PsyDAO recently pulled off a groovy feat, raising about $2 million by selling 20% of its PSY tokens. This psychedelic-powered funding trip is all about pushing the envelope in psychedelic science and art. The timing was perfect, with decentralized science (DeSci) getting a popularity boost thanks to Binance Labs’ investment in the BIO Protocol and cheerleaders like Vitalik Buterin and CZ waving their pom-poms.
Traditional psychedelic research might have hit a few bumps on its magic carpet ride, but PsyDAO’s success is a testament to the power of decentralized, democratic funding models. They’re shaking things up with a two-token governance system and are planning to introduce IP-NFTs for managing intellectual property in psychedelic research. Meanwhile, BeeARD, an AI-driven sidekick, is on the hunt for intellectual property treasures in the psychedelic realm, ready to sprinkle investment magic dust on them.
PsyDAO is taking notes from other cool kids like VitaDAO and CryoDAO, aiming to democratize psychedelic research funding, which holds promise for mental health and addiction treatment. VitaDAO, for example, plays fairy godparent to longevity research, with token holders getting a slice of the intellectual property pie.
PsyDAO is all about getting the community involved—whether it’s via token holding, governance participation, or sparking conversations on social media. They’re also collaborating with a Shipibo nonprofit to preserve culture through NFTs, because who says you can’t save culture and have a psychedelic party at the same time?
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