Today the dGenesis Vault Token is claimable by all dGenesis Automaton holders as of the snapshot taken at block #13384600 on October 9th, 2021. We believe the DGV token will revolutionalize and democratize the NFT landscape. DGV allows dGenesis to transition into a platform focused on adding value to artists and their collectors, bypassing the legacy construct of extracting value from its users. dGenesis is now community-owned, and DGV holders control the future of dGenesis.
There needs to be a mechanism for tracking who is part of the dGenesis ecosystem. The obvious answer is using the NFTs themselves as part of the governance process; however, there are several drawbacks to this approach to include costs, flexibility, and complexity. For dGenesis, we believe separating governance and art makes the most sense and will provide the maximum opportunity for growth on both fronts.
dGenesis governance does not need the security guarantees(and associated cost) Ethereum Layer 1 offers. Arbitrum is a good compromise that integrates tightly with Ethereum and offers lower transaction fees for day-to-day usage. dGenesis NFTs and associated contracts will continue to reside on ETH L1.
dGenesis is not providing a secondary market, although one will likely emerge as time goes on. The only way dGenesis plans on distributing DGV is through the mint process for future collections. It is essential to remember DGV is not an investment. Owning DGV is a commitment to participate in the governance process and elevate dGenesis as a platform. DGV does not promise future financial rewards to its owners.
The primary utility of DGV is dGenesis governance. Individuals working on the dGenesis platform answer to the wishes of DGV holders. Guidance will follow regarding how to submit and vote on proposals.
Our focus has now shifted to the development and deployment of the platform contract. This contract will support future releases. Following contract development, we will proceed with our second art release.