How to DAO with MeeBits DAO Manager | MakersPlace Blog

In which we learn more about the life of a DAO (decentralized autonomous organization) from Danny Greene, the manager of the MeeBits DAO. MeeBits — a 20k NFT collection of unique 3D voxel characters — were the second collection from Larva Labs, creators of CryptoPunks, later acquired by Yuga Labs, creators of the Bored Ape Yacht Club. 

MP: Why gather Meebits into a DAO?

DG: Larva Labs built this 3D voxel collection, the MeeBits, with the promise that it was your avatar for the metaverse, but then Larva didn’t do anything to realize that vision. So a group of MeeBits holders came together to form a DAO to build utility around MeeBits and use them as a tool to foster the open Metaverse.

The first thing that needed to happen was to create a variety of file formats and an API in partnership with Larva Labs such that any third-party developer could find the right file format to be used in their virtual world. And we’re the only NFT collection that has created an API like that. 

MP: Is MeeBits DAO membership limited to MeeBits holders?

DG: Correct. All of our founders are MeeBits holders. on the founders. There are only 200 founders; they have the voting power for how treasury dollars are spent. We have over 3000 General members. You do not need to hold on MeeBit to be a general member. And though you don’t have voting power, you can choose a delegate and increase their voting power through an ERC-20 token called an $MVOX. 

We’ve done other things to try to increase membership and access to MeeBits. We see MeeBIts not just as its own 20k collection of NFTs but really as a tool for building the open Metaverse. That’s the bigger vision and mission of the organization. 

So we bought 100 MeeBits, put them into a pool, and fractionalized that pool into 100,000 and MBBT tokens. So it’s like, hey, maybe you don’t have $20,000 to spend on a floor MeeBit. You can buy some MBBT tokens, and you’re a partial owner of a MeeBit and can feel like you’re part of this collection.

MP: It’s interesting to me to have a DAO built around a pfp project but not focused on media opportunities but instead attacking a technical challenge as if you were a tech startup. 

DG: I think of us as a nonprofit. Not in a legal sense but in a functional sense. For one thing, MeeBits DAO members won’t turn a profit from their membership; they’re participating from a mission standpoint. And the mission is to foster the open Metaverse and to use MeeBits as a tool to do so. Maybe there’s profit to be generated from the increased value of a MeeBit, but that’s separate from the DAO. But really, we exist through the effort and participation of our membership. 

I mean, I do hope that some of the things that we do going forward will create sufficient attention and value to the MeeBits DAO that we’ll see more people come in, potentially increasing the price of membership and the…