First Incubation Proposal: FomoNFT

Below is a summary of OTO DAO's first incubation proposal. For the full details and reasoning behind why FomoNFT's acquisition will benefit OTO community members, check out the Medium post: https://otodao.medium.com/introducing-our-first-incubation-proposal-fomonft-a228d37fe545

Why OTO is Proposing to Buy FomoNFT with 3 Million BUSD

The first FomoNFT auction results demonstrate there is extraordinary value in a platform like FomoNFT (https://fomonft.app). Not only do we believe that FomoNFT is a gamechanger, we also realize that acquiring FomoNFT will bring enormous value for existing OTO holders and stakers. OTO DAO's main mission is to bring long term value for all of our stakeholders, and the cash flow from such an acquisition will enlarge the rewards for our DAO members.

What are the Specifics?

Taking the example from FomoNFT's first auction, where a total of 611.43 BNB in bids were committed, after the acquisition 6% of each bid will be transferred to OTO's top level contract to give out as rewards for OTO stakers. In such a scenario, 36.6858 BNB would be rewarded to the OTO DAO community. This positive cash flow will benefit OTO stakers and grow the OTO ecosystem even more.

The Vote

Date: October 1st 4:00pm UTC to October 4th 4:00pm UTC Choices:

• Approve (OTO DAO to incubate and acquire FomoNFT for 3 million BUSD)
• Disapprove (OTO DAO will not acquire FomoNFT)