> For the complete documentation index, see [llms.txt](https://nft-dao-1.gitbook.io/nft-dao/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://nft-dao-1.gitbook.io/nft-dao/meetings/22nd-march-2021-nft-dao-business-planning-meeting-transcription-in-progress.md).

# 22nd March, 2021, NFT-DAO Business Planning Meeting

Here is a list of timestamps for this meeting (the links are external). Please amend if I have misheard or misinterpreted some content.

{% embed url="<https://www.youtube.com/watch?v=wnaXlv9onAo>" %}

Note : Timestamps are external links.

## Minutes

The minutes for this meeting ...

{% embed url="<https://cdn.discordapp.com/attachments/815810627497885696/824089205176795206/NFT-DAO_Business_Planning_MINUTES_22-3-21.pdf>" %}

Discord context

{% embed url="<https://discordapp.com/channels/804069702572965888/815810627497885696/824089205436317700>" %}

## Introductions - [0.44](https://youtu.be/wnaXlv9onAo?t=44)

## Agenda - [2:31](https://youtu.be/wnaXlv9onAo?t=151) - Troy Egan

> **Reference**

{% embed url="<https://cdn.discordapp.com/attachments/815810627497885696/823508774291374140/NFT-DAO_Business_Planning_Agenda_22-3-21.pdf>" %}

Discord context (Business Planning Channel):

{% embed url="<https://discordapp.com/channels/804069702572965888/815810627497885696/823508774068158515>" %}

> **Summary**

## Governance HOLON update - [4.17](https://youtu.be/wnaXlv9onAo?t=257) - Troy Egan

### Community Feedback - [5.03](https://youtu.be/wnaXlv9onAo?t=303) - Troy Egan

### Analysis - [5.18](https://youtu.be/wnaXlv9onAo?t=318) - Troy Egan

> Reference Governance Holon –Update(17-3-21)
>
> **Common Themes**

{% embed url="<https://cdn.discordapp.com/attachments/815810627497885696/821886601767944222/Governance_Holon_Update_17-3-21.pdf>" %}

Discord context (Business Planning Channel):

{% embed url="<https://discordapp.com/channels/804069702572965888/815810627497885696/821886601885909003>" %}

### Recommendations - [8.21](https://youtu.be/wnaXlv9onAo?t=501) - Troy Egan

### Discussion Points - [12.34](https://youtu.be/wnaXlv9onAo?t=754) - Troy Egan

## Constitution Discussion

### Overview - [12.41](https://youtu.be/wnaXlv9onAo?t=761) - Troy Egan

### Viewpoint - [13.00](https://youtu.be/wnaXlv9onAo?t=780) - Rich Kopcho

> June/July before full constitution ready

### Viewpoint  - [13.55](https://youtu.be/wnaXlv9onAo?t=835) - Tyler Wales

> **Interim solution** - Bill of Rights - General Principles of the DAO
>
> Like a manifesto ? - Hud

### Action - [14.48](https://youtu.be/wnaXlv9onAo?t=888)  - Troy Egan

> Agree short-term one-page manifesto ?

### Viewpoint  - [15.06](https://youtu.be/wnaXlv9onAo?t=906) - Rich Kopcho

> Discord Channel - Genesis Block Start Here - is a manifesto
>
> **Reference** :

{% embed url="<https://discordapp.com/channels/804069702572965888/812010450312364063>" %}

### Viewpoint  - [15.31](https://youtu.be/wnaXlv9onAo?t=931) - Tyler Wales

> Some acknowledgement of reading founding document/principles

### Recommendation / Action  - [15.59](https://youtu.be/wnaXlv9onAo?t=959) - Rich Kopcho

> Recommend reformation and redesign of NFT-DAO Discord Server and hiring experienced Admin

## Business Plan Draft - Presentation - [18.09](https://youtu.be/wnaXlv9onAo?t=1089)

> NFT-DAO - A collaborative NFT Economy
>
> Version 3 Business Plan/Canon

### Update - scope of funding  - [29.54](https://youtu.be/wnaXlv9onAo?t=1794) - Rich Kopcho

> Insufficient funds at present to build what we need to build (Fund 3)

### Budget Discussion  - [31.59](https://youtu.be/wnaXlv9onAo?t=1919) - Troy Egan

> unfunded costs rolled forward to subsequent Catalyst Fund stages
>
> ### Roadmap overview  - [32.52](https://youtu.be/wnaXlv9onAo?t=1971) - Troy Egan
>
> ### Our Story - [34.16](https://youtu.be/wnaXlv9onAo?t=2056) - Troy Egan
>
> Background on how DAO formed out of Catalyst Fund application

