nfDAO is a community DAO whose primary mission is to support and fund NFT projects. We believe that the NFT movement is in a nascent stage and we want to be able to guide projects and individuals on the path to mass adoption.
You can read more about nfDAO here.
One of the biggest problems DAOs currently face is high gas fees, which create issues with on-chain voting, Community decision making, and anything which needs user engagement. This leads to loss of interest, new members being priced out of participation, and communities ceasing to function.
It is extremely important to support revolutionary ideas such as DAOs, and to provide resources that allow them to thrive in this world; this is where the power of Layer 2 (L2) comes to fruition. By enabling on-chain governance and decision-making at a fraction of the cost, L2 makes DAOs accessible to everyone! This is what inspired us to summon the DAO on Polygon’s Layer 2 solution (Previously Matic Network).
Here’s how you can join this artistic revolution:
Pledge DAI to the nfDAO community and join the gang! Pledging will take place on Polygon’s Matic Network (detailed guide below). 100 DAI for individual members and 5000 DAI for organizations.
How to Pledge using Polygon’s L2 Network (Previously Matic Network)
Step 1: Connect to Metamask and add Matic Network as a custom RPC
It is extremely simple to switch networks using the button near the top right of the Metamask application.
Click on the network Selection buttons on the top of the app.
Select ‘Custom RPC’
Enter in the Matic Mainnet Details as follows:
Network Name: Matic Mainnet
New RPC URL: polygon-rpc.com
Chain ID: 137
Block Explorer URL: https://polygonscan.com/
You need to ensure that you do not miss out on any of the above fields. Once you have added the URL and all details you can click on the SAVE button. You will be directly connected to Matic Mainnet. You can close the dialog box now.
Step 2. Transferring your assets from ETH Mainchain to Matic Mainnet
Since you need DAI to pledge, you can transfer your assets from the Ethereum mainchain to the Matic mainnet using two different bridges: the POS bridge and the Plasma bridge.
With the POS bridge, you can quickly move your assets from Ethereum mainchain to Matic mainnet in less than 10 minutes.
Head to wallet.matic.network and deposit DAI from Ethereum to Matic.
Note that you will need to pay ETH gas fees to move DAI from Ethereum to the Matic network. You need some ETH in your wallet to pay for that. Gas fees fluctuate and you may want to wait until gas fees are lower. There are tools you can use to monitor gas fees, such as https://etherscan.io/gastracker or Ethereum gas price extension (in the Chrome store, also works on Brave browser). This is a one-time network fee for transferring assets. Once you are on the Matic network, transaction fees are much less.
Step 3. Get MATIC token
MATIC token is the native token of matic network. This is similar to Ether in Ethereum. Therefore to submit your membership proposal, MATIC tokens are required to pay gas fees. If you don't have Matic tokens in your wallet head over to Ramp.network and get them on Matic mainet directly. Gas fees on Matic are much less - that’s the magic of layer 2! So 2-3 MATIC would be more than enough.
You’re all set and ready to join the coolest NFT community in town! To join the nfDAO you need to pledge 100 DAI (If you are an individual member) and $5000 DAI (if you are an organizational member).
Step 4. Go to the DAO Haus page where nfDAO DAO lives. Make sure you’re connected to Matic Network.
Step 5: On our DaoHaus page, go to proposals and then and then + New Proposal.This will present options about the type of proposal you’d like to make, select Membership proposal
Step 6: Please pledge 100 DAI for 100 shares as an individual member and pledge $5k DAI as an organizational member for 500 shares in the DAO. You can also pledge more than the required amount if you’d like to. This is totally up to you. But every individual member must pledge with at least 100 DAI. (We won’t be able to onboard you properly if you pledge less.) If the membership proposal passes, your DAI pledge will be used as a “tribute” and go towards the nfDAOGuild Bank.
Note: Once your proposal gets submitted, it gets added to the list of Unsponsored Proposals. Once done, Share your live pledge link on Discord when it’s ready to be sponsored!
As soon as a member sponsors your membership proposal, the proposal will go into a Voting Period (2 days), for other members to vote on the proposal. Existing members will vote for your proposal and if yes votes exceed no votes, your proposal will be accepted. If you have any queries join Support Channel on nfDAO discord.
What are you waiting for? Get your DAI onto Polygon and join the NFT revolution! 🎉