3 min read

EmpireDao To Transition to Public Benefit Entity (DUNA)

Gm EmpireDao Members,

We hope this message finds you well. We have an important update regarding our project and your contributions.

Unfortunately, we were not able to secure investments into our tokenized real estate fund and will be closing our private offering. Consequently, the $IRL token, which was designed to be directly linked to the building we intended to acquire, will not be launched by the Empire Studios team.

We are offering all our members the option to have their NFT membership dues returned to their wallet or to direct their Sol to the DAO wallet, which will be linked to a public benefit entity, (a Wyoming DUNA, more below) that is dedicated to transforming our community-driven aspirations into reality by creating community-owned spaces and expanding the web3 world into the real world.

Desk holders, regardless of where they send their funds, will remain official members of the DAO with voting rights.

What’s Next for the EmpireDao Brand?

We will be transferring our intellectual property and technology assets to a soon-to-be-formed EmpireDao public benefit entity, specifically a DUNA*. The mission of this entity will be to advance the framework for creating pathways to community-owned commercial spaces in a compliant manner.

The public benefit entity will inherit our brand IP, membership data, web apps, and social media accounts. Additionally, it will open-source the “Chip and Chain” proof-of-IRL protocol, ensuring that our innovations can benefit the broader Web3 and Solana ecosystems.

We are excited to share that we are lined up with the Wyoming Secretary of State’s office to be one of the first (if not THE first) DUNA entities when they officially go into place on July 1. This positions us at the forefront of a groundbreaking legal framework, setting a precedent for future DAOs.

We will continue our advocacy work directly with NYC and NY State leaders, as well as with organizations like StandWithCrypto, to advance regulations in NY, the USA, and globally.

We encourage you to remain active members of our community. Your continued involvement is critical to our shared success. You can indicate your interest in the form.

Options for Your Contribution:

Refund: You may request a full refund of your contribution, which will be returned within 7 days of election.

Donate Your Refund: You can choose to donate your dues to our new public benefit entity, supporting our mission to champion community-owned commercial spaces and foster member growth together.

Form: https://forms.gle/WGxnB4AYJomgvwgo9

Important Notice:

If no action is taken within the next three months (by August 31, 2024), your refund will be automatically donated and directed to the public benefit entity’s treasury to further our collective mission.

Thank you for your understanding and continued support as we transition and create pathways for a sustainable, community-driven operation.

*Why a DUNA:

1. Legal Existence: Allows the DAO to contract with third parties, pay taxes, and open bank accounts.
2. Member Protections: Provides limited liability for members, protecting them from personal risk.
3. Privacy: Safeguards member privacy from federal scrutiny.
4. Compliance and Stability: Aligns with Wyoming’s legal frameworks, ensuring regulatory compliance.
5. Sustainability: Supports sustainable operations through revenue from leasing spaces, sponsorships, consulting, and brand use.

Here's a good video and overview of DUNA from A16z.

This strategic move enhances our ability to achieve our mission of creating pathways to community-owned commercial spaces, fostering economic development, and supporting local entrepreneurship in a compliant and decentralized manner.

Let'd keep meeting up and working together

All members of the community will have the opportunity to vote on the direction of the DAO. The first order of business may be to decide where to host another pop-up at a major crypto conference. During NFT NYC, we recognized the need for members to have an Amex-like working lounge while traveling. We can discuss potential locations such:

Bitcoin Nashville
EthCC in Paris
Token 2049 / Breakpoint in Singapore

Your input and engagement on the members-only Desk Holder Telegram and Discord are crucial, and we look forward to hearing your thoughts and ideas.