Use Commissions accrued to VirtueDAO treasury to pay for Development Work

It’s clear that the Virtuous cycle, in its current form, does not work. While it was a clever idea initially, there isn’t a sufficient reason for new or existing community members to purchase and stake VIRTUE. Furthermore, trading volume and royalties on the Idols NFT collection are very low, meaning that the virtuous cycle has ground to a halt. This is partially due to the bear market, but also because there’s nothing exciting happening in this community to attract new people.

Currently the Idols DAO community multi-sig has 40K VIRTUE staked, which at the time of writing means that there is approximately 1.5 ETH currently available for the DAO to use. Historically these rewards have been deposited to increase the Idols NFT principle balance, however, this has a negligible impact on the immediate success of the project. Instead, and as is proposed presently, these funds could be used to pay for developers to work on and build out the Idols NFT ecosystem.

Every web3 dApp has two components, a front end website that users interact with, and back end set of smart contracts that exist on Ethereum. Presently we have a solidity developer, Cooki, who is willing to work for free. However, we need a front end developer who is willing and able to produce a high-quality front end for the solidity smart contracts that have been developed. We may also need to have the smart contracts audited, but given how little funds are available this may not be feasible.

I propose we use the approximately 1.5 ETH, along with future accrued ETH, to pay for a front end developer to build the websites we need in order to kick-start the virtuous cycle as it was always meant to be. WAGMI

TLDR: We use the accrued ETH from the VIRTUE staking Community Multi-sig to pay for development work. Specifically a front end developer. This will hopefully kick-start the virtuous cycle and attract new community members to the DAO. We can buidl in the bear.