Since entering 2021, the NFT market has been extremely hot and has often become a hot spot for traditional media and blockchain media tracking. NFT is undoubtedly one of the hottest areas in the blockchain field this year.

On March 11, the well-known auction house Christie’s first auctioned NFT artwork “Everyday's — The First 5000 Days“by Beeple, and finally sold at a hammer price of $ 69,346,250, The auction price ranked third in the history of a single art auction price. Became the catalyst for NFT to break the circle.

At the same time, a large number of well-known stars and institutions poured into the NFT market. Among them, overseas markets are more active, and the main bodies that issue NFT works cover design fashion, film and television media, sports, finance, and other fields.

In February of this year, Mike Shinoda, one of the lead singers of the legendary American rock band Lincoln Park, launched the NFT auction for the first time on Zora; on April 12, the New York Stock Exchange announced that it would launch the “First Transaction” NFT to commemorate the transaction; On the 4th, the famous Japanese actress Ayi Uehara said that 15 pieces of NFT collections will be auctioned on the NFT trading platform Rarible.

In 2021, the single-day transaction volume of NFT will basically remain above 10 million U.S. dollars. On May 3, the single-day transaction volume of the NFT market hit a record high, breaking through 100 million U.S. dollars. According to Messari data, NFT sales in the first quarter of 2021 alone reached $1.1 billion, which is equivalent to the NFT market’s full-year sales in 2020.

Although the NFT market has increased tremendously, this industry has not yet truly achieved large-scale applications and the landing of NFT scenarios. However, people have deeply realized the value of NFT and have begun to explore more practical use cases. Perhaps in the near future, NFT will become our brand new value exchange method.

In this context, the Singapore UIP Foundation initiated the establishment of the U-DAO (Unlimited-DAO) Fund in conjunction with Huobi Ventures and other institutions on May 13th. The fund will focus on high-quality projects in the NFT field and provide financial support and incubation. Promote the sustainable development of the project and optimize the UIP copyright ecology.

U-DAO funds focus on the NFT field

Singapore UIP Foundation (referred to as UIP Foundation) is a blockchain technology and Internet service provider focusing on the entertainment industry. It has long been committed to providing blockchain technology solutions and services for scenarios in the Internet + entertainment industry. UIP Foundation Combining blockchain technology with copyright trading scenarios in the entertainment industry, it has created a global entertainment copyright intelligent trading Platform-Future Copyright and is committed to providing one-stop entertainment copyright intelligent services for global entertainment IP copyright holders.

The UIP Foundation has focused on the blockchain copyright field since its establishment, and the U-DAO Foundation has also been established to focus on the NFT track. The U-DAO Fund will select blockchain innovative NFT project products in various regions of the world through the DAO autonomous management model, and support more projects with decentralization, a strong driving force, and a high degree of community autonomy management. Build the NFT blockchain infrastructure, activate the NFT innovation gene, and ensure the sustainable and healthy development of the NFT ecology.

U-DAO Fund DAO Governance Model and Structure

U-DAO Fund takes DAO community governance as its core and provides investors with an opportunity to discover the value of NFT and participate in the governance of NFT projects.

DAO, the full English name is Decentralized Autonomous Organization, is a concept proposed by V God. We can understand it as a “decentralized company”. DAO has formed on the basis of community consensus autonomously, that is, the individual is the master and the organization’s rules are reached through consensus. In this process, it is impossible for anyone to violate the consensus rules because the rules reached by consensus in the DAO will pass through smart contracts. To enforce execution, once a smart contract is deployed on the blockchain, it cannot be modified, abolished, or deleted. The code is the law.

DAO allows participants to create and vote on proposals, which is more efficient and decentralized than traditional companies. DAO has high transparency and low barriers to entry, that is, everyone can see all actions and funds in DAO. It can better avoid the risk of corruption caused by the opacity of traditional centralized organizations.

Therefore, the U-DAO Fund has taken community governance DAO as its core design from the beginning. Community members make collective decisions, and members of the governance committee determine the operation and execution of the DAO community. The management of U-DAO funds will be decentralized and programmed. The organization is no longer managed by a certain member or group, the organization is managed from bottom to top, and the community is autonomous.

U-DAO Structure

The U-DAO Foundation provides smart contract support for voting on project decision-making content, and proposals for investment projects will be voted on by all community members. If the proposal is supported by the corresponding number of votes, the corresponding funds will be allocated to the investment project. Community members participating in DAO governance can receive corresponding rewards for the project.

The construction of the U-DAO community is the top priority of the U-DAO Fund. According to the official information of the U-DAO Fund, Huobi has become one of the members of the DAO Community Governance Committee of the U-DAO Fund. The members of the first phase also include Singapore UIP Foundation, Huobi Ventures, Cent team, HBEX Labs, Swiss Bern Art Museum director Uirich Loock, etc.

The Future Ecology Of U-DAO fund

A sound infrastructure is the cornerstone of the development of the industry. U-DAO Fund will support the development of the NFT ecosystem through multi-dimensional participation, including but not limited to the establishment of the NFT trading platform, promote the circulation of the NFT market, and provide NFT as a digital asset in the second activity of the primary market has injected more liquidity into NFT assets.

At the same time, the U-DAO Fund will also provide financial support and decentralized finance for outstanding NFT projects, and provide voting functions for other projects when they need to make joint decisions; help achieve higher community governance capabilities, and contribute The new round of updates is implemented to provide security.

The establishment of the U-DAO Fund will make the ecology of UIP more perfect, and strive to better promote the development of the NFT digital economy, and explore an effective blockchain governance model.