Quick take:
- Game7 has launched Summon, a web3 community management protocol powered by soulbound NFT.
- The platform rewards community members in more ways than just money including power, status and influence.
- The tool allocates a soulbound NFT to each member and evolves as the member contributes, unlocking higher rewards.
Game7 has launched Summon, a gamified community management protocol that rewards decentralised autonomous organisation (DAO) members and web3 communities for their contributions. Each DAO member is given a soulbound NFT that evolves as they contribute to the community.
Summon’s automated reward mechanism can be used to fix one of the biggest challenges that web3 communities face. According to Game7, “Web3 communities suffer from a free rider problem: early community members get allocated or buy up governance tokens at a lower price, but don’t contribute long term.”
Therefore, even if a late entrant to the organisation contributes more, their ability to influence decision-making in the community is limited by the number of tokens they hold.
Summon is created to be easily integrable, making the reputation-based DAO experience more accessible to communities.
Commenting on the launch during this year’s ETHDenver event, Josh Rio, Game7 Core Contributor and Head of Product for Summon said: “DAOs are evolving at light speed, yet DAO tooling is fragmented and ineffective. As a result, they are suffering from a number of challenges due to standard ‘one token, one vote’ governance models.”
Game7 wants to bring DAO governance to speed with the evolving industry by enabling organisations to reward those who make the most contributions to the ecosystem with power, influence, and access.
Summon will reward experience points (XP) to users as they complete quests and tasks, thus increasing their rank in the community automatically. This allows the user to unlock higher rewards and better features in real time.
“By tracking, measuring and rewarding contributions, Summon is able to provide decision-making capabilities to those who invest time and effort, as opposed to those who invest just capital and cash,” said Jon Allen, Game7 Core Contributor and Summon Head of Partnerships.
Essentially, those who make the most contributions receive the most experience points thus boosting their ranking in the DAO. In the end, the community will be governed by “a model that distributes power and governing rights to the most productive members of the ecosystem.”
Steve Mahana, Summon Head of Technology commented: “XP are not monetary units, they’re a measurement for a unit of work. They cannot be bought, sold or transferred. When you see a user’s XP, you know they made a contribution to the ecosystem and that they’ve earned–not bought–their influence.”
Soulbound tokens are quickly becoming the preferred option for community management in web3. Last month, YGG said it will use part of the proceeds from its A16z-led $13.8 million private token sale to accelerate the development of its soulbound reputation token.
In December, leading web3 infrastructure and payments company MoonPay launched an NFT loyalty program powered by soulbound tokens.
Last June, Animoca Brands-backed gaming community Saga also revealed it was developing a platform that will be powered by soulbound tokens.
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