Every 24 hours a new cc0 NFT goes to public auction on Ethereum and can be bid on to be owned by you. The cc0 NFTs placed on auction are curated by the DAO and represent far more than just their content display. They are also access keys into the DAO, representative of your voting weight within governance, curation and staking settings.
What is the difference between the public and DAO only auction?
If an auction reserve is not met for the public auction on Ethereum, this NFT is put up for auction on Polygon Network in a DAO only bid setting. This means that you must be a member of the DAO to bid and hold $CC0 token to bid with. $CC0 token is distributed to members of the DAO.
This dual model exists to establish and reinforce the value of CC0 content, particularly at a time when it is not yet wildly understood.
Why have a reserve?
Unlike the conventional wisdom of the copyright cartel dominated old world, cc0 doesn’t mean no path to profit. In fact, it's the exact opposite- but, if you're here you probably know that already.
The reserve component of the interval auction mechanism functions as a way to distinctly capture and convey a rising minimum value of high quality content that has been fully unleashed to drive greater amounts of source material, derivatives and hyper scale amplification of meaningful messages and stories across the metaverse.
The auction reserves are determined through DAO governance.
Every 15 days the cc0 NFT that would otherwise go to public auction is automatically transferred to the CC0 DAO treasury to serve as cornerstones of the CC0 DAO vault.
Is the code cc0?
Yes. And it’s been forked directly from NounsDAO with a few custom tweaks added. You’re encouraged and welcomed to do the same before you pass it along. Some of the novel additions included by the DIGITALAX metaverse engineers include;
Integration of multi-token payments for accepting bids in various ERC-20 tokens including $MONA token. We also added the ability to freeze certain payment methods in case we need to do so.
In order to support ERC20 payment, we also added an oracle feed to the auction house contract.
Full deployment to Polygon Network
Custom deployment scripts for editing names and ticker symbols.
Reduced gas fees where NFTs are only minted on a successful auction with 1 or more bids above the reserve price. If there is little interest in a certain NFT, it will simply not mint. The current nouns code always mints, and is actually more costly if there is no successful bid as this requires a subsequent burn.
Updated the Nouns DAO subgraph code and Frontend code to meet our standards for UI/UX as well as respond to the necessary contract changes.
Upgradeable versions of the contracts. In the future upgrade permissions can be forwarded on to a DAO or simply to the dead address to make the contracts fully immutable.