One lesson learned from the 2021 NFT mania is that too much capital can be crippling to less experienced teams. If you add zero oversight from the community and no clawback options for overfunded NFT projects, it is easy to see how it can become a recipe for disaster - aka overpromised and underdelivered.
We are eager to see the NFT space evolve into more mature stages, and to achieve that, we need a better funding mechanism. Instead of distributing the entirety of the funding raised, the platform should give the participating community a way to approve (e.g., via a “board of overseers”) the gradual release of funds based on milestones achieved. If a project consistently misses deliverables or the quality is far below what is promised, the platform should be able to return the funds to users.
Some additional features
- Projects could also grant specific commercial licenses of their finished IP
- KYC process to enable participants to join the project's royalty pool
- Different tiers of contribution allowing and rewards, Kickstarter style
- Ways for project to share updates and keep backers posted in less intrusive (spammy) ways
Updated 6 days ago