Museum of Fine Yams Vision

MoFY - The Museum of Fine Yams

Hi everyone. As many of you will have noticed, Yam DAO has been making steps into the NFT ecosystem. We recently hosted a hugely succesful live metaverse artist exhibition, Other Realms, and have been forging strong links with communities in this space, including metaverseDAO and NFTX.

Yam DAO has built a reputation as open finance innovators and leaders of the DeFi movement, but the community isn’t just made up of developers and financial engineers. We’re also artists, videographers, designers, writers, and above all else, art lovers!

Today we have set out our ambitions and vision for how we can truly provide value for the NFT ecosystem, applying our expertise and experience from DeFi to build powerful land permissionless services for users around the globe.

MoFY (The Museum of Fine Yams) is a broad term covering all our efforts to provide value in this space. We’d love to open this up our vision for MoFY to the wider community, and this forum post is an open invitation for feedback, criticism and brtainstorming!

There will be a full discussion regarding MoFY vision and strategy on the next community call, this Thursday 17:00 UTC in the community Discord.

Here is our vision so far:

NFT Marketplace/ Hub
Provide a seamless experience where artists can create, exhibit and sell their art in novel ways. This also provides a potential revenue stream for artists and the DAO that can be used to further scale the organization and incentivize active community participation and engagement with the platform.

Metaverse artist exhibitions
Showcase featured artists and position MoFY as an active participant in the NFT Art ecosystem, while building an active and engaged community.

Permanent metaverse galleries
Archive each MoFY exhibition on an open, accessible platform and create a constantly growing resource for users to explore

A new NFT magazine
The latest news, mints and commentary on the evolving space, both technological and cultural.

In-house and partner NFT releases
Highly collectible drops to reward active community members

Weekly artist AMAs
More frequent AMAs that are less time-intensive and formal than full feature exhibitions, allowing artists to connect with the community

Continued relationship-building with key players in the space
Cement MoFY as a key player in the ecosystem and contribute to, and tap into, the wider community of NFT Art lovers.

Community NFT treasury/ permanent collection
Over time generate a community art treasury to further build reputation and strengthen community

YAM token as an essential component powering the MoFY ecosystem

In summary I believe that that the NFT ecosystem presents a core opportunity for Yam DAO to provide real value to a new generation of users, value which will in turn be reflected back to YAM token holders and the Yam DAO treasury.

I would welcome any discussion on this broad vision for MoFY!

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I’ll add some color here and weigh in on what I see as exciting about this project for YAM.

So first, we can all see that the NFT space is HOT. Metaverse stuff is not quite at that level but there is a lot of excitement for it and overlap between these 2 spaces. While I am not a huge NFT guy, and have missed out on pretty much all the big PFP drops in the last few months, I can’t help but notice the hype.

With that said, there is a chance that we are back at peak NFT hype and there will be another pop like in May/June. But the overall direction of the space seems to be trending up and the path that we have discussed taking this project seems to be more immune to these hype cycles. Why? Because it is focused more directly on artists who make their art as NFTs because they see it as a new medium for distribution as opposed to the 10k PFP drops that are much more about hype and FOMO.

The aspect of MoFY that I think is pretty innovative is the integration between artist outreach, curation, and using the metaverse to exhibit work. There is a large untapped potential market for international and smaller scale artists who are looking to get discovered, but don’t have the means or connections to get listed on Foundation or some of the other bigger curated NFT websites. Not to mention that minting NFTs on Ethereum can be pretty expensive.

MoFY has the potential to attract a number of the artists who are currently exhibiting on Hic et Nunc (HEN), which is a low cost NFT platform on Tezos. The main draw of that platform are the low costs as well as a real community that values art above speculation. We are looking at building our MVP using Zksync’s ZK rollup to make minting, selling, and buying inexpensive, while still maintaining easy bridges to Ethereum. To start, we can list our own collections, as well as those of the artists we exhibit in MoFY and provide visitors an easy way to purchase the art through our dApp.

Good artists are friends with other good artists, so targeting the art community makes sense to drive more users to our metaverse gallery and also to raise interest in creating and selling NFTs on our website. To me, this feels like a stable base on which we can grow the platform into a more robust and open platform that anyone can use.

Starting small is a feature and not a bug. I think back to the first years of Facebook when only students at certain universities could use it. It created lots of excitement for students at schools that were listed in subsequent years because they felt that they were finally part of this cool club. The decline of facebook didn’t start when they started showing ads or stealing data, it was when they opened it up to everyone and suddenly your mother, boss, and weird uncle were requesting to be your friend. It lost that feeling of exclusivity and many of the users who used it religiously before moved on to new, more niche platforms where they felt part of a smaller community.

Clearly there is a fine line between keeping things niche and cool, and being a closed and exclusive community that we will need to grapple with. But finding that middle ground is very important and it is much easier to open things up more than it is to close them down.

There is a ton to explore with the idea and execution of MoFY and I look forward to discussing it more tomorrow.

This is somewhere that I would be interested in exploring further utility for YAM. It could be a mechanism for which we maintain exclusivity if in order to really be a member of MoFY (whatever that may mean) you need to own and/or stake YAM. Anyone can do it, but it has a cost. Clearly artists who we exhibit and host shouldn’t need to hold YAM, but for other roles within the community or protocol, this could maintain a focused and strong community.