Daniel Allan raises $1m, Balaji's $1m Bitcoin bet, A DAO buys a golf course, Arbitrum Airdrop 👀
Fomo Fix Weekly RoundUp #24
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Daniel Allan raises $1m
Daniel Allan recently secured funding through a Seed Round, known as a Web360 deal. This arrangement involves partners acquiring equity in Daniel's brand, with the funding being non-recoupable. All of Daniel's music income is encompassed in the deal and flows through a multi-signature wallet and an FDIC-insured bank account. Coop Records has proudly announced their investment in Daniel Allan's career, joining forces with Palm Tree Crew Crypto to co-lead their inaugural Artist Seed Round.
Daniel has raised $1M in external capital to propel the next phase of his career. This distinctive investment opportunity empowers fans to invest in their favorite artists. The deal's structure resembles early-stage tech investments tailored for creators. Daniel established a C-corp, Daniel Allan Entertainment, which possesses all of his intellectual property. The non-recoupable funding means that investors are not partaking in profit-sharing; instead, they are purchasing equity in Daniel's entire brand.
Coop Records envisions that this model can be replicated for numerous artists and eagerly anticipates supporting more artists through similar frameworks in the future. Daniel serves as an excellent example of the potential for artists to build a career using web3 as a foundation. Even with a comparatively modest following on conventional platforms, he has amassed ~325 ETH in total volume from his Music NFT sales to date. This places him in a strong position as an independent artist with leverage while engaging in major label discussions.
Balaji’s $1m Bitcoin Bet
In a bold wager, Balaji Srinivasan, a technology entrepreneur, accepted a $1 million bet from James Medlock, a social democrat, that hyperinflation would not occur in the United States. For the bet, Srinivasan staked one Bitcoin (BTC), which would pay out 40-to-1 odds if inflation skyrocketed within 90 days.
To ensure payment in the event that the U.S. dollar rapidly devalued, Srinivasan demanded that they agree upon a third-party custodian to oversee the bet's settlement. He also proposed executing the wager through a smart contract, which would allow them to use USD Coin stablecoin instead of U.S. dollars. If unwilling to use a smart contract, Srinivasan challenged Medlock to name an acceptable custodian.
Under the bet's terms, if Bitcoin's price does not reach $1 million by June 17, Medlock wins $1 million worth of USD Coin, a stablecoin pegged to the U.S. dollar, plus 1 BTC. Conversely, if Bitcoin is worth at least $1 million on that date, Srinivasan keeps the 1 BTC stake as well as $1 million in USDC. In either outcome, the winner receives both $1 million in stablecoin and 1 BTC. The bet's resolution depends on Bitcoin's price on the specified future date. We’ll be keeping tabs on this over time.
LinksDAO wins bid to buy a $905K Scottish golf course
LinksDAO, a community of approximately 5,400 golfers, won the bid for Spey Bay Golf Club. Designed in 1907 by renowned golf course architect Ben Sayers, the club will be the decentralized autonomous organization’s first acquisition assuming due diligence is satisfactory. Formed in late 2021 during the cryptocurrency bull market, LinksDAO raised $10.5 million worth of ETH by selling non-fungible tokens granting two membership levels—Global and Leisure.
These provide varying governance votes in the DAO and rights to purchase individual or family memberships in LinksDAO’s golf courses. Spey Bay would be the inaugural course should the purchase proceed. Notable benefits include access to 450 golf clubs in the Links Play network as well as member-only events and a Discord community.
According to CryptoSlam!, approximately $29 million worth of the 9,090 NFT memberships have sold or resold. Importantly, LinksDAO itself will not own or operate Spey Bay Golf Club. Links Golf Club, a standard company, would retain necessary functions like property ownership. The DAO solely votes on potential acquisitions and other decisions.
While concentrating on U.S. clubs, Spey Bay's $905,000 asking price led LinksDAO to approve the purchase with 88% support. The plan is to invest in maintenance for the family-owned club. Broadly, LinksDAO aims to "more widely democratize the country club membership experience," CEO Jim Daly told CNBC when the organization launched.
Arbitrum Airdrop
Arbitrum, the leading provider of scaling solutions for the Ethereum blockchain, is launching a token. On Thursday, March 23, the Arbitrum Foundation will airdrop ARB, Arbitrum’s new token, to community members. According to the Arbitrum Foundation, ARB will mark Arbitrum’s transition into a decentralized autonomous organization (DAO).
$ARB holders will be able to vote on key decisions governing Arbitrum One and Arbitrum Nova, Arbitrum’s networks enabling faster and cheaper transactions on Ethereum. “Arbitrum DAO will control core protocol decisions, from technology upgrades to use of revenue to support the ecosystem,” the Arbitrum Foundation said in a statement.
Although the Arbitrum Foundation plans to allocate a significant portion of tokens to investors and contributors (44%), Arbitrum’s creator Offchain Labs claims ARB will make the Arbitrum ecosystem more decentralized than comparable scaling solutions.
“For me, the most exciting part is decentralization—the fact that Offchain Labs will no longer control the future of this chain. We will be a service provider, and if the DAO calls on us to build software, we will.
Offchain Labs CEO Steven Goldfeder via CoinDesk.
Arbitrum users will be able to check their eligibility for the airdrop and claim tokens by visiting gov.arbitrum.foundation.
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DISCLAIMER:
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.