Growing the FWAUMily: Introducing $UMI
What’s FWAUM?
In mid-July we started as a private discord server of 30 friends. Our goal at the time was simple: to become the largest Axie farm in the metaverse. As our group became closer, we understood that we were capable of much, much more. What was once purely an Axie breeding operation has quickly fly-wheeled into a community-centric DAO focused on spotting unique opportunities throughout the metaverse and capitalizing on those we believe will offer asymmetric upside over time. In one month, our treasury has grown over 100% and includes a YGG Founders’ Coin, and a Parallel Galaxy Key! We will continue growing our influence by acquiring more valuable digital assets and establishing relationships with up-and-coming play-to-earn games, virtual worlds, and NFT-related projects.
The majority of our team met in the Friends with Benefits community. We were brought together by our shared enthusiasm for art, gaming, and collectables, and our desire to acquire the most culturally relevant and durable digital artifacts in the metaverse. Our team is highly engaged and actively digs in to unearth new opportunities daily.
The foundation was laid by us mere apes, but now we are ready to grow. We now introduce to you…$UMI
$UMI - Collateralized, Actively Managed Metaverse Index
Universal Metaverse Index ($UMI) is an ERC-20 token that will provide index-style exposure to metaverse and web3 gaming projects via a basket of assets including NFTs and other ERC-20 tokens.
Since NFTs have come to prominence, NFT marketplaces have done billions in trade volume. BAYC’s Mutant drop netted Yuga Labs $96 million in just over 10 minutes on release night. As NFTs continue to soar in value, every-day users are being priced out. Fractionalization platforms have stepped in to provide an additional avenue for exposure, but still they require users to be timely and pay high gas fees for each NFT they want exposure to.
An NFT-index is the next logical step.
Let’s Fucking Grow.
FAQ
Why $URT? Why Now?
$URT stands for $UMI Redemption Token. It will entitle the holder to an equivalent, NAV-adjusted amount of $UMI once we are ready to offer the fully on-chain index, comparable to Index Coop’s DPI offering.
We’re offering early exposure to some of the most promising projects in the space, and there are currently so many of these opportunities on our radar. We want to grow our warchest as quickly as possible, but we also want to make sure we set up this pioneering index offering correctly. That’s why we chose Mirror’s robust crowdfunding capabilities as a placeholder for our formalized offering.
Who manages the index?
$UMI is managed by the FWAUMily. FWAUMily is a group of friends who invest in Metaverse assets. The FWAUMily votes to fund $UMI projects, like Axie Infinity and Parallel Alpha. People who hold $UMI will also be invited to invest directly into the $UMI-backed projects.
Can I get an example of how this works?
Sure. Let’s look at how we came to possess a YGG Founder’s Coin and how a similar Campaign would affect $UMI.
While on a 5 hour FWAUMily brainstorming call (totally normal) to work through our Axie breeding strategy, we recognized the opportunity to purchase this rare asset (1/300) at a distressed price. We excitedly spun up a proposal and put it to a governance vote in the FWAUM private server. The proposal passed unanimously with a 90% voter turnout. Things move quickly in this space and our chief asset is our hyper-engaged community.
Were this a Campaign under the proposed $UMI structure, FWAUM would push the proposal to a governance vote and, upon passing, would then rebalance the $UMI Index to reflect the new allocations.
Why hodl $UMI?
Holding the $UMI token will not only provide you passive exposure to an actively managed NFT/Metaverse index; it’ll also allow you the option to gain direct exposure to our Campaigns, as well as entry to our token-gated Discord server, where we have weekly community calls, constant memes, and occasional alpha.