Afrofuture DAO Tokenomics: A launch Token for African Creatives

Introduction to Decentralized Autonomous Organization (DAO)

DAO can be architecturally decentralised (independent actors run different nodes) and are usually geographically decentralised (subject to different jurisdictions), but they are logically centralised (the protocol). That is what could be said of this new social token DAO that is bridging Web 3 and African cultural assets. Afrofuture DAO has both internal and external governance components. Its internal governance is characterised by non-hierarchical modes of governance and quasi-democratic features with part-time contributors, bounty hunters, and token holders. External governance relies on clusters of servers and individual nodes for the seamless operation of the network and decision-making.

Governance in DAO

The discussions about DAO in crypto often round up on the theme of governance. Decentralised autonomous organisations leverage the functionalities of blockchain for offering self-enforcing protocols or rules. The smart contracts of the blockchain take care of storing the rules, and the native tokens of the network help in securing the network and voting on the rules

Understanding Afrofuture

Strong alliances were formed on August 21, 2021, to tokenize Afrofuture, a mission-driven social currency backed by a vault of highly valuable digital African assets. These were created with the belief that by transferring the Mohamed Amin Collection to Ethereum via NFTs, we’d unlock new funding and distribution opportunities for African artists while also sparking discussions about the continent’s rich and cultural past.

Afrofuture Token

It has been argued over time that those who control nodes and server capacity can exert undue influence on decision-making, and in a stronger way than other actors. Andrew, the Co-founder of Social Stack — a DAO that is providing the social tokens on which Afrofuture as DAO operates explains, “it is a social token that allocates a transparent governance power to its holders to join Afrofuture DAO in unlocking the value of Africa’s history on the web. It also allows the holders to enter the DAO’s token gated metaverse spaces where the DAO hosts her NFT drops and events.”

Social tokens are a way for crypto-based communities to incentivize working together on projects. More than the tokens themselves, it’s the growing ecosystem around them that is valuable. To understand how this might work one needs to think about what an organization is. From a structural perspective, an organization is a set of agreements between different actors and entities (e.g., people, other organizations, machines). These agreements take the form of contracts and internal rules, formal and informal agreements, guidelines, processes, and procedures. Collectively, this “rulebook” regulates the conduct and relations between different organizational entities (e.g., management, employees, owners) specifying responsibilities, property rights, payments, and other elements of the organization’s operation. They also define relationships with third-party entities such as suppliers, customers, governmental authorities, and other stakeholders. These agreements would be open, secure, and provide accountability and transparency when applied in a DAO. Furthermore, each party could be sure that commitments would be kept.

How The Afrofuture Token works:

According to Osinachi, Africa’s Foremost Crypto Artist, owning Afrofuture Token grants the holder access to the DAO’s Vault, unlimited access to token-gated Discord governance channel, access to the Metaverse Club to enjoy early drops, exclusive viewing & auction parties, a coveted visit to the Decentraland -> to experience African art in the Metaverse/unique works by African artists.

AfrofutureDAO on Ethereum is open sourced with an ERC20 governance token that has a Ticker Symbol of AFTR and a Total supply of 100,000,000. Anyone can acquire Afrofuture tokens on Uniswap by pasting in the contract address: 0x56dfa98f363edb99240b63f8a5141d8b64cfaf6e and how many tokens they wish to swap and just like that the tokens are interchanged. 

What is the utility?

• Access the AfrofutureDAO Vault
  • The Afrofuture Vault contains historical assets, curated by the DAO, that the community-owned launchpad stewards into web3

Access to token-gated Discord governance channel

Access the Metaverse Club

• Somnium Space -> African history museum

Participate in governance voting

How to acquire the AFTR Token

Go to https://app.uniswap.org/#/swap

https://app.uniswap.org/#/swap

Paste in tokens -> 0x56dfa98f363edb99240b63f8a5141d8b64cfaf6e 

Conclusion 

AfroFuture DAO Token holders is a whitelist of people who are aligned with the mission of the DAO. Reputation and expertise in Art, Curators, creatives token decentralized governance or social management are especially welcomed. These Token holders are invited to participate in co-creating Africa’s future and history. This is meant to support the future of African creatives in their initial phase, launch them into Web 3 and help them to achieve a sustainable development, which will likely be valuable for many communities experimenting with new social-economic systems. 

A lot of DAOs are now tokenizing their assets as tokens are becoming the next big thing in crypto. It is revolutionizing the future of work and social relationships. 

40% of the token is reserved for the Creator commission program that happens during the Artist commission. 37% is allocated to the Community Treasury while 2% serves the Liquidity Mining. 3% is allocated to the Seed Club and 3% is reserved for the Socialstack community and Afrofuture Team gets 15% of the social token.

Sources:

Cryptopedia (2021,November 30) How DAO Frameworks Can Facilitate DeFi Governance https://www.gemini.com/cryptopedia/dao-crypto-decentralized-governance-blockchain-governance 

 Crumpton, T (2020, August 24) Afrofuturism Has Always Looked Forward https://www.architecturaldigest.com/story/what-is-afrofuturism 

 AfrofutureDAO (2021) Unlocking the value of Africa’s history in web3 https://www.afrofuture.ai/ 

 Spotlight (2021, October 26) Tokenomics: Demand and supply of cryptocurrencies https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/tokenomics-demand-and-supply-of-cryptocurrencies/articleshow/87273549.cms?from=mdr 

Weston, G (2021, December 21) Beginner’s Guide To Decentralized Autonomous Organization Or DAO https://101blockchains.com/decentralized-autonomous-organization-dao/#:~:text=Decentralized%20autonomous%20organizations%20basically%20refer,in%20comparison%20to%20traditional%20companies.