FWB DAO, Web3 community operation mode?

A week ago, a16z made a high-profile investment of US$10 million in FWB DAO (Friends With Benefits). Is FWB DAO the community operation model of Web3?

1. What is a FWB DAO?

After buying a $10,000 token, you can join its Discord. There are more than 100 channels in Discord with various topics, similar to the Douban interest group.

The following article has a detailed introduction.

https://www.chainnews.com/zh-hant/articles/803258236193.htm

2. The development experience and token model of FWB DAO

1>2020.9, Trevor McFedries personally created FWB DAO

Members need to hold 50 $FWB in order to join the DAO. The total amount of tokens is 10 million.

Verify members' $FWB holdings on Discord using Collab.Land.

2>2020.12, start the season system

3 months is a season, and the membership threshold for the next season will increase by 5 $FWB, such as 50$FWB→55$FWB.

If a member remains active in this season, the next season automatically obtains membership;

If you don't stay active, you must buy 5 more $FWB in the next season to reactivate your membership;

3>2021.1, start to airdrop $FWB to active DAO members

The Discord channel integrates sourcecred.io and keeps track of DAO members' contributions.

2021.1.15, the first airdrop of 5 $FWB for members who participated in the voting and community call.

4>2021.2, $FWB price reaches $14

Note that the total number of coins at this time is 10 million, not the current 1 million.

At this time, there are only 400 DAO members (holding at least 55 $FWB).

https://consensys.net/blog/codefi/friends-with-benefits-a-new-model-for-social-tokens-on-ethereum/

5>2021.3, hacked, LP pool lost 800ETH.

The community reissued the token, still called $FWB, a new contract, and the total amount of tokens was reduced to 1 million . $FWB price around $15.

Considering the 10:1 reduction in total volume, the hack actually caused the token price to drop by 90% .

From the perspective of the plan, community members took the loss, and many people were dissatisfied and left the community. $FWB prices also hit hard.

For some time after that, the community has been slowly recovering from the impact of the hack.

6>2021.7, season 3 starts, the threshold is 75 $FWB (the price of $FWB at that time is $8)

$FWB price started to rise. Because of the popularity of NFTs, FWB DAO artists have successfully released many NFT series, and more members have begun to join.

7> In September 2021, $FWB will rise to nearly $200, and new members need to buy $15,000 in tokens.

Taking into account the 10:1 reduction in the total volume, the current $FWB price is actually only recovering to before the March hack.

https://medium.com/friends-with-benefits/introducing-fwb-pro-313d62183678

3. Why does a16z invest in FWB DAO?

First of all, DAO is the main investment direction of a16z on the web3 track;

Secondly, a16z believes that the web3 track has the following pain points, and FWB DAO has broken points:

1>web3 should not only be oriented to the encryption community, but also become the infrastructure of the general public like water and electricity.

Most of the members of FWB DAO have absolutely no intersection with the currency circle/chain circle, but everyone has a strong interest in web3. As a social experiment, the FWB DAO seems to have opened a door between the crypto community and the general public.

2>1/3 of the American people consume streaming music, the combination of web3 with music and art can achieve the goal faster 1>

Most of the members of the FWB DAO are from the music and art circles.

https://a16z.com/2021/10/27/investing-in-friends-with-benefits-a-dao/