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Illuvium Demonstrates Power Of DAOs After Blocking Scheduled NFT Pack-Opening Event

Reports said that the community supporting Illuvium, an interoperable blockchain game, has demonstrated the power of decentralized autonomous organizations (DAOs) after blocking a scheduled nonfungible token (NFT) pack-opening event between Illuvium CEO Kieran Warwick and Three Arrows Capital (3AC) founder Su Zhu.

It has been reported that Warwick was scheduled to go against Zhu in an “Influencer Illuvitars D1sk Battle,” where prominent crypto personalities go against each other to open NFT packs.

However, due to the controversies surrounding Zhu and 3AC, the Illuvium community expressed concerns over the potential risks of being associated with Zhu, who currently faces various accusations of unethical behavior.

The report said that the Illuvium CEO then suggested that the matter be voted on by its decentralized council. Following this, the council unanimously voted to cancel the event to avoid any association with Zhu.

Likewise, according to Illuvium’s council member Deraji, the Illuvium project is working to be a leader in decentralized governance and Web3 gaming. To achieve this, the project must “avoid potential association with unethical individuals and incidents that may impede mainstream adoption.“

Deraji explained:

“In this case, the community made their collective voices heard that this event risked the reputation that the DAO has worked so hard to build. We leveraged our governance model to avoid having our most well-known figure share a stage with Zhu.”

After hearing the community’s voice, the Illuvium CEO accepted the outcome and voiced his confidence and belief in the community’s decision.

He said:

“Although I weighed the benefits against the drawbacks, I will always respect the council’s verdict.”

Warwick said:

“We tried to avoid situations like this by discussing it beforehand but some things are time sensitive, so this was a fairly unique thing.”

Moreover, the DAO’s decision to not risk association with 3AC may have saved them from potential repercussions. On Feb. 10, a crypto exchange project associated with 3AC triggered a backlash from members of the crypto community. Many people were enraged by the launch, with some swearing never to use the exchange.

Meanwhile, community members have also constantly voiced their disapproval of Zhu for his role in the 3AC bankruptcy.

Thus, on Jan. 3, the 3AC founder started firing off accusations at the Digital Currency Group, alleging that it conspired with FTX to target Terra. Community members called out to Zhu and asked him to focus on his own misdeeds.

Source: Cointelegraph




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