Non-fungible tokens (NFTs) have made the headlines in mainstream media following the sales of digital artwork for six or seven figures. Moreover, the decentralized nature of NFTs means anyone can create and trade these unique tokens. PleasrDAO is a decentralized autonomous organization (DAO) that was formed to purchase large-investment NFTs and share the cost and ownership between participants. PleasrDAO has also made headlines following the purchase of the Edward Snowden NFT and the new honorary member of the DAO, pplpleasr.
In this article, we’re going to explore PleasrDAO and see exactly how it operates. Also, we’ll discover the various non-fungible token (NFT) investments made by the DAO, and explore artists within PleasrDAO’s collection. Furthermore, we’ll discuss the infamous Edward Snowden NFT.
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What is PleasrDAO?
PleasrDAO is a multisig decentralized autonomous organization (DAO). It was formed to allow investors to come together to purchase high-value non-fungible tokens (NFTs). As NFTs become increasingly popular there is a parallel increase in the demand for shared digital art ownership. The group was originally created to purchase the Uniswap V3 NFT created by pplpleasr. However, since then, PleasrDAO has hit crypto and mainstream headlines for purchasing other artwork, such as the Edward Snowden NFT.
Jamis Johnson is the chief pleasing officer (CPO, similar to a CEO role “but more fun”) of PleasrDAO. In an interview with Decrypt following the purchase of the Edward Snowden NFT, Johnson stated that the focus of PleasrDAO will be on art collection, incubation, and angel investment. As a decentralized autonomous organization, PleasrDAO distributes ownership in the form of tokens. Members hold non-fungible tokens (NFTs) representing any artworks and funds in the treasury. If someone chooses to leave PleasrDAO, then their tokens will automatically become for sale internally within the DAO. Furthermore, the governance of the organization is orchestrated through a group chat.
Shared art ownership is seldom heard of in the traditional art industry. However, thanks to blockchain technology, it’s easier than ever to cryptographically, securely, and transparently, create fractional ownership of digital artwork. This lowers the barrier to entry dramatically for investing in non-fungible tokens (NFTs). PleasrDAO aims to make it easier for everyone to gain exposure to big-ticket NFTs. Below we have briefly covered NFTs and decentralized autonomous organizations to explore how PleasrDAO is achieving this goal.
Non-fungible tokens (NFTs) are similar to cryptocurrencies in that they are cryptographically secure, transparent, and immutably stored on the blockchain. However, unlike fungible cryptocurrencies, NFTs cannot be used as a medium of exchange nor divided into smaller units of account.
Blockchain technology has brought about the ability to tokenize just about anything on the blockchain. This includes physical real-world items, assets, and experiences, plus, digital, intangible pieces of artwork and collectibles. Each of these items is represented as a unique piece of code, or token, on a blockchain. Each token is unique and, thanks to the protective properties of blockchain, cannot be replicated, adjusted, nor destroyed.
Non-fungible tokens (NFTs) represent digitally-verifiably scarce assets. Scarce supply increases demand, and, therefore increases value. Some NFTs created by famous artists and musicians have sold for millions. However, few people can afford to spend six or seven figures on digital artwork. Therefore, PleasrDAO created a decentralized autonomous organization to enable multiple people and parties to come together to purchase high-value NFTs.
Decentralized Autonomous Organizations
A Decentralized Autonomous Organization, or DAO, is an innovative concept in blockchain technology whereby an organization or group of individuals can come together without the need for a centralized entity. Using smart contracts, a DAO can automate operations within an organization. This ensures that no third-party intermediary acts in their own personal interest.
DAOs operate according to a pre-defined set of rules, like most organizations. However, unlike centralized organizations, DAOs do not rely on trust. The contracts that exist within a DAO are immutable, and cannot be manipulated or misinterpreted. This gives an inherent layer of transparency that allows people to organize themselves in a group without the need for a centralized authority.
Furthermore, DAOs have a wide range of use cases and can be implemented in various industries. This includes arts and music, real estate, and insurance. Crypto insurance firm Nexus Mutual operates using a DAO structure, as does popular decentralized finance (DeFi) protocol MakerDAO. These projects, like many others, rely on the DAO model to automate transactions and execute smart contracts transparently.
PleasrDAO NFT Artwork
PleasrDAO is a decentralized autonomous organization making the purchasing of high-end non-fungible token (NFT) artworks more easily available to everyday people. The DAO has purchased some popular NFTs, including the Uniswap V3 NFT by pplpleasr and the Edward Snowden NFT which we have mentioned further on.
If you would like to view some of the non-fungible token (NFT) collections accrued by PleasrDAO they are publicly available on popular NFT marketplace OpenSea. These include the Ethereum Name Service (ENS) domain name, pleasrdao.eth, and a couple of NFTs within the Rarible, Foundation, and Yearn Finance categories. However, they are not currently for sale. Below we’ve discussed some of the other popular NFTs within PleasrDAO’s portfolio.
