Nadya Tolokonnikova, a co-founder of Pussy Riot, has revealed the establishment of UnicornDAO, a decentralized autonomous organization branding itself as a feminist campaign trying to combat patriarchy in Web3. It intends to invest entirely in female, non-binary, and LGBTQ+ artists in Web3.
Tolokonnikova’s Ventures in the Crypto Sector
Tolokonnikova is primarily known for her work with the conceptual protest art collective Pussy Riot. It has recently become more active in the DAO sector. A decentralized autonomous organization (DAO) is an online platform that utilizes cryptocurrencies to organize. It also incentivizes its members and control group decision-making. Tolokonnikova previously co-founded UkraineDAO. It generated $6.75 million in Ethereum in five days by selling an NFT displaying the Ukrainian flag.
Whereas UkraineDAO sought to assist Ukraine in its struggle against Russia, UnicornDAO has an entirely different goal. The DAO, according to co-founder Rebecca Lamis, intends to deliver financial resources and tools to communities. Thus, it regards as disadvantaged in the cryptocurrency space -and to do so in a decentralized and community-run fashion. Lamis went on to say that she appreciated the DAO concept and how it provided a new, collaborative, scalable approach within Web3.
About DAO’s UnicornDAO
As per Lamis, when UnicornDAO was first formed, its founders intended to raise $1 million to reinvest in artists. However, due to higher-than-expected demand, the organization plans to raise extra funds. UnicornDAO already has a fantastic roster of early backers, such as Hollywood agent Gary Oseary, entrepreneur and NFT fan Gary Vaynerchuk, and digital artists Trippy, Pplpleasr, and Beeple.
According to Lamis, UnicornDAO hopes to raise $5 to $10 million in its initial funding round. UnicornDAO intends to offer “seats” to its backers rather than tokens or NFTs, as many DAOs do.
When it relates to voting and administration in UnicornDAO, Lamis believes the DAO will not have tiered votes dependent on governance tokens and that every member must have one vote. Per the group, when one essentially pays for a seat, they get their equity back in the form of rainbow tokens based on how much they give to the DAO (the DAOs token).
As per UnicornDAO co-founder Jenni Thompson, the majority of the early backers have already pledged to purchase tickets. Whereas crypto payments business MoonPay will fund public seats, and artists will donate NFTs. Thompson sees a DAO as a prime example of how an influential group with a common goal can apportion authority and capital. Furthermore, the rapidly growing NFT market offers a chance to give artists. Particularly women-identifying and LGBTQ+ people, who have historical underrepresentation, the praise they deserve.
While the DAO has long-term ambitions, Lamis says its participants are currently focused on empowering female, non-binary LGBTQ+ digital artists, displaying their artwork. They also discover Web3 organizations to invest in.
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