PangeaDAO has officially planted our flag in the history of Digital Worlds.
We are proud to announce that on 7th May at approximately 11:08pm EST 2022, PangeaDAO purchased a total of 25 contiguous plots in DCL’s Fashion District for a combined total of approximately $170,200.
This allocation represents 148,000 MANA (5,920 MANA/$6808 per parcel), and it is a foundational step in building a world class Metaverse Digital Land Treasury, one which we intend to fully develop and commercialize.
Pangea will work with our Creators Guild and partners to develop a unique and unified plan for the Estate, creating value while also seeking opportunities for revenue generation through staking, renting, commercializing, collateralizing, and more.
The fashion vertical is one of the most obvious and attractive areas in the early Metaverse, as demonstrated by the interest generated by worldwide fashion houses and brands, such as Tommy Hilfiger, Gucci, Dolce & Gabbana, and many more. Pangea will be focused on this and other related industries of expression such as music, art, and events, but will not be restricted to these use-cases as we believe that this area could be a very attractive place for brands of all shapes and sizes to begin testing their involvement with the Metaverse.
The core team’s proposal was available to review, ask questions about, and provide commentary on for 24 hours on Pangea’s Discourse. After reaching soft consensus, we put the proposal to a Snapshot vote for a further 24 hours and executed this investment via the Pangea multi-sig when it was passed. The quick turnaround time was necessary from an operational lens, as we needed to act quickly to capitalize on this rare opportunity and ensure that we were able to acquire (and combine) both estates. Due to the fact that the Pangea community is still quite small and tight-knit, we believed we could reach a consensus on how to proceed within that time frame. We are excited to have set a standard for transparency into Pangea fund deployments!
Now that Pangea has began the process of building out our Metaverse Digital Land Treasury, there are a few immediate paths to monetization, opportunities for researchers & creators, and further action with Pangea Partners:
We also intend to host events and will aim to get PangeaDAO on the Decentraland Map as a "Place of Interest", further cementing our position as a key player in the Metaverse.
Thank you to everyone who participated in the process of reviewing, reaching consensus on, and executing this proposal. We appreciate your participation and commentary. Follow @pangeaDAO on Twitter to stay informed, apply to the community Creators Guild & join our Discord to participate, and stay tuned for more exciting updates!