- OpenDAO is airdropping their SOS tokens to anyone who has traded on OpenSea, the largest NFT marketplace
- Claiming of SOS tokens is available until 30th June 2022
- OpenDAO also plans to compensate verified scam victims on OpenSea and support emerging NFT communities in the future
This Christmas, everyone is shouting SOS. Asking for help? No ❌ Instead, people are going crazy about what they call the “Savior of OpenSea” — OpenDAO (Token: SOS), not only because of SOS’s impressive 10X to 20X price increase in just one day, but also because OpenDAO and its SOS airdrop is seen as the first revolt against OpenSea (currently the largest centralized NFT marketplace).
OpenDAO is airdropping its token SOS to all OpenSea users who have traded NFTs on the platform (Note: You can’t claim this if you’ve only sold NFTs and didn’t trade!). It aims to build the largest NFT community and help to nurture the entire NFT ecosystem. In two days, the number of SOS holding addresses have risen to over 180,000. Everyone is showing off their SOS from OpenDao on Twitter, helping to spread the word.
How to Claim?
If you have ever traded Ethereum NFTs on OpenSea before, you can claim SOS via the OpenDAO website. Go to OpenDAO’s official website and connect your wallet. You will be able to see how many SOS tokens you are eligible to claim. Claiming is available until 30th June 2022.
Screenshot of SOS claim on OpenDAO
Why Is SOS So Hot?
As we all know, OpenSea is a centralized NFT Marketplace. When you buy NFTs on OpenSea, you need to pay extra trading fees to the platform aside from gas fees. For now, all fees go to the OpenSea team. Users have been requesting for OpenSea - to no avail - to implement its own token economy to reward all participants in the ecosystem.
Ironically, just earlier this December, OpenSea CFO Brian Roberts hinted at an IPO plan. Although he later denied so, the OpenSea community was disappointed and largely in opposition. This is because an IPO would mean that the centralized management team benefits hugely, instead of the community who helped make OpenSea successful. Interestingly, OpenSea has been one of the leaders pushing for the concept of a Web 3.0 world. However, with OpenDAO, the tides have turned. Many now see OpenSea as a Web 2.0 company that is not making progress towards a decentralized, open and utility-based Web 3.0 world.
In short, an IPO should not and cannot be the solution for companies operating in Web 3.0. This is where OpenDAO comes in.
OpenDAO’s SOS token allocation
“50% of $SOS token will be distributed to all addresses that have traded on OpenSea since day 1. The distribution is based on the total number of transactions (30% weight) and transaction volume on ETH, DAI & USDC (70% weight) on OpenSea. Users have until June 30, 2022 to claim their tokens, after which any remaining tokens will be sent to the DAO treasury.
20% of $SOS is allocated to the OpenDAO, it will
- Compensate verified scam victims on OpenSea with $SOS
- Support emerging artists and their original work
- Support NFT communities
- Support art preservation
- Developer grant for participating in $SOS ecosystem.”
It is important to understand that OpenDAO has no relationship with OpenSea. It is an independent organization for the NFT community. From their token distribution, we can see that:
- OpenDAO values NFT-related activities. That is why they created a token economy for NFTs, even planning to compensate scam victims on OpenSea and support emerging artists.
- The airdrop tokens are distributed fairly. You can track all activities on the Ethereum blockchain. Full transparency and fair rewards are precisely what Web 3.0 participants are looking for.
- The early holders for SOS are OpenSea users. Most of them understand how Web 3.0 and NFTs work. Thus, the cost for educating users about OpenDAO is low.
The community’s reaction to OpenDAO so far shows that participants have finally found a way to value their efforts and contributions in a Web 3.0 world, where every behavior is stored in the “public database” and is under their own control.
From what I understand from the DAO contributors, they are working hard to prepare OpenDAO's roadmap and we can expect exciting news soon. So stay tuned!
OpenDAO has generated much discussion in the market. However, what they are aiming for is easier said than done. Moving forward, we need to focus on whether OpenDao has a good roadmap and DAO structure to bring their vision into reality.
The views expressed in this article are the author's alone and do not necessarily represent the views of ApolloX.
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