Deep Dive: OnChainMonkey - Monkey business is serious business!

Deep Dive: OnChainMonkey - Monkey business is serious business! 🙈

What’s the story? 🤔

The story of OnChainMonkey can be traced back to the year of 2013 where Danny Yang, the establisher of the Stanford Bitcoin Meetup, interacted with Bill Tai. Danny has been a catalyst in the making of OnChainMonkey simply because of his passion towards building. In 2013, Danny also founded Maicoin - this is presently the largest, most successful and voluminous cryptocurrency exchange in Taiwan. In 2015, Danny drove mass adoption during a time when no one dreamt of it! He developed Blockseer - blockchain tools that were used by the US Secret Service to increase their efficiency. It is also in 2015, that Danny and Bill, together, pitched to the government of Egypt that NFTs can be used for the land title as well. 🎨

With the intention to always ‘do good’, in 2018, Bill Tai became the torchbearer and created the world’s first NFTs for good. He catalyzed the creation of the NFT “Honu Kitty” which was a cute sea turtle. All of the funds that were generated through the Honu Kitty NFT were donated to protect endangered turtles from poachers. This was the lighting of the torch for so many folks in web3 to understand that web3 can be for good as well! 🫂

Values of OnChainMonkey 

With this intention, OnChainMonkey was established in 2021 to make web3 a better place. The core values that drive this initiative are something that’s important to understand the goal of this initiative. The core values are referred to as !RISE. They are ⬇️- 

1. Respect: OnChainMonkey believes in treating all individuals with dignity and respect, regardless of their background or beliefs. This is a fundamental aspect of establishing a positive and inclusive work environment. 💪🏼

2. Integrity: OnChainMonkey holds itself to the highest ethical standards possible and strives to always work with honesty and integrity in all that it does. OnChainMonkey believes that this is crucial to building trust and maintaining strong relationships with all of its stakeholders. 🙌🏼

3. Sustainability: OnChainMonkey is committed to creating solutions that not only benefit its users and stakeholders presently, but also to create solutions that have a long-term impact on the environment and future generations. The key to building a better future for everyone, inclusively, is sustainability. 🌐

4. Experimentation: OnChainMonkey has time and again iterated that it is not afraid to try novel things and take calculated risks in order to find the best, most efficient, solutions for its users and stakeholders. A culture of experimentation, after all, is pertinent to drive innovation and improvement. 📈

Notable work that OnChainMonkey has done ⬇️ - 

The community fund of OnChainMonkey DAO is collectively managed by over 5000 NFT holders. This ensures the ‘decentralization’ aspect of the DAO. Couple of examples of the social good projects that the OnChainMonkey DAO has undertaken, and that deserve special mention are: ⬇️

• A year full of beach cleanups in Belize! 🏖️

The DAO passed a proposal upon voting, to collaborate with the Noma Collective. The Noma Collective is a Placencia-based organization. To support OnChainMonkey’s sustainability goals, this collaboration included funding monthly beach cleanups in Belize, creating OnChainMonkey themed art with the children of the community, and also doing specific social work with the kids in Belize. 👶🏼

                   Source: OnChainMonkey DAO’s website

• Custom Kiteboard for charity! 🪁

The OnChainMonkey Karma kiteboard was customized by the community members Holy Wolf boards and HeavyD. This custom kiteboard will be auctioned off for charity and all of the proceeds from the same will be donated to Red Kite - a leading childhood cancer support services charity situated in Australia. Additionally, the proceeds of the auction will also be donated to 501c3 ACTAI Global supporting ocean conservation and economic empowerment through entrepreneurship encouraging activities. 🌊

Source: OnChainMonkey DAO’s website

• Renovating a skate park! ⛸️

Within merely 8 weeks of the OnChainMonkey DAO’s community passing the proposal pertaining to renovating a skate park in Padre Miguel, Rio de Janeiro, it was done! 💯 This proposal was created by the DAO member Debussy and it aimed at renovating a deteriorating skate park with art that is inspired by OnChainMonkey Genesis and OnChainMonkey Karma NFTs. 🙌🏼

