The Pride Punk DAO is an organization dedicated to pursuing diversity and inclusion for the LGBTQ+ community in Web3. It is funded by portion of the royalties from the Pride Punk NFT secondary market sales. It also holds a large number of Pride Punk NFT’s and other assets in it’s treasury.
The Pride Punk DAO is an on-chain DAO. This means the system is powered by Ethereum smart contracts, on the Ethereum network, and interacting with the DAO requires gas to be spent for things such as voting and delegating.
Decisions are made by creating proposals and voting on them. Proposals pass when they reach quorum and have a majority of voters in favor.
Participation in the Pride Punk DAO is open to all who claim at least one vote token in the DAO.
Proposals and Voting take place on the DAO platform Tally.
To vote in the Pride Punk DAO, a Pride Punk NFT holder must claim a voting token and then delegate to either themselves, or others.
The voting token is separate from the Pride Punk NFT and is non-transferable (can not be sold or transferred, or traded).
The vote token is an NFT and will show up in wallets such as OpenSea or RainbowWallet.
Voting power in the Pride Punk DAO is not based on the number of NFT’s an address holds. Users who continuously claim a new Vote Token each three months gradually gain greater representation in the DAO than users who claim once, sell their NFT and never claim again.
The Pride Punk DAO is designed to prefer engaged community members who hold their Pride Punk NFT’s, participate in the DAO, and remember to claim every three months.