### Community make-up - [35.45](https://youtu.be/wnaXlv9onAo?t=2145) - Troy Egan

### Market Analysis- [37.34](https://youtu.be/wnaXlv9onAo?t=2254) - Troy Egan

### Our Structure- [37.59](https://youtu.be/wnaXlv9onAo?t=2279) - Troy Egan

### The DAO Business Model

\>

> Distinction between Business Model (revenue etc.) and Organisational Model (how DAO works)
>
> DAO theory - Vitalik Buterin - [38.53](https://youtu.be/wnaXlv9onAo?t=2333) - Troy Egan
>
> **Reference** :

{% embed url="<https://ethereum.org/en/whitepaper/>" %}

> Compromise between automated trustless systems and heterogenous trust based systems

### Holonic Models - [39.52](https://youtu.be/wnaXlv9onAo?t=2392) - Troy Egan

> **References**
>
> The Holonic Enterprise as a Collaborative Information Ecosystem - 2001

{% embed url="<http://theimpactinstitute.org/Projects/FIPA/Holonic-Enterprise-Final.pdf>" %}

> The Ghost in the Machine - Arthur Koestler

{% embed url="<https://en.wikipedia.org/wiki/The_Ghost_in_the_Machine>" %}

> HOLONs as an organisational structure
>
> Standard HOLON induction process required to avoid silo effect
>
> **Note** : Mihaela Ulieru / Explanation of HOLONs - [43.04](https://youtu.be/wnaXlv9onAo?t=2584) - Rich Kopcho
>
> Mihaela Ulieru one of the authors of 'The Holonic Enterprise as a Collaborative Information Ecosystem - 2001' currently works for IOHK
>
> **Reference**

{% embed url="<https://iohk.io/en/team/mihaela-ulieru>" %}

> **Discussion** - [45.54](https://youtu.be/wnaXlv9onAo?t=2754) - Sev
>
> Is the Holonic structure part of the DAO ?
>
> The DAO is the HOLON - Rich Kopcho
>
> Individuals may contribute and comment across all HOLONs within the DAO

### Incentive discussions in Discord community - [50.56](https://youtu.be/wnaXlv9onAo?t=3056) - Troy Egan

> Tiered Engagement Program - contribution incentives
>
> Equity weightings
>
> **Nurture phase of Cataylist** - [52.58](https://youtu.be/wnaXlv9onAo?t=3178) - Rich Kopcho
>
> Order to Chaos - Chaordic organization
>
> Reference :

{% embed url="<https://en.wikipedia.org/wiki/Chaordic_organization>" %}

## Sales and Revenue - [57.36](https://youtu.be/wnaXlv9onAo?t=3456) - Troy Egan

> Minimum Viable Product (MVP) - Revenue share
>
> Auction and Pre-Sale Revenue targets
>
> Consensus that more artists needed
>
> Fees and Royalties

### Market Research - [1.01.58](https://youtu.be/wnaXlv9onAo?t=3718) - Tyler Wales

> How many artists want to particpate ?
>
> How many investors want to particpate ?
>
> Market Research update - [1.03.02](https://youtu.be/wnaXlv9onAo?t=3782) - Sev
>
> What would be minimum market research required to start MVP ? - [1.04.15](https://youtu.be/wnaXlv9onAo?t=3855) - Troy Egan
>
> ### Main NFT market painpoints - [1.05.16](https://youtu.be/wnaXlv9onAo?t=3916) - Dan Verowski

* Poor distributed content integration. IPFS (Interplantery File System)
* Poor curation of NFT assets - lack of standards
* Content stored on-chain or off-chain ?

### How to transact NFTs - [1.06.58](https://youtu.be/wnaXlv9onAo?t=4018) - Wilhelm Horrix

* Legally enforceable contracts
* Start with very simple contract
* Purchase orders

> **Action** - NFT transaction experiment - [1.11.04](https://youtu.be/wnaXlv9onAo?t=4264) - Rich Kopcho
>
> Liability concerns - [1.11.42](https://youtu.be/wnaXlv9onAo?t=4302) - Wilhelm Horrix
>
> Discussion - [1.12.07](https://youtu.be/wnaXlv9onAo?t=4327)
>
> Request for flow diagram - [1.14.34](https://youtu.be/wnaXlv9onAo?t=4474) - Troy Egan
>
> Discussion - [1.15.01](https://youtu.be/wnaXlv9onAo?t=4501)

* Transaction flow diagrams

### Revenue Targets- [1.15.45](https://youtu.be/wnaXlv9onAo?t=4545) - Troy Egan

> Revenue Targets- [1.16.19](https://youtu.be/wnaXlv9onAo?t=4579) - Dan Verowski
>
> Revenue Targets- [1.16.42](https://youtu.be/wnaXlv9onAo?t=4602) - Rich Kopcho $150,000 Development costs as Revenue Target
>
> Discussion - [1.17.26](https://youtu.be/wnaXlv9onAo?t=4646)
>
> Call for Artists [1.18.43](https://youtu.be/wnaXlv9onAo?t=4723) - Dan Verowski
>
> Discord channel: Name the Artplace Market [1.19.37](https://youtu.be/wnaXlv9onAo?t=4777) - Tyler Wales