Pplpleasr is a New York-based 3D digital artist and “high-quality meme generator”. Moreover, pplpleasr became an honorary member of PleasrDAO following the sale of the Uniswap V3 non-fungible token (NFT). Drawing influence from music, video games, and anime, pplpleasr has become extremely popular in the NFT art world. Her artwork has gained credits in high-profile films such as Batman v Superman, Star Trek Beyond, and Wonder Woman.
Furthermore, pplpleasr has created bespoke pieces for several popular crypto projects, including Aave, Sushiswap, and Yearn Finance. The artist aims to create work that “strives to find the perfect balance between the extremes of being familiar enough that it’s not alienating, and novel enough that it’s not boring”.
The Unswap V3 NFT was auctioned on Foundation, however, you can find the full pplpleasr NFT collection on sale via OpenSea.
Uniswap V3 NFT
The Uniswap V3 non-fungible token (NFT), titled “x*y=k” was designed by pplpleasr to celebrate the forthcoming update of the popular decentralized exchange (DEX). The piece was listed for a starting price of 8.88 ETH (approximately $16,000 at the time). Timing the market carefully, PleasrDAO left it until the last half an hour of pplpleasr’s auction before placing a bid.
With an initial offer from PleasrDAO of 110 ETH, the auction quickly escalated into a bidding war. This caused the Uniswap V3 NFT to almost triple in price within an hour of bidding. The runner-up, Vas Rel Por, initially doubled PleasrDAO’s bid, to 220 ETH, before PleasrDAO taking the lead. Vas Rel Por responded with another bid of 275 ETH, however, this was not enough. The final bid price for the NFT by PleasrDAO was 310 ETH, around $550,000 during the time of sale.
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Edward Snowden NFT
On Apr 16, 2021, the first official Edward Snowden non-fungible token (NFT) was purchased in an auction on the Foundation platform by PleasrDAO. The piece known as “Stay Free” (Edward Snowden, 2021) was auctioned on the behalf of Freedom of the Press Foundation. Edward Snowden is president of Freedom of the Press Foundation, which is a non-profit organization created to empower journalists and promote transparency and decentralization. As a result, the NFT sold for a jaw-dropping 2,224.00 ETH.
The Edward Snowden NFT contains a historic document about a court decision, of which Snowden was a whistleblower. The court decision ruled that the US National Security Agency violated the law during mass surveillance campaigns throughout the country. Embedded in this landmark document is an iconic portrait of Snowden, created by the artist Platon (used with the artist’s permission).
Edward Snowden worked as a computer intelligence consultant for the National Security Agency (NSA). Snowden became a world-famous whistleblower after leaking classified information regarding secretive mass surveillance programs in 2013. This led to public outrage about data privacy and digital security. Snowden was charged with stealing classified documents and fled his home in Hawaii to Russia to avoid prosecution.
To date, the Edward Snowden NFT remains the highest-selling piece ever sold on the Foundation NFT live auction platform. Furthermore, all proceeds from the sale of the NFT were donated to charitable causes. The charities were created by Freedom of the Press Foundation to further promote transparent journalism and decentralization within the media.
The bidding war was followed by Snowden’s 4.6 million Twitter followers. As the man behind one of the world’s biggest leaks of classified information followed the sale, he expressed his amazement at the interest the piece was generating and the hefty bids that led to the record auction.
PleasrDAO & Edward Snowden NFT Summary
The success of the Edward Snowden NFT was observed by a wide and varied audience of non-crypto natives following a great deal of media attention. This could be a huge catalyst for the mass adoption of cryptocurrency. Millions of people around the world that follow Snowden have gained indirect exposure to the high utility of blockchain and cryptocurrency.
PleaserDAO’s innovative approach to shared art investment on the blockchain shows that NFT artwork is progressing at a mighty pace. In the future we can expect to see the decentralized autonomous organization (DAO) model utilized in many novel use cases, further expanding the user base of blockchain technology.
Alongside seamlessly facilitating decentralized fractional ownership of artwork, blockchain technology can be incorporated into almost any industry. If a business deals with any financial or data transactions, blockchain has the power to ameliorate current IT systems. See our Blockchain Business Masterclass course at Ivan on Tech Academy to discover just how easy it is to implement decentralized technologies into centralized IT infrastructures. Moreover, this course will provide you with sufficient knowledge to successfully manage a blockchain project, applying use cases to an array of sectors.
Also, our Blockchain for Enterprise course provides an excellent insight as to how some of the world’s largest companies are implementing Baseline Protocol. To discover how blockchain in the supply chain industry is being used today, see our OriginTrail 101 course. Ivan on Tech Academy has a wealth of educational tools and materials to provide key industry insights with real-world use cases. Be sure to see Ivan on Tech Academy to learn how finance and technology are becoming one. Also, don’t forget to follow us on Twitter @Academy_IOT! Let us know your thoughts about PleasrDAO and the Edward Snowden NFT!