Buying a shop in the Red Fox Labs Metaverse and building it into an Official Balanced Bank

I propose we use the DAO fund to purchase a shop in the Red Fox Labs metaverse and create one of the first BANKS in the metaverse. After the newly announced partnership between RFOX and ICON I think it makes a lot of sense.

RFOX is having a metaverse shop auction sale on December 9th and the idea of being able to step inside an official Balanced Bank in the RFOX Lab “VALT” makes me incredibly happy. BALANCED COULD BE ONE OF THE FIRST BANKS IN THE METAVERSE!

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I would love to hear your feedback on this proposal.
I feel like the founders would need to quarter-back this (Bidding/Designing)
I am simply proposing the idea.

I believe their last shop auction sale ranged around $100,000 USD per shop. (I’m not sure on the actual numbers)

Perhaps proposing a bid cap at around $300,000 may be necessary as I predict the demand will be higher, but perhaps we could get a shop much cheaper then that. In all likelihood we could be looking at less then $100,000.

Also, I know that this shop auction is for the “Gaming Quarter”
But ask yourself, where will the most traffic be? Location Location Location lol…

Thanks for reading.

Keep calm and stake on.

That sounds like a pretty cool idea. Might need to streamline or simplify a bridgepay integration within Balanced to make it easier for normal people (in the US) to get money into the ecosystem. The more unfamiliar hoops people have to jump through the easier they’ll lose interest.

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Hey @Snatch4Gold thanks for making the proposal. I definitely think it’s an interesting idea. In terms of the DAO itself participating, this would be impossible (afaik) based on the current limitations of technology.

The DAO has the ability to send money to addresses and smart contracts on ICON. I don’t see a way the DAO could purchase a shop in the RFOX metaverse.

However, what we could do is have somebody else that the DAO trusts purchase and manage the shop, then get reimbursed from the DAO to his ICON address.

This idea is similar to the idea of the DAO to run a p-rep, but unfortunately the devil is in the details. Just as somebody would need to pay AWS fees, collect rewards, etc. for the P-Rep; somebody still needs to manage the store (income, content, feature development, etc.) somebody needs to actually coordinate with RFOX about how the storefront works, there are many finer details that become impossible for the DAO itself to do, there needs to be trusted people making this happen.

You mentioned advertising in the metaverse, that is something the DAO could do. We could have the RFOX team submit a DFP to request money for the marketing cost (i.e. the cost of putting the Balanced logo in their metaverse) then simply pay them. The RFOX team would be managing the advertising space, the Balanced DAO simply sends money.

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So there’s no practical way to create a separate front end for Balanced that can plug into Balanced, like a crypto app that uses a Binance API key to buy and sell on Binance? Is this something that can be fixed/worked on by another team, or is it (as you said) just a limitation of the tech?

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I think everyone here trusts you @benny_options. Is it possible you could purchase and manage the shop?

Haha I am honored by your trust, but I think I am better off contributing to Balanced and ICON rather than this shop, not really my skillset I’d say and want to focus my efforts elsewhere. On top of that, managing the shop comes with lots of administrative burden from a tax perspective that I wouldn’t want to mess around with. Already complicated enough, let alone managing a storefront in a metaverse on behalf of a DAO lol

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Wait I’m not sure I see the relevance to this discussion haha maybe I’m missing something, but this is totally possible. Of course you can build a frontend that hooks into Balanced smart contracts

Well if the shop can work as a front end for Balanced, you don’t need someone to run it do you? Its just a 3D UI? I’m going to assume I’ve missed something.

(After re-reading your response to Snatch4Gold)

Ok, the issue is ownership, not development? Nobody here would have an issue with it being linked to an address you own. If you’re untrustworthy then we’re all screwed aren’t we? :laughing:

No drama

Yeah the primary issue is ownership. It’s not actually decentralized. I, personally, would own the shop, but you all would expect me (rightfully so) to give profits back to Balanced DAO, promote BalancedDAO, etc. I would be an extension of the DAO, but at anytime, could betray the DAO. I see that type of arrangement being a regulatory and tax nightmare haha.

But if the shop itself is just a frontend that allows people to access Balanced DAO directly through the metaverse, wouldn’t automating the sharing of any other fees earned above the Balanced layer be easy as? You yourself wouldnt have to promote anything, as being there with that front end running on its own “is” promoting/marketing BalancedDAO.

Is this any differen’t to having the same app on 2 phone operating systems instead of one, but one has a 2D UI and the other has a 3D UI? I’m not aware of what revenue layer there is above people in the metaverse just using the BalancedDAO through the metaverse store (RFOX tokens earned through visitors?)

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It’s totally possible that I don’t fully understand what the shop entails, but I’m under the impression that it takes active management / development. Your points make sense, and if you are indeed correct, the next steps would be for a team to apply for funding for the DAO Fund to build the shop in the RFOX metaverse.

The original proposal was for the DAO to buy the shop. What I’m now thinking makes more sense is for somebody to apply to the DAO Fund and ask for funding to purchase the shop and build/manage the shop, similar to DFP2, where a team applied to build a tool to interface Balanced data. Like you said, it’s just another frontend

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This is a great video that explains a lot of the questions that I had. Worth a watch.

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This is the new quarter with shops up for auction on the 9th. Please watch the video above to get a better understanding of the potential of all this.

There is other shop auctions so if we miss this one we can still look into the upcoming ones.

Just because this is the “gaming quarter” doesn’t mean we can’t put our bank there. please watch the video above.

METAVERSE HYPE!

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@Snatch4Gold you seem the most passionate about this so wanted to make sure your attention was drawn to this post in terms of tangible next steps. Will take a look at those videos as well

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