NFT Doodles Launches Doodle Bank Proposal for Community Empowerment

On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowerment and holder rewards, streamlining funding, and improving governance. According to the proposal, the new Doodle Bank will appoint a founding community committee and establish a community based governance model, remove the $100000 business license limit for approved projects, enable community members to think creatively about innovation, strengthen supervision and communication, replace snapshot proposal voting with council and team approval, remove quorum requirements, and strategically adjust incentives.

Doodles Community initiates a proposal to amend the renovation project treasury, including the cancellation of the commercial license limit of $100000

On March 31, the NFT project Doodles announced through its official Twitter account the launch of an amendment proposal that aims to transform DoodleBank, the project’s treasury. The proposal centers around community empowerment and holder rewards, streamlining funding, and improving governance.

What is DoodleBank?

Before we delve deeper into the proposal, it’s crucial to understand what DoodleBank is. DoodleBank is a treasury built by NFT Doodles that holds funds collected through project fees, royalties, and partnership deals. The treasury is used to fund project development and operations, community events, marketing campaigns, and other initiatives designed to advance the project’s goals.

The Proposal

Now, let’s look at the proposal that NFT Doodles has announced. The overall objective is to enhance community participation in project governance and decision-making while also strengthening oversight and communication.

Community Empowerment

DoodleBank will appoint a founding community committee responsible for promoting community initiatives, organizing community events, and governance. Under the proposed model, DoodleBank’s governance structure will be entirely community-based.

Streamlining Funding

The project proposes to remove the previous $100000 business license limit for approved projects. This move ensures that more projects are eligible for funding via DoodleBank, thus supporting the growth of the entire ecosystem.

Creative Thinking

The proposal encourages innovation by enabling community members to contribute and think creatively as they develop new ideas aimed at advancing the project’s goals.

Improving Governance

To strengthen project oversight, the proposed governance model will replace snapshot proposal voting with council and team approval. Quorum requirements will also be removed to encourage more frequent voting.

Strategic Incentives

The proposed governance model will feature strategic incentives designed to reward project contributions that benefit the entire ecosystem while ensuring that decision-makers act impartially.

Takeaway

Following the proposal’s announcement, the Doodles community reacted positively to the proposal, with users lauding the company’s commitment to decentralizing governance and promoting community participation. This move by NFT Doodles is likely to cement the project’s reputation as a community-focused NFT platform.

FAQs

Q1: What is DoodleBank, and why is it essential for NFT Doodles?

DoodleBank is a treasury designed to hold funds collected through project fees, royalties, and partnership deals. The treasury is used to fund project development and operations, community events, marketing campaigns, and other initiatives designed to advance the project’s goals.

Q2: What is the proposed governance model for DoodleBank?

The proposed governance model will replace snapshot proposal voting with council and team approval while simultaneously removing quorum requirements. Additionally, the model will feature strategic incentives designed to reward project contributions that promote the entire ecosystem.

Q3: How will the proposed changes affect NFT Doodles’ community?

The proposed changes are aimed at promoting decentralized governance and community participation, enhancing decision-making, and ensuring impartiality. As such, the community will have greater say in decision-making and may receive more significant rewards for contributing to the project’s growth.