In Brief:
- Lit project launches first NFT book on Ethereum Blockchain.
- Lit devlopers airdrop 50 billion LIT tokens worth $35 million to Snoop dogg.
- Instead of using them Snoop helped them to turn into a DAO by returning those tokens.
On December 24, Snoop Dogg announced that he will be returning back his 50B LIT tokens that were airdropped to him a fortnight ago by Lit project developers.
In a long tweet thread that is rather a typical of Snoop’s style, he explained that the reason he is returning back the tokens to the Lit community is so that they can administer and fund a ‘Cultural DAO’ which was one of the many proposals that he had listed out.
The Cultural DAO, which he positioned as the ‘world’s first cultural currency’ will lead the arts & entertainment into the future with the help of this massive transfer. Subsequently, the Lit team will be awarding the copyright to the Neil Strauss book soon.
Moreover, the next project called “Project 2” is also expected to come out soon.
Why did the Lit Project turned into a DAO
When Snoop Dogg first received 50B LIT tokens (a meme coin), it was planned that a snapshot of its early holders would be taken. Eventually, those early holders would be airdropped the ‘first readable book NFT’ on the Ethereum blockchain which is a new work by 10x New York Times Best-Selling author, Neil Strauss.
As the plan went it was decided that one LIT holder would receive the copyright of the book. Depending on the holder’s discretion, this deal would have been supposed of great worth, in case they sold it to a publisher.
However a bigger idea struck him, and he proposed that not just the development team, but also the holders were at the center of decision making.
Then opening the treasure of possibilities like receiving an unreleased NFT from a legendary crypto artist or even going to go to their own festival, they finally decided to turn the $LIT token into a DAO token so that holders can decide the future of DAO.
After he sent back the 50 billion tokens, he connected the Lit Project developers with @rata_yonqui, to create a unique work. Later, Rata’s “The Degenaissance” was airdropped to 2,500 $LIT holders.
It is announced that the LIT team will be awarding the copyright to the Neil Strauss book soon.
Nevertheless, Snoop Dogg has disclaimed that he is not “officially” involved with the LIT Project.
Snoop Dogg has always been an ardent backer of the crypto space including NFTs and DeFi projects. He has consistently been in the news for his views on the same. Recently, he discussed the power of NFTs and even emphasized if NFTs would really destroy traditional arts.
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