Source: OnChainMonkey DAO’s website

How does OnChainMonkey work? 💭

OnChainMonkey DAO operates through a rigorous yet decentralized and autonomous process to ensure that the funding reaches the right social good projects within adequate time. The 3 channels through which proposals can be made in the DAO are: 

Source: OnChainMonkey DAO’s website

The small grants committee usually only considers proposals that are worth 0.1 - 2 ETH. These proposals are usually too small or too time sensitive to be sent to the Prop House. The Prop House, on the other hand, considers proposals ranging from 1-10 ETH. During such evaluation, at regular intervals, funding is provided to pilots and experiments (referred to as "Props") that best align with the theme of each season. These rounds of funding allow for the exploration and testing of new ideas and approaches, and help to ensure that the Props selected are closely aligned with the current focus and priorities of the organization. 🤝🤑

OCM Proposals which are yet to be launched, but hopefully will be launched soon, usually deal with proposals that are worth 10+ ETH. These will naturally be for larger projects that aim to have a more long term impact. ⏳

Another interesting fact to note about the functioning of OnChainMonkey DAO is its Banana token. 🍌 The Banana token is entirely off-chain and is presently live only on Discord and Twitter. These tokens are the fungible token of the community. 

Lastly, the 3 kinds of OnChainMonkey collections are: 

(i) OnChainMonkey Genesis, 

(ii) OnChainMonkey Karma, and 

(iii) OnChainMonkey Dessert. 

Genesis has set its own records by being the first on-chain pfp collection that was created in a single transaction. The interesting correlation between all three of them is that Genesis owners can eat a Dessert and thereby create a corresponding Karma! Karma is a notable collection in itself because of the award winning creative minds behind it. It is pertinent to note that upto 10,000 Karma NFTs will be created by Desserts. 🖼️

Source: OnChainMonkey DAO’s website

Some funding wins! 

One of the milestone wins for OnChainMonkey has to be the recent, and all-plausible, funding for Metagood. Metagood is a social impact NFT focused startup that has raised a whopping $5 million in the pre-seed round. Bill Tai, the co-founder of Metagood very elaborately explained the intention behind Metagood and stated that NFTs, through their company, could be used as an expression of everyone doing good things for each other. These good things could then be tokenized and exchangeable as well. 🤝🏼

It is pertinent to mention that Metagood launched its flagship NFT collection called ‘OnChainMonkey’ in order to create tokenized value for its community members. Through OnChainMonkey, members are given a chance to promote as well as fund social good projects through its DAO. Its DAO has been able to raise 2000 ETH in just one year! 🥳

From this 2000 ETH, OnChainMonkey DAO has distributed 70 ETH to 42 projects in the ‘Season 1’ of its funding, in the span of 10 weeks. Metagood has contributed to many social good projects. For instance, helping Afghan refugees evacuate to Italy.🫂The idea is primarily to create a positive impact on the world.🌎

Source: OnChainMonkey DAO’s website

What’s to come for the future? 🔮

The capital that OnChainMonkey has been able to raise through Metagood will primarily be used towards expanding the team, hiring talent, building the various tools, features and communities that OnChainMonkey will offer. Recently, OnChainMonkey also conducted a Twitter Space to give its followers a taste of what’s to come in 2023, and the summary of the same is that there will be updates in the Monkeyverse, there’s going to be new NFT art coming for the DAO by Alexis Andre, and so much more! 🙌🏼

The idea is to grow the company constantly while growing the social good impact that OnChainMonkey DAO can have! ⬆️

References

1. NFT focussed startup Metagood raises 5 million to grow social good impact | https://techcrunch.com/2022/12/08/nft-focused-startup-metagood-raises-5-million-to-grow-social-good-impact/  

2. OnChainMonkey DAO’s website | https://onchainmonkey.com/