On Christmas Eve, each and every one who had beforehand bought an NFT on OpenSea, the very best NFT market in the metaverse, used to be airdropped a token that traded under the ticker $SOS.

The token acts as governance for OpenDAO, a brand fresh DAO that’s rewarding OpenSea customers for their contributions to the crypto community – because it seems to be a token from OpenSea also can no longer be here in 2022. “$SOS is grateful to all NFT creators, collectors and markets for nurturing your entire NFT ecosystem. Special thanks budge to OpenSea for its leadership in promoting NFT procuring and selling. To pay tribute, we comprise chosen OpenSea collectors to conduct our airdrop,” wrote OpenDAO on its website.

The $SOS token used to be a rather fine plunge. 50% belong to OpenSea customers, 30% went to staking and liquidity incentives, and 20% of $SOS are being saved to fund OpenDAO’s treasury. The snapshot used to be taken on December 23rd, with the distribution weighted by assignment of total transactions and transaction volume.

Per Reddit co-founder and Web3 enthusiast Alexis Ohanian, the implications of the $SOS airdrop are radical. “These airdrops (bask in $ENS forward of it) flip script on how EVERYONE will worth their time + spending u’re at final rewarded 4 the use of. It’s bringing incentives that I bask in (as a founder/investor) to the COMMUNITY that makes it all work,” wrote Ohanian on Twitter.

Nevertheless, no longer every person used to be enthused by the airdrop as a result of the distribution mechanics – which intently favored whales. Variant Fund’s Spence Noon pointed this out on Twitter, writing, “The $SOS token distribution used to be fine about as naive as you’ll want to to perhaps perhaps be ready to salvage. Airdrops primarily based primarily on transaction volume (ETH DAI USDC) mean whales/wash sellers comprise a disproportionate piece of tokens, i.e., the highest 100 holders bear 74% of provide. Noble mission nonetheless definitely community-owned?”

As successfully as to issues over token distribution, Fabda Rice, the CEO of Quadrata Network, outlined 5 crimson flags concerning OpenDAO’s natty contract in a Christmas Eve tweet thread. Rice cited disorders with the resolution of wallets keeping 50% of the provision and a wonky “claim” feature as causes he’s advising “warning.”

Irrespective of some worries concerning distributions and natty contracts, the total response to the $SOS airdrop seems to be to be obvious. On-chain analytics from Dune conceal that over 257,000 addresses comprise claimed $SOS – which is more than 1/4th the quantity of addresses that comprise made on the least one transaction on OpenSea (and it has been less than a week since token plunge). Since initiate, the token has skyrocketed upwards of 1,000% in tag and currently sits at a market cap of $250 million+. Per OpenDAO, $SOS is now available on 15 different exchanges, equivalent to Hotbit, BKEX, LBANK, and HOO.

Whereas the token launched with out plans (outdoors of rewarding customers), OpenDAO has already launched a partnership with X, a imperfect-chain NFT market, which is ready to be losing 25% of its tokens to the $SOS community.

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