Harvard Case - SuperRare: Turning an NFT Marketplace into a DAO
"SuperRare: Turning an NFT Marketplace into a DAO" Harvard business case study is written by Jeffrey J. Bussgang, Scott Duke Kominers, Amy Klopfenstein. It deals with the challenges in the field of Entrepreneurship. The case study is 20 page(s) long and it was first published on : Aug 3, 2022
At Fern Fort University, we recommend SuperRare pursue a phased approach to transitioning into a DAO, prioritizing community engagement, transparency, and sustainable governance. This strategy involves a gradual shift of power and decision-making authority to the DAO, ensuring a smooth transition and minimizing potential risks.
2. Background
SuperRare is a leading NFT marketplace focused on digital art, boasting a thriving community of artists and collectors. The case study explores the company?s decision to transition into a decentralized autonomous organization (DAO), aiming to empower its community and foster greater transparency. This transition presents both opportunities and challenges, requiring careful planning and execution.
The main protagonists in the case study are John Crain, SuperRare?s CEO, and the company?s leadership team who must navigate the complexities of transforming a centralized business into a decentralized one. They need to consider the implications for governance, decision-making, and the future of the platform.
3. Analysis of the Case Study
To analyze SuperRare?s situation, we can utilize the Porter?s Five Forces Framework to understand the competitive landscape and the SWOT Analysis to assess the company?s internal strengths and weaknesses:
Porter?s Five Forces:
- Threat of New Entrants: The NFT market is rapidly evolving, with new platforms emerging frequently. This poses a significant threat to SuperRare?s market share.
- Bargaining Power of Buyers: Collectors have a high degree of bargaining power due to the limited supply of unique NFTs and the availability of alternative platforms.
- Bargaining Power of Suppliers: Artists, as the suppliers of NFTs, have moderate bargaining power, as their work is essential to the platform?s success.
- Threat of Substitute Products: Other NFT marketplaces, as well as traditional art platforms, pose a threat as potential substitutes.
- Competitive Rivalry: The NFT marketplace is highly competitive, with several established players vying for market share.
SWOT Analysis:
Strengths:
- Strong community of artists and collectors.
- Established brand reputation and market presence.
- Unique focus on digital art.
- Strong technology infrastructure.
Weaknesses:
- Limited scalability due to centralized governance.
- Potential for community conflicts and disagreements.
- Lack of transparency in decision-making processes.
Opportunities:
- Growing adoption of NFTs and blockchain technology.
- Potential for increased user engagement and community ownership.
- Expansion into new markets and verticals.
Threats:
- Regulatory uncertainty surrounding NFTs.
- Potential for security breaches and fraud.
- Increased competition from other platforms.
4. Recommendations
SuperRare should implement a phased approach to transitioning into a DAO, focusing on the following key steps:
Phase 1: Community Engagement and Education:
- Establish a DAO Working Group: Form a dedicated group of stakeholders, including artists, collectors, and community members, to guide the transition process.
- Develop a DAO Governance Framework: Define the DAO?s structure, voting mechanisms, and decision-making processes, ensuring transparency and fairness.
- Educate the Community: Conduct workshops, webinars, and online resources to educate the community about DAOs and their implications for SuperRare.
Phase 2: Gradual Decentralization:
- Pilot DAO-Based Initiatives: Begin with small-scale projects, such as community-driven curation or funding initiatives, to test and refine the DAO?s functionality.
- Transfer Decision-Making Authority: Gradually transfer decision-making power to the DAO, starting with non-critical areas and progressively expanding its scope.
- Establish Clear Communication Channels: Ensure regular and transparent communication between the DAO, the company, and the community.
Phase 3: Full DAO Integration:
- Transition to Full DAO Governance: Once the DAO has proven its effectiveness and the community is comfortable with the new governance structure, transition to full DAO ownership and control.
- Develop a Sustainable Funding Model: Implement a transparent and sustainable funding model for the DAO, potentially through tokenized governance or a combination of revenue-sharing and community contributions.
- Monitor and Adapt: Continuously monitor the DAO?s performance, gather feedback from the community, and adapt the governance framework as needed.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The transition to a DAO aligns with SuperRare?s mission to empower its community and foster greater transparency.
- External Customers and Internal Clients: The DAO model empowers artists and collectors, providing them with greater ownership and influence over the platform?s direction.
- Competitors: By embracing a decentralized model, SuperRare can differentiate itself from competitors and attract users seeking greater transparency and community involvement.
- Attractiveness ? Quantitative Measures: The DAO model has the potential to increase user engagement, attract new artists and collectors, and ultimately enhance the platform?s profitability.
Assumptions:
- The NFT market will continue to grow and evolve.
- SuperRare?s community is committed to the platform?s success and willing to participate in the DAO.
- The company can effectively manage the transition process and address potential challenges.
6. Conclusion
By embracing a phased approach to transitioning into a DAO, SuperRare can harness the power of decentralization to empower its community, enhance transparency, and foster long-term sustainability. This strategy will require careful planning, open communication, and a commitment to community engagement.
7. Discussion
Alternative approaches to the transition, such as a rapid full-scale DAO implementation or a hybrid model combining centralized and decentralized elements, could be considered. However, these approaches carry higher risks, potentially leading to instability, conflicts, or a loss of community trust.
Risks:
- Community Discord: Disagreements and conflicts within the DAO could hinder decision-making and undermine the platform?s stability.
- Technical Challenges: Implementing and managing a DAO effectively requires robust technology infrastructure and expertise.
- Regulatory Uncertainty: The regulatory landscape surrounding NFTs and DAOs is still evolving, posing potential risks to the platform?s operations.
Key Assumptions:
- The NFT market will continue to grow and evolve.
- SuperRare?s community is committed to the platform?s success and willing to participate in the DAO.
- The company can effectively manage the transition process and address potential challenges.
8. Next Steps
To implement the recommended strategy, SuperRare should take the following steps:
- Form the DAO Working Group: Within the next quarter, assemble a diverse group of stakeholders to guide the transition process.
- Develop the DAO Governance Framework: Within six months, finalize the DAO?s structure, voting mechanisms, and decision-making processes.
- Pilot DAO-Based Initiatives: Within one year, launch small-scale projects to test and refine the DAO?s functionality.
- Gradually Transfer Decision-Making Authority: Over the next two to three years, progressively transfer decision-making power to the DAO.
By carefully implementing these steps, SuperRare can successfully transition into a DAO, empowering its community and securing its position as a leading force in the evolving NFT landscape.
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Case Description
In June 2021, John Crain and Jonathan Perkins, the founders of SuperRare, a marketplace for non-fungible tokens (NFTs), contemplate whether to transform their company into a decentralized autonomous organization (DAO). Crain and Perkins founded SuperRare in 2018 to provide a marketplace for fine art NFTs. However, after experiencing rapid growth in late 2020 and early 2021, they believed it was time to transition control of the platform's governance, curation, and strategic direction to the SuperRare community. Under the DAO, the platform's revenue would shift from SuperRare's balance sheet to a community treasury. Breaking new ground for startups, the founders have a difficult set of choices. They could immediately transform SuperRare into a DAO, pursue a tapered option in which the revenue gradually transitioned to the community treasury, or stay the course as a private company. They considered which option was the best for SuperRare and its community of artists and collectors as well as the SuperRare investors and team.
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