I’m still thinking about yesterday’s RTFKT piece. Twitter thread soon for a broader audience.
RugDAO’s Budget Proposal
Transparency is a core principle in Web3 (although oftentimes an aspirational one). A great recent example of this is RugDAO’s recent budget proposal.
RugDAO is the community and governance arm of Rug Radio. Founded by Farokh, a large influencer and Twitter Spaces host, he and the team are building the first fully decentralized media platform.
It doesn’t mean that the content itself is fully decentralized, they’re on Twitter, Spotify, and other centralized platforms for content distribution. However, their governance model and business decisions will be determined by the members and participants in the Rug Radio ecosystem. Pretty cool!
Last week, the Rug Radio team held a Twitter Spaces to share the roadmap and budget for the next 6 months.
Here’s a sample of some of the strategy docs and budget proposal that was shared. This is publicly available on the Discord server.
Even if you don’t listen to anything from the Rug Radio network or even know who the hell Farokh is, you can access this. IMO that’s pretty cool and underappreciated.
Voting results on the budget are also public, and things are looking pretty good and it looks like the proposal is going to pass when voting ends tomorrow.
This is notable because this is antithetical to most Web2 norms:
User input is siloed vs. public forums
Users don’t have much say on the roadmap and budgets
Transactional relationship vs. Ongoing dynamic relationship with skin in the game
And the Web2 model makes sense, especially if these companies and brands are already established. This also doesn’t mean every company or brand in Web3 should take the approach that RugDAO is.
However, if you’re building from the ground up or in the early stages, there is serious opportunity to take this model as inspiration. How can you get your community or consumer base involved in a serious way? You don’t need to have a DAO. You just need to be creative about it.
And if you can build a framework to solicit thoughtful ideas and suggestions (a complaint is not the same as a suggestion with a writeup and supporting figures), can they actually be implemented? Could you leverage that into a 10x capability?
On the other hand…
Diamonds 💎 | burn.eth 🔥 @CryptoDiamonds
No bueno. The founders used the funds raised from the NFT project to trade at a $1.827 million loss. WTF?! Amazing.
In this market, we’re starting to see the adults separate themselves from the children. This is long overdue.
Have you spent money before? If so, share this with someone else that has spent money!
The Cannibals
As most of you know, I’m a sucker for unique strategies and tactics that I see across the NFT space. There’s been one from a relatively obscure project called The Cannibals.
PS: I have no idea how this project will do. When in doubt, it’s going to 0.
Ok, they have almost 59k followers on Twitter maybe not that obscure lol.
I honestly forget how I joined, some alpha group probably linked this and I joined for the hell of it.
If you join the Discord, it seems like the earliest messages were from August 24th which is a week ago. And as of this writing, they have 14,821 members in the Discord server, so they’re at least doing the hype thing right? God, I hate that word these days.
So what are they doing that caught my eye?
As we know, storytelling is a lever that many successful (and unsuccessful) NFT projects utilize to engage and retain their audiences. Cannibals has a unique take on this.
In Discord servers, you can have public or private channels. Obviously, any internal team channel should not be available to the public, but the Cannibals team flips this concept on its head and uses this channel as an opportunity to elevate its storytelling.
The team let’s its users into a ‘behind the scenes’ for the project, similar to how TV shows change the POV of how the story is being told from different characters.
More recently, this story is tagging the actually community to bring them into the narrative.
Even from these 2 screenshots a week apart we can determine several things:
There are multiple team members: Ugolino, Vlad, Cronus, Eliza…Eliza is never tagged. Who’s Eliza?! 💼
People who join the server are applicants. For what? Some cannibal program? Are we humans turning into cannibals? Is this a Squid Games episode? I’m scared lol. 😱
There’s a colony, an island, Divinity chambers, interesting…🤔
If you’re working on anything, what’s the story? What’s the narrative? How can you leverage the storytelling to supercharge the product and the corresponding community?
Example: For the Web3 Writer Collective I’m building, WW3. I always open up the joke that ‘We’re not starting a World War, but we’re at war. We’re at war with poorly written content in Web3.’
I think it’s funny. It’s doesn’t get old because I’m corny AF.
It does a great job of painting a picture and storytelling. There is a war going on with written content. Everyone’s a thinkboi or thought leader writing short sentences optimized maximum short-term feel good inspiration. This doesn’t mean I don’t post on LinkedIn with condensed versions of these pieces. I just have a different long-game approach 😉
And you can join the cause, whether you’re a writer or not!
Trung says it best, there’s a reason it went super viral lol.
Storytell. And if you do, my two cents are take the existing best practices and put your spin on it. It turns the content from a post into a story that you uniquely own.
See you tomorrow :)
