Degen Vibes Proposal
Degen Vibes is an auction house where one photo print, is sold, every day, forever.
What is it?
This project is an experimental attempt.
Degen Vibes is a “Nouns-native” approach to physical goods:
- community curation of creativity
- minimizing friction to production
- maximizing the number of ideas generated
- daily event
The ultimate goal is to provide a mechanism for members to bring the best ideas forward. By launching a brand with a deep focus on community curation, this project aims to proliferate Nouns one frame at a time.
How would it work?
Funds would be used for design, development, and operation costs for the Phase 1 of this project:
- UI and process to submit photos
- Design and development of storefront.
- Incorporation costs
- Operation costs for initial run period (1 month)
Operations would include coordination with manufacturing partner(s) in preparation of Phase 2 (start of production), management of creator submitted ideas, reaching out to additional manufacturers and other strategic partners.
For the initial run period, curation will be done by the team and involve working with the creators to translate designs for production. Ideally, there would be enough quality ideas and buy-in from production partners to fulfill orders for the first run period.
Once Degen Vibes is launched, the daily cycle will begin. The flow would work in this sequence:
- 1.Daily frame is revealed.
- 2.Users have 24 hours to commit to purchasing the frame with fiat or with crypto.
- 3.If minimum order quantity is reached, orders are sent to the manufacturer. If MOQ is not hit, UI updates to show that the item will not be produced and payment methods are not charged.
Revenue for successful daily drops will be split between the manufacturer, the creator and the Degen Vibes team. Breakdown will be outlined once terms are confirmed with the manufacturers.
We will be considering this round of funding to be Phase 1 or the first installment towards a self-sustaining auction house requiring no additional funding from the DAO. While we are still open to a number of options moving forward.
- Platform to highlight creators, artists, and talent and showcase their images.
- Benefits those new to NFTs and Web3 since purchases can be made with fiat.
- Gather data and identify patterns of demand for certain images (vs. others).
- Daily event to increase opportunities for engagement.
A secondary exploration of this project is piloting the development of unique labeling solutions for physical goods through our production partner. We hope to test usage of unique IDs within apparel and other physical goods. By attributing IDs to items, customers would be able to redeem an NFT from their purchase, instead of redeeming an item from their NFT.
Overall, customers could participate at the DTC layer and simply make purchases but also has the option to participate at higher levels by continuing the flow to redeem NFTs or other tokens associated with each item. These NFTs could then be used to build community and allow holders to engage in activities in the future.
For this initial run period, we are limiting items to apparel and frames only due to existing production partnership. If this prop is successful, we would like to experiment and push the limits.
Overall, the goal of this project is to capture the largest amount of upside possible in the proliferation of Nouns by offering IRL products as a way to become exposed to the idea of Nouns.
Ideally, this project would help onboard and introduce to the 76K LiveTheLifeTV community members, many of whom would be interacting with Web3 for the first time.
Establish storefront and streamline production process with partner for one-a-day sales
Q4 (Oct-Dec) 3 Months
- Integrate apparel with custom IDs
- Seek partners/brands for design collaboration