Metafactory - Briefing Document
-- PRE-CALL CHECKLIST ---
General Discovery
Researched by: Jaris James
About the event
- Project: Metafactory
- Guests: Metadreamer, Founder of Metafactory
- Topic: Community Owned Merch Platform for Web3 Communities
- Event Scheduled: February 08, 2022 10am PST
- NOT FINANCIAL ADVICE
About our guest speaker
- Metadreamer (Twitter: https://twitter.com/META_DREAMER) (Discord: METADREAMER 🐙#1111)
- Write a short bio about the guest(s) including their role at the project they are speaking about.
- In Junior High, Metadreamer began building and selling computers. Around the same time in 2011, Metadreamer used the same computers he built to mine Bitcoin.
- Metadreamer’s crypto journey began in Junior High when he started playing Runescape. The players online would mention Bitcoin mining, and Metadreamer took up Bitcoin mining as a hobby, stating that “it was a cool way to make money.”
- In the traditional fashion industry there are so many issues with brands not including its core contributors in a fair share of their profits, even though they’re involved in every step of the process, and have such an important role to play. Metadreamer noticed this with the brand Zara, and wanted to create a new fashion marketplace, in which, people are participants and owners of the brand, it’s much more fair and transparent, and made possible through web3.
- Metadreamer’s biggest achievement in web3 was creating the first community owned marketplace.
About the project
- What is the general positioning of the project? i.e. DeFi, NFTs, DAOs, governance.
- Redefining consumerism and brands to be Community owned and directed. Metafactory utilizes NFTS, DAOs, governance, and DeFi.
- What is the value proposition of the project? How does it clearly differentiate itself from others in the web3 space?
- Metafactory differentiates itself from others in the web3 space by providing a community owned platform for digital designers to take their concepts from an idea, into physical merch. Designers can collaborate with each other in the Metafactory discord server to create templates for production. Metafactory covers all production costs, manages promotion, and handles all packaging and shipping.
- How does it benefit it community members and general web3 communities at large?
- Metafactory democratizes product production. Anyone with design skills can join their DAO, share their ideas, collaborate with others, and turn their ideas into physical products. Members of the DAO can also sell their products on the Metafactory website, which has a web3 target audience, and the contributor doesn’t have to provide any capital up front.
- Is it bridging blockchains, protocols, tools, communities, etc.?
- The Metafactory DAO governance token is built on Ethereum and can be used to supply liquidity in their Balancer Smart Pool. Users who provide liquidity receive $GEAR — ROBOT liquidity pool tokens.
- Does it bring a unique vision or approach to solve challenges in web3?
- Metafactory provides a platform for the starving artist. There are plenty of people trying to sell their artwork on their own in web3, but by Metafactory being a community owned marketplace that democratizes production, artists from all over the world can coordinate with each other and gain direct access to an audience of targeted web3 collectors without spending a dime.
- How does it improve the web3 ecosystem?
- Metafactory provides a platform for designers to easily sell their work by giving them direct exposure to the Metafactory marketplace, as opposed to their designs being lost in the OpenSea.
- Generally, how does the product work?
- Provide basic information about the product
- Metafactory is a marketplace owned by the community. Creators can join the DAO, collaborate with other designers and submit a template for production. Metafactory covers the production costs, and sells the item directly to their audience on the Metafactory marketplace. In return for the members contribution, they earn $ROBOT tokens based on the gross revenue on any given product.
- Details of product stemming off high level overview
- Metafactory is the first community owned marketplace, and can take a designer’s idea from sketch to production in as little as a week. Metafactory is governed by a DAO, and its members receive $ROBOT, the governance token based on the revenue generated from the sale of their product.
- Outline a few mid to high-level topics about the product
- Metafactory is the first community owned marketplace and is governed by a DAO. Metafactory rewards its DAO members with $ROBOT tokens, and each item sold is embedded with a unique silicon chip that tracks the specific order number of that product and its associated metadata, linking it to its digital counterpart that can be used as a wearable in the Cryptovoxels Metaverse (more Metaverses coming soon).
- Results of the product so far
- A Quick Rundown of Metafactory’s 2021 Accomplishments by the Numbers (approx.)
- 6,000+ Orders
- $1.3MM in Product Sales
- 150 Products Created and Sold
- $214.50 Average Order Size
- 300+ Creative Contributors
- 1,130 ROBOT token hodlers
- 3,385 Discord Members
- Practical applications of product.
- Detail current functionality of project, where it is deployed, TVL.
- Metafactory can take an idea from sketch to production in as little as a week, without compromising quality or customization. The project utilizes a supercharged community, paired with local & on-demand manufacturing. DAO members get to participate as a co-designer, curator, developer, ambassador, enthusiast, or all of the above, with multiple ways to earn and use $ROBOT, the DAO governance token. The token is deployed on Ethereum mainnet, with a total supply of 420,000, and $500,000 in liquidity according to Balancer.
