theBULL NFT overview

Hi guys,

While many of you are aware there is a connection between theBULL NFT and metaCOLLECTIVE, I realized we never made a clear overview of the relationship, so here it is.

theBULL is a NFT collection launched in October 2021. The project proved successful in many ways, including bootstrapping the initial community of MC and providing some of the funds to pay for legal fees. At the same time, only around 400 bulls were minted out of the total (leaving a few thousands unminted). We provided a complete overview here and here.

We used part of the proceeds of the NFT sale (around $85k, sold at the end of December 21) to finance legal fees (around 35k) and we converted the remaining 50k to tokens of MC and distributed them to NFT holders (the first batch was already distributed, the other two will be in March and May).

The team didn’t get any profit out of it (nor any reimbursement for development costs), and we further committed to move all the intellectual property, future revenues, and royalties to MC. After around a month we also launched theBULL Coin, a memecoin that was subsequently bridged to Binance Smart Chain.

As such, MC currently owns all rights to the un-minted bulls, theBULL Coins still in the treasury, and in general IP rights to theBULL NFT. Recently, we have been thinking of ways to provide some utility for NFT holders (besides a simple cMETA/vMETA airdrop), including the possibility of a launch of a P2E game focused on theBULL. However, before taking any steps, we wanted to discuss with the community about the next steps. On one hand, it seems a pity to stop any development given we the traction and community we already built. On the other, this will have a cost in terms of development/time, also considering the fact that we personally don’t have experience in gaming development, so this could take the form of an external collaboration.

Given all this, we should weigh different options to find the best path forward.

Let me know your thoughts!

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I completely agree. There is an opportunity costs of developing the theBULL NFTs, but at the same time I feel it would be a shame to let that go. Especially, because the royalites that we would get from the trading of theBULL could be useful for the DAO. From what I have witnessed, successful NFTs projects include a strong community and a team that delivers constantly some utility to the NFT holders. I believe we have a strong community, but there has been zero delivery for the holder of NFTs other than the delivery of the tokens. The latter may not be an intuitive benefit, as I believe people are either skeptical that we are actually legit, or they may not be able to understand the potential benefits of the DAO. On the other hand, a game could be an amazing way to 1. give value to the DAO, 2. to introduce more potential investors to the DAO. The game could be a combination of something like temple runner and education about the SOLANA network. It could be that you can play for free, but if you play with theBULL you can also get money, and that money would be funded with the proceeds of theBULL sales. There is a company that specialize in the combination of really simple games and earning crypto and it works very well. I think the DAO could really benefit.

I don’t know how these things work exactly, but we could hire a developer by giving him a lot of the non minted theBULL with a vesting period and some cash based on accomplishment of targets. This would align the developer’s incentives, and provide the DAO an additional resources. I unfortunately do not know any developers personally, but the DAO seems to have a lot of connections, does anybody think this strategy is implementable?

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echoing my comment in the other post on earn to walk,

I think that it will be hard for the DAO to take on direct developments project because of 1) risk involved, 2) time involved and 3) knowledge involved. Also, to launch a succesful project it takes years to payoff and be truly successful and definitely requires someone (which in a traditional startup model is the entrepreneur) to be fully dedicated on taking on the development. As a DAO, i think it will be very hard to keep the level of coordination and time committment that is required in a proper startup project.

On a side note, I think the gaming space is very competitive space and it requires a very unique level of skillset to be successful.

I would not really expect the current DAO resources to be redirected on a full time basis. Just to hire a decent dev, giving him a lot of NFT as incentive, plus some money for targets being accomplished, and moreover he would get access to our DAO which is pretty nice perk as well. Tbh for the game the easier the better. It should be something like flappy bird

in my view problem being is that developing a game (but more in general, any piece of sw nowdays), is much much more than hiring 1 dev and get the work done. for example, i was exploring a bit the idea of a theBULL game with some actual game dev and they told me it is much more complex that what it seems, as you need beyond tech resources people that takes care of design, graphics, interaction with the smart contract, community building, etc… (and someone to coordinate all these people on top)

Why wouldn’t he just make his own project then? Gaming is very hard but iGaming (gambling) is not so hard. Could we make a zero sum simple game for people to play/win? Are there legal restrictions? I think it could build audience and we would take less risk over if the game is actually fun to play (which is VERY hard).

I do agree that in general it does not seem feasible to develop anything without someone being 100% focused on it, and them having experience.

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