Earlier this week, the Friends With Benefits (FWB) DAO approved its budget for the next three months. In addition to some major system upgrades, the DAO will build a sustainable revenue model.
The proposal was approved on Monday evening, with 93.7% support from the voters. The approved budget for Q2 is $417,607, split into recurring contributor ($332,666), non-recurring contributor ($36,900), and overhead ($48,041). In particular, a significant percentage of the budget will go into product development (25.91%) and DAO operations (20.95%). Other items listed on the operations budget include marketing, membership onboarding, partnerships, and events.
One of the core areas of focus during Q2 will be the conservation of cash until a predictable revenue model is established. That said, a key target for the quarter will be to extend the DAO’s runways to 20.71 months.
Part of the efforts to conserve cash will include switching some core contributors from full-time to part-time roles, winding down the marketing and editorial teams to focus on member communication, and halting the FWB Software C-Corp proposal.
Meanwhile, the DAO will later vote on upgrading its membership mechanics. Instead of the current 75 $FWB criteria, FWB will introduce an NFT-based membership pass as the primary marker of FWB membership. In order to join the group, a new member must purchase a membership NFT.
This proposal creates new use cases for the $FWB token, such as community software licensing capabilities, guest access to various FWB properties, and more.
Another important proposal that will be up for voting is the formation of an Unincorporated Nonprofit Association (“UNA”) around the FWB DAO to ensure long-term compliance and sustainability.