- Current and potential use cases.
- $ROBOT, the Metafactory DAO governance token is rewarded to designers based upon the gross revenue of their product, and be used to provide liquidity on balancer, and the liquidity providers are given $GEAR, which are the liquidity tokens. $ROBOT and $GEAR holders also receives access to specific collections of exclusive apparel drops.
- Outline steps for a beginner to get started.
- First fill out this short form, introducing yourself and your idea.
- Join the Metafactory Discord to pitch ideas and collaborate with other contributors.
- Download templates and prepare your design for submission.
- Metafactory covers all production costs, manages promotion, and handles all packaging and shipping.
- You, as designer, receive $ROBOT rewards based on gross sales (minus tax).
- Token economy.
- The Metafactory token economy consists of $ROBOT, the DAO governance token and $GEAR, the liquidity pool token., both tokens are built on top of Ethereum.
- Any recent, meaningful updates to the project.
- In Q4 2021, Metafactory launched a subDAO called iROBOT, a decentralized community and fundraising mechanism to grow MetaFactory.
- Roadmap/future applications
- Technical updates
- One idea that Metafactory have been exploring internally is the creation of a Fuse Permissionless Lending Pool. This provides DAO members with a place to borrow against their holdings without giving up governance rights and to support the DAO with interest. In turn, Metafactory receives a high-yield source for compounding its treasury and reduce the need to potentially sell ROBOT to fund operations.
- Community updates or changes
- Metafactory is looking to simplify governance, they’re working on a proposal to dissolve the Moloch DAO structure and deploy Snapshot voting as a more cost-effective structure for future coordination.
About the ecosystem
- Find one or two things the speaker has shared in the past about the future growth, impact of web3?
- Metadreamer stated that “blockchain technology can be used to create brand new experiences that was never possible before, and this is seen in NFTs. Web3 allows for creators to put a whole new spin on what it means to be a brand, from coordination perspectives, community involvement, ownership, and transparency.”
- How will their project(s) contribute to the evolution and adoption of web3?
- Metafactory will expand the adoption of web3 because of the utility of their DAO. Designers can gain access to free product production, a marketplace with a solid web3 target audience, and token rewards. Metafactory breaks down many barriers for designers to launch their brand, and each item sold comes with a matching digital collectible NFT, that can currently be used as a wearable in the Cryptovoxels metaverse; with access to more Metaverses coming soon.
- What are some web3 projects/tools that the project integrates to create a more robust ecosystem?
- Metafactory integrates a DAO with a governance token to reward its members called $ROBOT, and can be provided as liquidity on Balancer. Liquidity providers receive the liquidity token called $GEAR. Each product that is sold on Metafactory is also an NFT. Each physical item will be embedded with a unique silicon chip that tracks the specific order number of that product and its associated metadata, linking it to its digital counterpart. Accompanied with the sale of each physical item, buyers will also receive a matching digital collectible — a wearable in the Cryptovoxels Virtual World (with support for other worlds and platforms in the future).
Anything else?
- The revenue from sales will go towards $ROBOT token buy-backs and will also be used to pay for recurring expenses and production costs for goods. ROBOT holders can then vote to decide through the MetaFactory DAO how the surplus profits should be spent. For example, they could be locked in a Balancer liquidity pool to create a permanent incentive model with continuous issuance while preserving a fixed supply of 420k tokens.
- Customers can buy the products on Metafactory with fiat or crypto. To pay with crypto (Ethereum Mainnet only), add to cart and select Coinbase Commerce at checkout. Add your Eth address for future $robot reward claims and NFT deliveries.
- The idea for the project actually came out of Metacartel, which is a grants funding DAO. Drew Harding from Metacartel pitched the idea at DevCon5 in Osaka Japan. Drew stated that “everyone has all kinds of conference merch, primarily T-shirts. It would be cool to do better than just print a logo on a shirt, how about designing pieces that individuals really want to wear, while spreading crypto culture. The idea was originally named ‘SwagDAO,’ a DAO to coordinate producing “swag” for other projects and communities. Metacartel posted the idea on twitter. Metadreamer was on crypto twitter at the time, looking for a project to contribute to. Prior to this, Metadreamer was running a fashion tech startup. SwagDAO aligned his interests in crypto and fashion, and this is what inspired him to start the Metafactory brand.
Resources
References
- Website: https://www.metafactory.ai/
- Snapshot Votes: https://snapshot.org/#/metafactory.eth
- Gov Forums: https://gov.metafactory.ai/
- Metadreamer (Twitter): https://twitter.com/META_DREAMER
Sources