together.
