Monks Dao Fund Progress Report- 2nd round

Overview of the 1st month

On the 8th of August , the Monks DAO Fund proposal was passed by the Omm Community, and on the 12th of August the Monks DAO Fund received 1,544,555 OMM tokens worth approximately USD29,909 at the time. The contract address is cx0c436b120f3eabeb538b14fd30505917c3f35ee0

Before going into the work carried out by the monks it is important to highlight the roles of the multisigs. Brian was in charge of submitting transactions . Budw1ser was in charge of community engagement which includes moderating the discord. Arosh and Steven are in charge of education with the Monks Academy.

The purpose of the Monks DAO Fund is to oversee initiatives in the areas of marketing, education, and community engagement. Considering the lack of community engagement in crypto communities owing to current bearish sentiments, the monks were especially conservative when directing funds to initiatives. The focus was to create events that would bring the most exposure to the Monks Academy by bringing together different projects in the ecosystem. The monks decided to limit spending on marketing efforts and felt the need to spend on a few initiatives that bring the most value rather than investing in a range of smaller initiatives that wouldn’t have the same reach.
It was hence decided to focus attention in the first month on the following events/initiatives:

Monks & Studio Mirai Poker tournament

Omm Finance 1st anniversary

Monks website

Quiz competitions

Eye on ICON partnership with quiz draws

Monks Academy discussions

The focus on the 2nd month will be to push more governance discussions and to get more participation from the monks create NFT holders, get the monks website launched, and more monks academy discussions.

NFT Collection

During this first month, no new Monks Collaborate NFT’s have been minted. We have added 4 Alter M&M NFT’s which also granted us 4 Alterian badge NFT’s, to our prize pool. The Monks have decided to use this NFT prize pool, not only for the frequent raffles, but also for rewarding Monks Create NFT holders for contributing to engagement initiatives.

Marketing initiatives

Eye on ICON partnership

The monks decided to partner with ‘Eye on ICON’. The monks were thinking about effective ways to get the monks name out there. Given we’re in the middle of a bear market and BTP 2.0 is some way off, we wanted to consolidate our reach within the ICON community as the Monks thought there was more room to grow. Being the premier education channel within the ICON ecosystem, the monks decided Eye on ICON would be the perfect medium to promote the monks and what the monks do.

The partnership entails Eye on ICON not only featuring Omm Monks on their channel, but also going in-depth into the initiatives taken up by the DAO Fund. Additionally, Eye on ICON run the NFT draws for the Monks Create NFT holders.

In the 2nd monthly update report we will be sharing some stats with the community.

Investment: $1000

ICON discord quiz competition
The Monks collaborated with the ICON discord on their daily quiz. These quizzes get an average of around 160 daily participants. It was an extremely successful partnership as the Omm Finance website received a material increase in traffic over the week. It also helped promote the Omm Monks and gave a bit of insight into what is being done.

One of the key learnings from this event was that giving out Monks create NFTs is likely not the best use of resources as what the monks realized is that beneficiaries of these NFTs in such competitions do not understand the value of them and don’t really add value orengageme in the Omm Finance community later down the line. The monks hence decided not to give out monks create NFTs to such events moving forward.

Investment: 2 monks create NFTS + 1500 $OMM

Monks website

As it stands we have the domain name purchased. It was unanimously decided that the main goals of the website are for it to be a resource for the monks to market what they are all about and to help with making a strong case for future collaborations. The second goal is to promote the Omm Finance protocol.
We agreed to prioritize the monks related content as we do not expect an aggressive marketing campaign at least for the next month.
During a call with Cryptwit, we gathered from the feedback from the multisigs that a CMS system would be required.
Cryptwit will be buying a design template for the website and he will not be designing the website from scratch.
Budw1ser suggested to cryptwit that we would need someone to consistently update and manage the site and requested for him to oversee that for a fee.

Since it was some time since we agreed on a price for the website, the multisigs checked the fee again, and Cryptwit confirmed he will do it for the originally agreed fee of 300 bnusd.
The theme of the website will be similar to Omm Finance but will be monks academy branded.

The following are the areas the website will have:

Marketing content for Omm Finance
Monks academy

Info about monks and what we do…

Monks NFTs

Collabs & partnerships

Omm 1st anniversary

Omm’s first year anniversary fell on the 25th August. The Omm team did a series of tweets that signaled important milestones in Omm Finance’s history! The Monks decided to amplify those historic tweets with what the Monks academy did during those moments. Refer the example below:

In addition, we did a giveaway to mark the anniversary with a meme competition:

Poker tournament

The first task on the agenda was to get our main engagement initiative in this phase up and running! We were encouraged by the success of poker tournaments run by studio Mirai ! We wanted to make the Poker tournament the main event after seeing the results it has reaped for other projects! We also wanted the Poker tournament to be spearheaded by one of the Monks Create NFT holders.

Monks create NFT holders Calz, Prophet and Xarox are involved in the project. Kotaro has taken a lead role from the Studio Mirai side. The multisigs have decided the poker tournament will be a joint event between the Monks and Studio Mirai. Kotaro initially suggested this idea and the multisigs thought it would make the most sense to leverage on the hype that the Studio Mirai team can provide for the event.

From initial discussions, it was clear that most of the work and time will go to marketing and getting sponsors for prizes for the event. This has hence been the primary focus to date. Kotaro, who has experience in handling poker tournaments, suggested marketing of the event would take a month.

The Poker tournament took place on the 30th of September at 8 pm UTC. It was a very successful event with 83 players participating in the event. There were 8 prize packages given out to those that finished in the top 8. The prize sponsors were: Alter, Kate NFT, Code Metal, Inanis Invictus, Project Nebula , Peel Guys , RagePups , Studio Mirai,Wonder Game

Framd Rarity Hunters Claws Mister Nice Pengwyn. . This event was spearheaded by Budweiser and Kotaro and ably supported by Calz, Budweiser, Kotaro, StevenDS and Arosh.

The eventual winners of the tournament were:

Education events

Over the last month the focus for the Monks Academy was on: Nexus & ICON Bridge, P-Reps that support Omm delegation, and Karma bond launch. We are considering running this on twitter spaces rather than discord because we seem to be getting more traction on twitter at the moment. Moreover we have the potential to reach out to a bigger audience.

Plans for the next month

Our focus in the next few weeks after the conclusion of the poker event is to ensure we create high quality discussions that lead to potential governance proposals. In terms of marketing we will be working on getting the website live. We are also revamping our incentive structure for Monks create Holders where we are looking at skewing incentives to those that are active and adding value to the Omm community.

Budget summary