### Define presales ? - [1.20.23](https://youtu.be/wnaXlv9onAo?t=4823) - Wilhelm Horrix

* Answer - We are selling NFTs before we can mint them - Troy Egan

> Discussion on NFT Pre-Sales - [1.21.14](https://youtu.be/wnaXlv9onAo?t=4874) - Troy Egan, Dan Verowski

* Pre-Sales risky - Dan Verowski

> Artist view on pre-sales - [1.22.26](https://youtu.be/wnaXlv9onAo?t=4946) - Troy Egan, Andy

* If you build story around funds being use to fund the DAO - people would be willing to engage

> Update on Mary Artwork - [1.22.54](https://youtu.be/wnaXlv9onAo?t=4974) - Andy

* Broken into three tier offerings
* Success of Cardano Kidz presales

> Pre-Sales risks - [1.25.21](https://youtu.be/wnaXlv9onAo?t=5121) - Tyler Wales

* Risk Mitigation, set-up a Stakepool for sustainable revenue

### Achieving Revenue Targets - [1.26.47](https://youtu.be/wnaXlv9onAo?t=5207) - Troy Egan

* Experiment with pre-sale, Creating demand with time-limited auctions

> Discussion - [1.28.29](https://youtu.be/wnaXlv9onAo?t=5309) - Troy Egan, Dan Verowski, Tyler Wales
>
> Window - 5 minute sale - [1.29.18](https://youtu.be/wnaXlv9onAo?t=5358) - Troy Egan
>
> Discussion - amount of artwork in initial sale.
>
> Update - [1.31.44](https://youtu.be/wnaXlv9onAo?t=5504) - @newmindflow

### Auction in a month ? - [1.34.15](https://youtu.be/wnaXlv9onAo?t=5655) - Troy Egan, Tyler Wales, @newmindflow, Dan Verowski, Wilhelm Horrix

> Discussion - Preparation of landing page. Need for smart contracts to automate royality percentage distribution. Possible alternative being a 'physical' auction of tokens.
>
> Presale option - [1.36.59](https://youtu.be/wnaXlv9onAo?t=5819) - Rich Kopcho
>
> Auction buyer redeems NFT when Plutus contract functionality live.
>
> Importance of a transparent process that inspires trust - [1.37.59](https://youtu.be/wnaXlv9onAo?t=5859) - Wilhelm Horrix
>
> **Timeframe of 1 Month** - [1.38.58](https://youtu.be/wnaXlv9onAo?t=5938) - Troy Egan, Rich Kopcho, Tyler Wales
>
> Technical impossibility of automated auction for minimum viable product (MVP) - [1.40.18](https://youtu.be/wnaXlv9onAo?t=6018) - Dan Verowski, Tyler Wales
>
> Blockchain based, automated, trustless auction currently not possible - but a shopify-like trust-based presentation of an auction posssible.
>
> Benefits / Risks of doing an auction
>
> Pre-sale strategy makes more sense ? - [1.41.44](https://youtu.be/wnaXlv9onAo?t=6104) - Dan Verowski
>
> Discussion - [1.41.59](https://youtu.be/wnaXlv9onAo?t=6119) - Troy Egan, Rich Kopcho
>
> **We need to scope options to 1 month deadline**
>
> ### Importance of a deadline - [1.42.08](https://youtu.be/wnaXlv9onAo?t=6128) - Rich Kopcho
>
> We need someone to own the auction process - [1.44.05](https://youtu.be/wnaXlv9onAo?t=6245)
>
> Discussion - [1.44.21](https://youtu.be/wnaXlv9onAo?t=6261) - Wilhelm Horrix / Tyler Wales
>
> Landing page - Tyler Wales
>
> NFT-DAO Token - Wilhelm Horrix
>
> Discussion - [1.49.52](https://youtu.be/wnaXlv9onAo?t=6582) - Tyler Wales, @newmindflow, Andy
>
> Artist percentages in smart contracts, number of artworks
>
> ### Plutus Development - [1.51.16](https://youtu.be/wnaXlv9onAo?t=6676) - Rich Kopcho / Hud

