MillionMonke

Project MIMO all started with a conversation in the Socks on Solana DAO (SockDAO). Instead of pursuing a passive investment strategy, SockDAO wanted to innovate, push the boundaries of the ecosystem forward and do something crazy. We landed on the decision to fractionalize an NFT, which quickly evolved to ‘hey, let’s talk to some Rust developers about the process.’ Turned out the devs were really interested in the idea and wanted to invest in the project themselves. Eventually the conversation moved from let’s fractionalize a blue chip NFT to let’s change the game. Lo and behold, SockDAO, alongside with contributions from the developers and other core team members (all of whom are Sock Holders) had purchased SMB #3408 for 2021◎ on November 2nd, 2021. From there, SockDAO got to work — without the significant contributions from so many Sock and Sockpass holders and the nearly non-stop work from our developer team, you likely would not be reading this article.

The vision of MIMO is quite simple; MIMO is for the people. At this point in time, most in the Solana NFT space have deemed the Solana Monkey Business Collection as ‘The CryptoPunks of SOL.’ Unfortunately, many investors and more recent entrants into our ecosystem are priced out or unwilling to spend $40,000+ on an illiquid jpeg. MIMO’s chief aim is to enable investors at any level to participate in the successes of SMB, and by extension, the entire SOL NFT space. With this in mind, the MIMO team and SockDAO brainstormed until a solution was found: make the fractions tradable. $MIMO fractions will not just simply exist in one’s wallet as an illiquid extension of an NFT. Rather, MIMO will publically launch on a decentralized exchange with liquidity pairing (MIMO/SOL) and a farming option: DeFi meets Tokenization. Anyone from NFT collectors to momentum traders (and even Cardano maxis) can participate. $MIMO’s initial valuation will be based off fair market value of SMB #3408 at approximately 4000 SOL. We believe that the recent flurry of large SMB sales indicates that MIMO, a member of the legendary ‘Shirtless 7’ (1 Attribute Solana Furs), has already appreciated in value since time of purchase on 11/2/2021. Once MIMO is publicly available for trading, it’s value is completely determined by the market and the collective of MIMO holders via our dynamic buyout protocol. We expect SMB to remain in the top echelon of SOL NFTs and consequently are convinced MIMO will perform well alongside it. Additionally, if MIMO performs well, it indicates to the greater SOL NFT space that the top end of SMBs are undervalued (and likely by extension, the top end of other consensus blue chips are undervalued). It’s a two way street, a symbiotic relationship. At its core, we are providing the market with a much more liquid form of price discovery and consensus valuation for the top tier of NFTs, which are intrinsically illiquid. MIMO is for SOL. MIMO is for the people. MIMO is for you.