The development of lockdown policy throughout the course of the year 2020 has meant that the world has been irrevocably changed in favour of finding alternatives to traditional structures of structures of society. Over the course of a couple of months Zoom went from being a company that almost nobody had heard of to a company that the majority of the West use regularly.
It is for this reason that the importance of the meta-verse and virtual reality cannot be overstated. It has already been the case throughout the lockdown that a panoply of university lecturers have decided to move their lessons into virtual reality landscapes and host lessons in digital worlds such as Decentraland and Sandbox. Not only this, but concerts have been held by notable musicians such as David Guetta and the rise of NFT art galleries and exhibitions in digital worlds has also risen to a level that would have otherwise been impossible. Consequently, the economies of these projects have therefore risen considerably: MANA has gone from a market cap of just $50m a year ago to a peak of over $2 billion recently, and the value of virtual real estate in such digital realms has appreciated accordingly, as well as the litany of use cases that such platforms offer.
It is for this reason that we at PropertyDAO believe in the importance of the space, and the importance of building a company that caters for the needs of a future in which the limitations imposed by the tangibility of assets ceases to become an obstacle to innovation; the digital world is to become more significant than ever before, and we wish to position ourselves at the forefront of this revolution. PropertyDAO is more than a property holding company: we will be working to revote and build some of the most incredible pieces of architecture in Decentraland with funds that we raise and develop these into profit-generating enterprises. The possibilities are endless: first we wish to make NFT art galleries, but we plan to develop into virtual reality meeting rooms, universities, casinos, nightclubs, etc.
For this reason, we are holding our first fundraising round, with which we are hoping to raise enough capital to purchase digital real estate, which we shall develop into an art gallery for NFTs. In the future we hope to do future funding rounds by selling some of our governance token, PDAO, but for now we only wish to raise the capital that we need for the next project in hand — the aforementioned.
The total supply of PDAO tokens is 100,000, and the business model is thus: tokens will be gradually unlocked to be sold at funding rounds on the RugProof platform. The token itself will act as a governance token and provide access to our exclusive “board meeting” Telegram group, entry for which has a prerequisite of 500 tokens — it is in this way that token holders are able to actively participate in governance alongside the founders. Token holders are also able to share in the revenue generated from the enterprises that we build in the meta-verse, as profits generated from these enterprises will be used to buy back the PDAO token.
In our first fundraising round on the platform, we are hoping to raise a total of 5 ETH in exchange for 9,000 PDAO. The reason we are raising so little ETH is because the purchase of our first plot of land ought to be adequately covered by this price — future fundraising rounds will cover the purchase of further digital assets.