### Need for a co-ordinator - [1.52.00](https://youtu.be/wnaXlv9onAo?t=6720) - Troy Egan

> To keep track of timeframes
>
> Set-up samepage infrastructure - [1.52.25](https://youtu.be/wnaXlv9onAo?t=6742) - Tyler Wales
>
> Funding / Timeframe goals - [1.53.51](https://youtu.be/wnaXlv9onAo?t=6831) - Dan Verowski
>
> Summary - [1.54.59](https://youtu.be/wnaXlv9onAo?t=6869) - Troy Egan
>
> Level of participation - [1.55.29](https://youtu.be/wnaXlv9onAo?t=6913) - @newmindflow

## Revenue Models

> We don't need a lot of people bidding - we need the rignt people - [1.55.48](https://youtu.be/wnaXlv9onAo?t=6948) - Rich Kopcho
>
> We should focus on letting the market set a price - [1.57.09](https://youtu.be/wnaXlv9onAo?t=7029) - New Mindflow, Rich Kopcho, Tyler Wales

### Revenue Models - [1.58.22](https://youtu.be/wnaXlv9onAo?t=7102) - Rich Kopcho

> What are the best and brightest revenue models ?

![](/files/-MWu-enLiK9X2R4-QwIk)

| **The Market** | **Needs/Wants** | **NFT Revenue Models**  |
| -------------- | --------------- | ----------------------- |
| ETH            | ADA Market      | Transaction Fees        |
| OpenSea        |                 | % of Revenues           |
| Rariable       |                 | Saas Operation Model    |
|                |                 | Contract Development    |
|                |                 | Consulting              |
|                |                 | Stakepool               |
|                |                 | **Dependencies**        |
|                |                 | Buyers/Sellers          |
|                |                 | Marketplace & Contracts |

What should our Business Plan point us to ?

## HOLON Guidelines - [2.02.52](https://youtu.be/wnaXlv9onAo?t=7372) - Troy Egan

> HOLON etiquette -how do we communicate in respectful way ?
>
> How to capture/reward value added in Discord ?
>
> GitHub good at tracking changes /contributions - [2.07.08](https://youtu.be/wnaXlv9onAo?t=7628) - Dan Verowski
>
> Tag conversations in Discord for documentation - [2.07.44](https://youtu.be/wnaXlv9onAo?t=7664) - Tyler Wales

## Tokenomics - [2.08.20](https://youtu.be/wnaXlv9onAo?t=7700) -  Dan Verowski

> Whos Who in each HOLON ? - [2.09.26](https://youtu.be/wnaXlv9onAo?t=7766) - Hud
>
> memefactory - [2.12.15](https://youtu.be/wnaXlv9onAo?t=7935) - Dan Verowski

{% embed url="<https://memefactory.io/>" %}

> memefactory has an interesting business model where locked meme tokens receive pineapple rewards (like privileged access to NFT Drops)
>
> Nifty because : If token holders have to actively participate in claiming token rewards then they do not count as legal dividends subject to KYC (Know your customer)
>
> Suggestion : Incorporate a similar reward system within NFT-DAO
>
> Is there a clear distinction between NFT-DAO Governance and Utility token use cases ? - [2.15.02](https://youtu.be/wnaXlv9onAo?t=8102) - Dan Verowski
>
> Preference for two seperate NFT-DAO Governance and Utility tokens to balance associated voting powers.
>
> memefactory has a built-in QA process - [2.15.57](https://youtu.be/wnaXlv9onAo?t=8157) - Troy Egan
>
> Useful community vetting process - avoids spam - promotes quality
>
> Challenges to proposed memes (NFTs) are costly in terms of token investment.
>
> NFT-DAO Governance and Utility tokens - [2.18.12](https://youtu.be/wnaXlv9onAo?t=8292) - Troy Egan
>
> Research needed on different token ecologies. Token use to be constrained with the NFT-DAO platform in some way.
>
> Store of value - [2.20.53](https://youtu.be/wnaXlv9onAo?t=8453) - Dan Verowski
>
> Distinction between tokens that :
>
> 1\) have a deflationary store of value which attracts investors looking for scarcity and voting powers analogous to Board members
>
> 2\) are geared towards day-to-day utility of NFTs
>
> Need to carefully scope Governance Tokens - [2.21.50](https://youtu.be/wnaXlv9onAo?t=8510) - Tyler Wales
>
> Possible abuses of the system
>
> Vesting period - [2.22.53](https://youtu.be/wnaXlv9onAo?t=8573) - Dan Verowski
>
> Building trust, having a solid model to communicate
>
> Fixed limits on allocation of tokens - [2.24.04](https://youtu.be/wnaXlv9onAo?t=8644) - New Mindflow
>
> Discussion [2.24.38](https://youtu.be/wnaXlv9onAo?t=8678) - Troy Egan, Tyler Wales, New Mindflow, Dan Verowski

## Thank You  [2.28.08](https://youtu.be/wnaXlv9onAo?t=8888) - Troy Egan


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