Nimi Incubation Grant - DXVentures

I very much agree with this.
I think DXdao should move towards an operational structure and purpose that facilitates curation, incubation, and spinout new products and protocols. Teams and individuals could come to DXdao and receive help in ideating, building, and launching protocols.

When building products in crypto/web3/ethereum (w/e) the team usually has to focus on three different verticals at once – The protocol and the accompanying product, the token model (distribution, utility, viability) and a the Governance and voting structure.

I believe DXdao can help significantly in the two latter sections – Token and Governance. Allowing said project to focus on its core mission of creating a compelling protocol and product. In addition DXdao can provide support with Community building, communications (marketing, branding etc), bizdev (collaborations, introductions etc), and being a part of a solid and well known brand in the ethereum ecosystem.

DXdao could also provide ‘decentralization as a service’ launching the actual DAO and token of said project.

DXdao should continue building its governance system, ideate organization models, and serve as an example for decentralized governance, which will serve and be used by said incubated projects.

We should also allow for failure and experimentation, allowing individuals to come and develop their ideas, test them, and understand when to quit.

The value accrual back to DXD holders is clear, with the allocation of tokens by said project to the DXdao, to be claimed by DXD holders.

DXdao, imo, is the most forward looking experimentation collective in Ethereum with an important aspect that makes it stand above the crowd – the real focus on decentralization. I think the incubate and spinout method could help us further propagate our brand and ideas, as well as create a lot more opportunities for DXdao.

I’m saying this because this process is highly unclear and uncertain. and it could fail and create bad ripples across the DAO. Nimi is a perfect candidate to begin this process as it’s members are highly involved and appreciated DXdao contributors.

Excited to continue this thread and ideate how to execute this.

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I support the proposal to fund an incubation grant for the Nimi project. I see great value in the product and its mission to onboard new users into our space while providing full web3 presence ownership to its users. I also think this would be a really good opportunity for DXdao to learn how to support and launch new products in web3 through this incubation process.

In addition to supporting the product, I have complete confidence in the Nimi team. I even got to witness firsthand in Amsterdam the passion and effort put forth by every member.

Looking forward to what the future holds for Nimi!

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Lots of good discussion here.

I think the idea of this incubation grant is to help see if Nimi can get to a palace that starts to capture interest of many more in the space and then start to create value.

If DXdao provides support towards this, I believe that value will flow back to DXdao.

Unfortunately, I think comparing this situation to something like Y Combinator doesn’t make much sense here.

Maybe we could look at some new ways in Web3 how things are being done. As an example, we could look at Alliance - the leading Web3 accelerator and founder community. Alliance also has a full-on ​​​​9-week program. https://alliance.xyz/ From their site:

How much does the program cost?
Nothing. The acceleration program is 100% free. Unlike other accelerators, we do not force investment or equity allocation.
Founders’ only obligation is to ensure they have the time and energy to attend sessions and work with mentors. We expect full commitment during the program’s 9 weeks.

I don’t understand how the program can be free. What’s the catch?
There’s no catch. We are a team of crypto veterans who want to give back to the community.
Our goals are (1) to sprout innovation in Web 3 and (2) build the most founder-friendly network within the space.

Does the program provide funding?
The program is free and does not require any investment.
However, we do offer optional investment for companies looking for funding. Our default deal is $200k at a $5M valuation (4%) for early stage companies.
For later stage companies, terms can vary.


Even so, DXdao is not currently a Web3 Accelerator.

The goal here is for DXdao to support and help incubate Nimi.

I think the original plan discussed on the DXdao call does make sense and seems like a reasonable place to kick things off.

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Still hoping the Nimi team can first provide some clearer details on a potential future token structure for Nimi (if any), proposed allocation for DXdao in return for the grant (if any) and estimates for Nimi’s TAM.

These should be ironed out before this moves toward any on chain proposal.

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My view here is that part-time is a bad idea. Go all-in or drop it

also think that if dxdao gives 150k out that it should be agreed upon what is being received in return

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I think it would be great for DXdao to give a incubation grant to Nimi.

The project has already some product market fit. It already has a partnership with eth.limo which is great for such an early stage product.

All startups/products/ideas start very fragile, this support at such an early stage with a team that we know and that is very capable would be great, even if it fails (learning experience, that will makes us do better next time).

And if succeeds it will give DXdao a good leverage, awareness and potencially revenue.

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I certainly hope we wouldn’t pay 150k for awareness alone. Nor leverage and awareness.

It comes down to revenue, which we need to hear more specifics from the team. And we still need to be informed what allocation DXdao is being offered in return.

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Thanks for your valuable feedback.

