Azuki #40 (Bobu) will soon be deposited into a fractional.art Vault. This Vault will create ERC-1155 tokens so that all holders of Bobu Tokens in the community can participate in collective governance over Bobu's character, a key character in the Azuki universe. Before we dig into the details, it's important to recognize that this is a huge web3 experiment. There will be more questions than answers along the way, but we have the guardrails in place to potentially build something magical together. Bobu hopes you have some good sake handy for the long read ahead!
Here is how it works. First, an NFT is placed into a Vault. A Vault is a decentralized smart contract that locks the NFT away so it can't be sold by any single person/entity. No single person can transfer or sell the NFT in the Vault, so nobody owns the NFT. Decentralization!
Once the NFT is locked away, these tokens can be purchased by those who wish to participate in governance. When you own one of these Bobu Tokens you have the power to vote on what the Vault contract does.
Bobu Tokens are a way to join an experiment in decentralized character IP governance. Bobu Tokens will be ERC-1155 tokens and can be linked to your Twitter account (using Twitter Blue) for a verified NFT profile picture. You can sell your Bobu Token on Magic Eden, just like any other NFT which adheres to the ERC721 or ERC1155 standard. One Bobu Token will grant access to closed Discord channels in The Garden.
Ok farmers let's get technical! Each Token represents a vote in the governance of the Vault which contains the NFT, which is not to be confused with owning a fraction of the NFT. It's important to remember that a Bobu Token is not an investment or a promise of future value. A Bobu Token allows you to participate in the decision making of the Vault that contains Bobu (Azuki #40).
TLDR; Bobu Tokens are not ownership in the underlying NFT. Bobu Tokens are tokens used for governance over the NFT.
Azuki is a community owned brand which aims to push the boundaries in web3. This means taking risks and being creative with what NFT technology enables. We're flipping the script on how traditional IP is built by providing governance utility to holders from the beginning. Bobu will be the first of more experiments to come as we build The Garden together.
Tokens of Bobu create an opportunity to decentralize decision making, step by step, until the management of Bobu's IP is one day fully in the hands to the community. This will be a process, let's trust it and enjoy it.
Here are some examples of things which Bobu Tokens may allow you to vote on in the future:
Example governance proposalShould something be part of Bobu's origin story in his lore?
Example governance proposalShould the ETH from the Bobu sale be used to make Bobu merch for all Fraction holders?
Example governance proposalShould the Bobu treasury be used to fund an animated short featuring Bobu and other Azukis?
Example governance proposalShould we make Bobu's Coffee Beans? Should we hire an actor to play Bobu in a commercial for said beans?
Sunday March 6th at 6PM UTC (10AM PST).
Bobu Tokens Disclaimer
Before minting or buying Bobu, you must acknowledge that you have read and understood the following:
.... ok, that was a lot of words, sake break.
Please join our Discord and fire away with any questions. Start getting ready to see Bobu's face all across the internet soon. WE ARE BOBU!