We are Here!
After 36+ years of local NYC programming aimed at empowering youth through the arts, The CityKids Foundation is expanding its innovative cultural programs by launching the GOODART DAO, focused on young people’s wellbeing through deep connection and aimed at teaching them the power of blockchain and NFTs for social activism and self-empowerment.
DAO (pronounced “dow”) stands for a “Decentralized Autonomous Organization”, and represents a new way of organizing groups of people. DAOs use blockchain technology to offer transparent decision making tools for the organization. Dy distributing NFTs and/or cryptocurrency tokens to members of the DAO, they can vote on how the DAO will operate, decentralizing governance.
NFT (“Non-Fungible Token”) are digital records of ownership that are created and stored in a trusted way thanks to blockchain technology. Any type of media can be associated to the NFT, with ownership rights often outlined in terms of sale documents to clarify usage rights. NFT creators can also promise certain utility to owners, such as decision making rights on DAO governance proposals or access to in person events. Check out this Forbes article to learn more.
“Web3” is the term used to describe the evolution of the Internet into the next phase, made possible by blockchain technologies which help define digital ownership on the Internet. 2005-2020 largely describes the Web2 phase.
Blockchain Technology describes a general class of technology that started in 2009 with the launch of Bitcoin. Transactions between 2 or more parties are recorded in blocks (a collection of agreed-upon transactions), and then these blocks are chained together one after the other (hence “blockchain”) representing time stamps of when the verified transactions occurred. With Bitcoin, each block took approximately 10 minutes to occur, so whatever transactions around the world happened during those 10 minutes, they would be verified and grouped together in a single block. Then the next block of transactions would be verified and recorded. Think of blockchain as a global collection of computers all agreeing on which transactions were valid, in what order, and between whom. Without blockchain technology, there would be no agreement – or “consensus” – between computers about the order of transactions around the world. With the evolution of Ethereum and other “compute” chains, “transactions” were no longer just transfers of financial value, but also the occurrence of software code in specified order, enabling things like smart contracts (automated code that runs whenever the contract is executed by the blockchain computers).
NFT’s are digital objects (JPG’s, GIFs, MP4’s, etc.) that exist on specific blockchains – meaning Ethereum NFTs are different from Solana NFTs are different from Algorand NFTs. To purchase an NFT, you must have the corresponding token from that blockchain, in an amount equal to the NFT’s price. NFT prices are quoted in these tokens (i.e. 2.4 Eth, or 1.8 SOL, or 113 ALGO), and also require a gas or transaction fee in order to process. Here are the steps for purchasing a GoodArt DAO NFT: 1. Install a Metamask or Coinbase or other web wallet in your browser, or by installing their mobile app (NOT a Coinbase exchange wallet – your wallet needs to be able to talk to the Web3 Internet). DO NOT STORE YOUR SEEDPHRASE IN GOOGLE DRIVE, EVERNOTE, GMAIL, OR ANY OTHER ONLINE DIGITAL LOCATION. WRITE IT DOWN ON PAPER (AND DO NOT LOSE IT). THIS IS YOUR ONLY PASSWORD RECOVERY FEATURE AND IT IS YOUR RESPONSIBILITY. 2. Fund your wallet with sufficient Eth or Matic to purchase the NFT – plus a little extra to push the transaction across the network (the gas fee). Funding may require depositing funds into the Coinbase or other currency exchange, or may be facilitate by OpenSea or MoonPay. NFT transactions 3. Connect your wallet to the GoodArtDAO.org website, or if purchasing one of the auction parcels on SuperRare, to the SuperRare.com website 4. Click to purchase the NFT, which will trigger a “signature” popup in your chosen web wallet, which will conclude the NFT purchase. (Please note, during periods where the blockchain is being heavily used, gas prices may spike. You can choose to wait until gas prices are lower, or you may pay the higher gas fee to make your purchase on your chosen timeline.)