As previously mentioned, I think some specifics of the deal are preferable to be kept private - as has been the case with DXventures Grant Investment to Karma and DXventures Opportunity: Provide investment grant and incubate Double. I believe most people commenting here in the forum are aware of those details. If not, feel free to reach out to me! I also tried to reach out to you directly via Discord - but I believe you have friendship requests blocked, so wasn’t able to get in touch.

The incubation grant is certainly not just for awareness - Nimi is looking to build a long-term sustainable project. Currently, Nimi is an early stage project – hence why it’s an incubation grant. However, we have ideas around which direction we want to go towards.

I think Nimi has 3 target audiences:

  • Regular users
  • Creators
  • DAOs / Professional

For regular users, monetisation opportunities lie in premium features, customisation of their profile, adding “dapps” to their profiles etc. Nimi could also charge for facilitating gas-less deployments of pages.

For creators there’s a much wider opportunity i.e. allowing them to display and sell their art directly from their Nimi page - with Nimi taking a % of the sale. Regular users could also subscribe to creators to get access to more content.

However, overall I think the most important part in onboarding users and gaining traction - once we have enough users we can find a user-friendly way to make the project profitable. And I do believe there can be a lot of value driven towards DXdao in the form of awareness in this phase – but reiterating again that awareness is not what the Nimi team is asking for funding for.

Nimi was already discussed on the BizDev call a few times - but happy to do so again this coming Monday if @sky @Arhat @nylon have availability on their agenda.

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We’ll definitely reserve time for it on the call, it’s a valuable subject. :+1:

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I actually think we should focus most of the call to continue this discussion :slight_smile:

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Incubation Grant

With this proposal DXdao incubates Nimi.eth and allocates $100k in the form of an incubation grant to the Nimi.eth team as well as incubation support for 6 months.

Motivation

This new style of “incubating” products allows the DAO to fund new projects, without having to commit years of funding to them. Providing a smaller grant and initial support to projects allows them to prove themselves in the market and seek outside capital.

6 months is a good time-frame for projects to ship product, get initial adoption and most importantly find a product-market fit.

Overview Nimi

In its current form Nimi.eth acts as a decentralised social aggregator - allowing users to actually own and control their own Nimi page hosted on their own ENS domain. Currently, less than 1% of ENS addresses have a content hash set (source: Dune).

Nimi currently has a partnership with the eth.limo team, whereby an ENS without content hash set resolves to a default Nimi page see: shaq.eth.limo

We see Nimi as the social aggregator / personal profile page in web3. Where users have full ownership of their web3 presence.

We want to be the default option to connect at conferences, rather than sharing Telegram QR code, sharing your Nimi QR code! We’re looking to implement additional functionality to enable such connections, including NFTs representing connections on-chain which could give access to further information (i.e. email address) based on degrees of connection - fully customizable by users themselves.

We also see a great opportunity in the creative space, most web3 artists today use linktree as the default link in their twitter bio. We see a vast opportunity in building Nimi into a product that suits the needs of creators much better. I.e. showcasing and being able to sell NFTs directly from your Nimi page!

Outside of the existing web3 user base, we also want to make it our mission to onboard new users into web3 and ENS - focusing on creating a user-friendly UI/UX experience.

Deck from presentation on 15th of August 2022 on BizDev Call: https://nimi.mypinata.cloud/ipfs/QmbS4uqbuaoT5DmoA2kwJ3EQd7cELJL7gj6EPabffCZsUz

Nimi <> DXdao

Nimi was born out of the ETHAmsterdam Hackathon we were attending on behalf of DXdao and there are a lot of shared values in this journey.

DXdao has long been one of the few active DAOs using ENS domains to host its DAPPs. Nimi is in a strong position onboarding individual users to hosting on ENS and increasing overall awareness of the possibility of hosting on an ENS domain and how to access the domains in a regular browser. Through the incubation grant, Nimi will be able to rely upon DXdaos expertise in web3 development, bizdev and marketing.

We believe Nimi can also be a great opportunity to raise awareness of DXdao and its products. Nimi is targeting individual users who are active in web3 as its initial target audience. It’d be great to work together on exposure with DXdao, hosting twitter and discord spaces together, driving new Nimi users to checkout DXdao and perhaps even co-sponsoring conferences and events. We’re also open to any other suggestions on how we could raise awareness together.

Details

As part of the incubation, DXdao will allow Nimi to build out their project under the DXdao umbrella allowing the Nimi team to rely on the expertise and know-how of DXdao.

  • Nimi team can allocate 40% time to Nimi - for up to 6 months
  • DXdao funds the Nimi MS with $100k
  • DXdao receives a 10% stake in Nimi

If passed, this proposal sends 100k USDC to the Nimi MS identified as: 0x4e675ceB415fC41700fb821fF3B43cE5C8B9a83B

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