NewsKinn DAO Receive Algorand Foundation Grant Award

Kinn DAO Receive Algorand Foundation Grant Award

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Algorand Foundation

January 31st, 2022 - The Algorand Foundation today welcomes the Kinn Foundation to the Algorand ecosystem as our latest grant recipient. Kinn has been awarded a grant to develop a Decentralized Autonomous Organization (DAO), built on Algorand, with a focus on NFT art.

Kinn DAO will provide token holders with fractional ownership of all participating NFTs, the ability to curate content, and governance of funding for new marketplace features. The Kinn name represents the idea of community. The core philosophy behind the DAO is to benefit the Algorand community. The Kinn DAO will support a range of functions including but not limited to:

  • Provide any interested marketplaces with standard, customizable and audited smart contracts.
  • Provide emerging marketplaces with the service needed to safely scale.
  • Cross-compatibility among marketplaces.
  • Content based search for all NFTs on the Algorand blockchain.
  • A community run verification system.
  • Cross-platform voting on NFTs.
  • A variable APY distribution system to Kinn token holders who participate in voting.
  • Help marketplaces adopt the NFD standard.

The DAO will eventually be community run and once the DAO has a stable, discretionary budget, it can begin investing directly in the development of new features. Initially, the focus will be on growing out the network in relation to Algorand’s NFT art metaverse and toward synergistic projects. Some examples of potential projects include:

  • Virtual gallery art space
  • A virtual world
  • An NFT showcasing platform
  • Rentable storage/hosting
  • New marketplaces

The DAO run search engine is nearing completion and will be one of the first functions of the DAO to be realized. The search engine’s index is not limited to only native ASAs, it theoretically could be expanded to interoperate with other blockchains.  There are four marketplaces so far that have signed up to the DAO and these are:

  1. Algogems
  2. ZestBloom
  3. Dartroom
  4. NFT Jam

We are looking forward to contributing to the Algorand ecosystem, please stay tuned for updates.

“Kinn DAO will provide any interested marketplaces with standard smart contracts that have been approved by a security audit, ensuring safe NFT purchases. These smart contracts will facilitate customizable minting, auctions and royalties as a service to new and existing marketplaces. The Kinn team has already brought together Algogems, ZestBloom, and Dartroom as participating NFT marketplaces who will be paying a percentage of every NFT sale into the Kinn DAO. This will facilitate Kinn holders who participate in governance and curation to receive community rewards. The Kinn team aims to eventually use the Kinn DAO to fund and support NFT related projects which will be voted on by the Kinn community. We’re delighted to support Kinn DAO through our grant program and are very excited to support them as they grow their NFT community”. - Addie Wagenknecht, Head of Global Ecosystems and Technical Operations

For more information on Kinn Dao please visit kinnfoundation.github.io/pub/ or follow them on Twitter If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.

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