New York, US, 16th September 2022, ZEXPRWIRE, PatronageDAO, a decentralised community whose members select the works of art in its public collection, is poised to become a pioneering art collection controlled and owned by the people.
Using a Decentralised Autonomous Organisation (DAO) powered by a global community of art lovers and blockchain enthusiasts, the DAO will be operated by the holders of $PTRN tokens. Token holders, known as Patrons, will be charged with deciding which works of art are acquired, ensuring that the collection always reflects the ever-evolving taste of the community and the times we live in.
Once a work of art is acquired, Patronage DAO will fractionalized it into NFTs, each representing a genuine ownership interest in the work in question. The proceeds from the sale of these NFTs will then be used to purchase additional works of art, resulting in an evergreen and ever-growing collection.
The DAO seeks to bridge the gap between the enigmatic and culturally-rich artworld and the creative, innovative and democratic blockchain world to offer a productive, open space for its community to learn and thrive. PatronageeDAO was established not only to enable people to participate in the funding of the collection but also to give them a direct say over which works of art remain in the public domain for all to enjoy.
Michelangelo, co-founder of PatronageDAO said, “Our goal is to develop a collection of significant, meaningful and magnificent works of art, continuously on display for the public to appreciate in the metaverse and IRL. These masterpieces will never be stowed away in dark storage facilities or concealed on the walls of the privileged few but will stay in the public domain perpetually.”
“We aim to establish a community where professionals from their various areas can dissect concepts, ideas, movements, and ideologies in a welcoming and uncritical atmosphere. By removing the barrier between the two worlds, we want to increase communication between them. ” Raphael, co-founder of PatronageDAO, added.
According to the PatronageDAO’s whitepaper, there are 100 million tokens ($PTRN) total, of which 34% will go to contributors and operating costs, 34% to rewards, airdrops and liquidity, 30% will go to token sales and PTRN NFT mints, and the remaining 2% is allocated to the Foundation. The DAO intends to generate the first funding via staged token sales and the distribution of PTRN NFTs. Holders will also get airdrops and have the opportunity to join staking pools to profit from the project’s success.
According to the DAOs roadmap, they are currently focused on building the community and successful pre-public token sales. Token Farming and an initial liquidity platform will be introduced by 2023. The platform’s plans to mint PTRN NFTs and the first PatronageDAO IRL event will take place in the second and third quarters of 2023.
PatronageDAO is a decentralized community of individuals who choose artwork for its public collection. The platform fractionalizes the work into NFTs, each reflecting a bonafide stake in the work. These NFTs are then sold into the market, and the proceeds from the sale and ongoing trading are used to acquire further pieces of art, resulting in evergreen and evergrowing collection.