How Squads are Winning
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May 26th, 2022

What is Prysm Squads?

Prysm is the group ownership platform. Have you always dreamed of owning a Bored Ape but never had the funds? Struggling to buy an NFT with a group due to multiple flows over different dApps? Is decision-making within your multi-sig wallet extremely chaotic?

With Prysm Squads, you’ll now only stay up at night to decide which NFT projects to invest in. We’ve built a super simple UI as well as effortless voting and ownership management, allowing you to invest in blue-chip NFTs with your friends, spread the risks and share the wins together.

Now that you know the basics, let’s dig a bit deeper into what Squads have already done to win in web3.

Why use Prysm Squads?

Squads have pooled funds to invest in valuable NFT projects and art from community members. Fast, trustless voting, private sales with zero fees, and access to Discord using your Gnosis SAFE wallet are just some of the amazing benefits of using Prysm Squads.

Invest in blue-chip NFTs

Many Squads have formed around investing in NFTs that members would be priced out of individually.

Floorbirds DAO, led by Richard, used Prysm Squads to buy a Moonbirds NFT that they were all priced out of in under 48 hours. The DAO is now looking to buy another Moonbird.

According to Richard:

Prysm Squads provided us with an effortless fundraising experience, allowing us to pool together capital in a very short amount of time to buy a Moonbird. I can’t wait for what’s to come with Floorbirds DAO and Squads.”

Another such squad is the Club CPG squad, led by Montana, that formed within hours to buy a V1 Cryptopunk.

Montana told us:

“Thanks to Prysm Squads, myself and other Club CPG members were able to pool funds together to buy 2 V1 Punks within 6 hours – something that alone isn’t easy to do.”

Invest in a Mission

NFTs in the FWB Squallet collection
NFTs in the FWB Squallet collection

Another compelling use case of Squads is spinning up a group wallet to conduct mission-driven investments.

For example, the web3 community Friends with Benefits (FWB) started a group wallet, also known as the FWB Squallet, to back emerging artists within their community. They are consistently on the lookout for impactful NFT projects.

Drew told us:

“The FWB Squallet exists to support art that our community loves, much of which is created by our own members. The initial intent was to gather funds to buy an Infinite Pressure NFT created by Chuck Anderson, and I’m personally excited to see how our collection will grow.”

Fast, Trustless Voting

Seamlessly approve transactions with your Squad
Seamlessly approve transactions with your Squad

Prysm Squads makes the group voting and decision-making process efficient and fun. Voting mechanisms can be fully customizable to your Squad’s preferences, and you can share the link to any proposal page with your Squad to get them to approve as quickly as possible.

Drew from FWB told us about his experience:

“Our Squad wallet (lovingly dubbed the ‘Squallet’) has 17 signers and over 90 contributors – and despite this fairly large head count, creating proposals and buying NFTs through Prysm has been a breeze. I’m thankful that Prysm exists to make this experience feel not only seamless, but fun.”

Private Sales with Zero Fees

Easily spin up a proposal to sell an NFT to your Squad's wallet
Easily spin up a proposal to sell an NFT to your Squad's wallet

Powered by 0x, there are now absolutely no fees for selling an NFT from your personal wallet to your Squad. You can very easily gift your Squad as many NFTs as you want from your personal collection.

Delegate utility from a shared NFT to one DAO member

Now, powered by Vulcan, you can use your Gnosis SAFE wallet to access Discord. Simply delegate one representative from your DAO to access the Discord, all in one click.

This is quite a watershed moment, since it is the first time ever in web3 where DAOs with NFTs in their Gnosis SAFE wallets can access NFT-gated communities, using Vulcan and Prysm.

Where Prysm is Headed

All of this is just the beginning.

Looking to the future, we are improving accounting and ownership tracking across the full lifecycle of an NFT and a Squad member. Additionally, at Prysm we are working to build interoperability across the ecosystem through our most recent integrations with 0x and Vulcan.

Building the world of collective ownership takes a collective effort. Thank you to our amazing community members for your continued support as you test and build Season II of Squads with us.

What would you like to see next with Squads? Shoot us a DM on Twitter! 🕊️

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