Illuvium DAO, a decentralized autonomous organization, has recently made headlines for shutting down an NFT pack-opening party involving 3AC founder Su Zhu. The event, which was originally scheduled to take place on March 9, 2023, was planned as a celebration of the launch of a new NFT collection.
According to reports, the Illuvium DAO team was not comfortable with the involvement of Su Zhu, who is currently facing controversy over his recent remarks about the crypto industry.
In a recent interview, Zhu expressed his belief that many crypto projects are overvalued and could be headed for a crash.
Illuvium DAO, which is focused on building a decentralized gaming ecosystem powered by the Ethereum blockchain, felt that Zhu’s comments could be detrimental to the success of the NFT launch event. As a result, they decided to cancel the event altogether.
The decision to cancel the event has sparked controversy within the crypto community, with many people criticizing Illuvium DAO for overreacting.
Some argue that Zhu’s comments were simply an expression of his opinion and that Illuvium DAO should not have allowed them to influence their decision.
Others, however, support Illuvium DAO’s decision and believe that it is important to maintain a positive image of the crypto industry.
They argue that Zhu’s comments could have a negative impact on the broader public’s perception of crypto, which could ultimately hurt the industry as a whole.
Regardless of one’s stance on the issue, it is clear that the decision to cancel the NFT pack-opening party has had significant consequences.
Many people who were planning to attend the event have expressed disappointment, and some have even criticized Illuvium DAO for being too sensitive.
What some of these challenges, particularly related to decision making processes & reputation management?
The controversy surrounding the event highlights the challenges that face decentralized organizations in the crypto industry. On the one hand, these organizations are meant to be open and democratic, allowing anyone to participate in decision-making processes.
On the other hand, they must also be able to make tough decisions and take actions that may be unpopular in order to protect their reputation and ensure their success.
Despite the controversy, Illuvium DAO remains committed to its mission of building a decentralized gaming ecosystem.
The organization is currently working on several projects, including the development of a new blockchain-based game called Illuvium Chronicles.
The cancellation of the NFT pack-opening party with 3AC founder Su Zhu may have been a setback for the organization, but it is unlikely to have a lasting impact on its long-term success. As the crypto industry continues to evolve,
it is important for decentralized organizations like Illuvium DAO to stay true to their values and remain focused on their goals.
“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.”
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 trıgged 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. On Jan. 3, the 3AC founder started firing off accusations at the Digital Currency Group, alleging that it conspired with FTX to target Terra. However, community members called out to Zhu and asked him to focus on his own misdeed’s.
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