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Because we've always understood onboarding the next million individuals in crypto will only be possible through education and seamless user experience, we're building daily new easy-to-use tools and creating content on how to use them.
Through a series of episodes, the "Onboarding Series" will guide you in your journey to create a tokenized community, teaching you how to leverage the Web3 tools at your disposal through concrete use cases.
In this third episode of the "Onboarding Series," we're going to deep-dive into Vesting Schedule.
Vesting Schedule is an essential feature that allows community leaders to pay their contributors while disincentivizing speculation. By vesting (meaning blocking for a certain time) their token, community leaders also prove their commitment for the long-term to members. Let’s dig deeper into how CulturDAO leveraged the Vesting feature on Coinvise to create a thriving community.
The CulturDAO wants to incentivize people to innovate and to be creative in Web3. The Crypto community is still small. Thousands of creatives working at Pixar, at DreamWorks, and at different game studios feel the lack of innovation. The CulturDAO understood that having a Token that incentivized these creatives to share information and learn from each other without the structures they are used to is a big step forward, and the aim of this community is to educate and onboard these creative to the world of Web3.
So far, CulturDAO is composed of seven committees and has successfully gathered a strong community of active members.
The $CULTUR today grants access to the discord server of the community and offers utilities such as discounts on softwares, access to a learning committee, access to one-on-ones to learn more about how to create avatars, build virtual beings, build AIs, etc...
$CULTUR also powers the guild of artists, technicians and metaverse evangelists. The shared financial incentives driving innovation within the Avatar and Virtual Being space; and creating new opportunities for more people to participate in the emerging metaverse and web3 economy.
To accomplish these high-ambition goals and ensure an healthy and sustainable community over the long term, the DAO’s leaders have decided to vest a portion of their token.
Let's find out together how they successfully did that leveraging the “Vesting” feature on Coinvise.
CulturDAO is playing a long-term game. Indeed, while all community members are working hard to push the space forward, people outside of crypto might not be ready (yet) to live in a completely digitalized world, in a Metaverse with a virtual self.
Actually, they are playing on two timelines.
In the first phase, CulturDAO aims to onboard as many Creatives as possible in the Web3 space to form the future expert in the field. This is mostly about sharing knowledge, creating content, and experimenting together.
The second phase will start later when the questions of virtual selves start interesting a more generic audience. Indeed, even though we might never live completely in a Metaverse, in the future, when brands will want to break into the space and talk to their audience that will be more interested (or even already fully immersed) in a new world, they will need already-expert creatives.
CulturDAO might then become a ServiceDAO, allowing Fortune500 brands taping into its pool of talent to build thriving projects in the metaverse.
With the Fortune500’s advertising budget worth millions, the CulturDAO has the potential to become a billion-dollar community in the following years, and the current community members will be greatly rewarded for their contributions throughout the years.
But while an extremely exciting goal to achieve, it might take years before it becomes true, and, besides sharing their enthusiasm and vision, CulturDAO leaders have to find solutions to ensure the long-term commitment of their members.
For this specific use-case, we’ve created the “Vesting” tool on Coinvise, a tool that allows any DAO leader and creator to lock a certain amount of tokens over a certain period as a commitment to hold the Token.
In other words, it means that, when paying rewards, bounties, and salary to core contributors or team members, community leaders can lock a portion of the amount, making it impossible for the person receiving the tokens to withdraw for a certain period of time. By doing so, community leaders ensure members maintain a long-term vision and are incentivized to continue working on the project development.
With a portion of the token locked, fewer people will be incentivized to speculate (buy and sell the token quickly) and will ensure price stability for contributors (no one wants to work for a token that can plummet overnight). Locking a token disincentives speculation and ensure a healthy community in the long-term driven by active members instead of speculators.
CulturDAO is paying over 15 contributors today by using the '"Vesting" tool on Coinvise, incentivizing them to work on the DAO over the long term. It also allows the leaders to set up recurring payments at scale for their contributors, sending a certain amount of tokens in once and unlocking them gradually (a small portion each month, for example).
If you’re a Creator that has built a successful community, you might now need to pay contributors using the Vesting tool.
To help you understand better how to create a Vesting schedule for your Token, we’ve created a complete guide with images, videos, and FAQs, that you can access below.
If you still have further questions about Airdrop, please join Coinvise’s Discord and ask for some help from Eliot | Coinvise | PST#2942.
You should now be good to go! We hope this third episode of the “Onboarding Series” helped you understand better the possibilities of a vesting schedule. Make sure to read the other episodes on our Mirror publication.
Thanks for being here!