Avocado Dao Q3 2023 Treasury Report
Introduction
Welcome back Avocadians! We’re pleased to update you all on our progress and treasury for Q3 of 2023. Nothing sits still in crypto, and while there might have been plenty of news that has rocked the market, we are happy to share some positive news and interesting developments with you! As always, we aim to provide transparency on Avocado DAO’s finances and offer some insight into our current and future operations and products.
Q3 Key updates
The importance of Decentralized Identities
The team at Avocado firmly believes Web3 will change the way people interact with each other and provide opportunities never before available. While the wild west days of Web3 may have seemed daunting to newcomers, the Avocado team has been hard at work behind the scenes developing innovative solutions to democratize the future of Web3. One of these solutions is a form of digital identity. A unique, digital representation of you, recording the activities of your web3 journey..
Introducing, the AVOCARD-0
We’ve rolled out AVOCARD-0, a soul-bound, BEP721 NFT designed to create a more welcoming and personalized Web3 experience. With AVOCARD-0, users can store their on-chain activities and achievements in one place, building a living record of their unique Web3 identity and achievements. Furthermore, we plan to explore the potential for AVOCARD-0 to be interoperable across different chains. This digital identity is crucial for an improved user experience, as it allows seamless navigation across the expanding Metaverse without losing access to your history, possessions, and connections.
But wait, there’s more…
Bumpies
We have one final update to roll out before the end of the year. We’re thrilled to give you a sneak peek at Bumpies, customizable avatar NFTs bursting with personality. Bumpies are more than just a stylish accessory for your AVOCARD-0 — they are your key to unlocking a whole new world of connections and possibilities through exclusive gaming, DApps, and social spaces in the ever-expanding BumpieVerse.
Bumpies are a tradeable NFT on the Base network that allows holders to engage, customize, and actively take part in the dynamic BumpieVerse Ecosystem. They will enjoy special privileges to explore exclusive game access, Dapps, and social connectivity all created through collaborative efforts with our partners and community. Furthermore, with future accessory and outfit drops, you’ll be able to evolve your Bumpie over time into a truly one-of-a-kind creation. Ready to bring your new friend to life? Be one of the first to mint a Bumpie and start exploring the BumpieVerse today! Mint your very own Bumpie here!
In the meantime, here is a sneak peek of what your Bumpie could look like.
Questing Platform
It’s almost been a year since the launch of our Questing Platform and numerous improvements based on community feedback have been implemented. There are still many features yet to come as we evolve the product to one that links the Avocado Ecosystem.
Launching in parallel with our AVOCARD-0, was our AVOs (Achievements Verified On-chain). With your achievements now verifiably recorded on-chain through your AVOCARD-0, you can showcase your savvy Web3 user status to others. Your AVOCARD-0 acts as a digital proof of the quests you’ve completed, the skills you’ve honed, and the rare loot you’ve uncovered across your Web3 journey.
Having achieved AVOs also grants exclusive perks in Avoshop. Users can enjoy access to the discounted items, NFTs, and other future airdrops. And this is just the beginning! In future updates, we’ll introduce more benefits like exclusive quest lines, challenges, and community events reserved for our most loyal community members. We built the Questing Platform to reward activity and dedication with real utility, and we look forward to developing more features for our community.
Investments
In line with Avocado’s commitment to responsible capital stewardship, we have been judiciously managing our investment portfolio rather than seeking new investments. While many projects remain in developmental stages, we are excited to highlight the exceptional growth of one of our investments made in July 2022 — Games for a Living (GFAL). With a roster of exceptional games, and a marketplace in the works, we have high hopes for the GFAL team and we wish them success!
We also continue to see remarkable developments in BigTime, another one of our leading investments. With the launch of the BigTime preseason, there has been a flurry of activity on the Marketplace for BigTime NFTs. We anticipate a surge of top-tier projects entering the market as the GameFi sector gains substantial momentum. Leveraging our expertise and resources, we see ourselves as being strategically positioned to be early entrants, either as investors or partners.
Guild Operations
We have been narrowing down scholarship support to only include certain games that are generating positive returns. By consolidating our resources and efforts around these more active communities we are able to optimize operations and improve returns. Our operations in Bigtime are yielding positive results for the guild and the community.
We remain excited for the launch of exciting titles such as Apeiron, Phantom Galaxies and Heroes of Mavia which we hold assets in. We believe with the launch of these games our scholarship operations will also expand and we will form large communities within their ecosystems.
Change is never easy, but Avocado Guild remains committed to our scholars, both existing and future. We are simply shifting our focus to guarantee our community continues thriving. The sun may be setting on some of our earliest scholarships, but an even brighter dawn awaits on the horizon.
Treasury Overview
The Treasury comprises all assets of Avocado DAO and all earnings of those assets. Our investments, gains on sales of assets, and scholar earnings all fall within the operation of the DAO. As at 30th of September 2023, our Treasury stands at US 22.8M.
Safeguarding our treasury remains one of our top priorities. We are closely monitoring our assets to ensure their stability and security. By pursuing these investment opportunities, we aim to optimize our resources while maintaining a prudent and balanced approach to treasury management.
