NFT
The community supporting Illuvium, an interoperable blockchain game, has demonstrated the power of decentralized autonomous organizations (DAOs) after blocking a scheduled nonfungible token (NFT) pack-opening event between Illuvium CEO Kieran Warwick and Three Arrows Capital (3AC) founder Su Zhu.
Warwick was scheduled to go against Zhu in what’s called an “Influencer Illuvitars D1sk Battle” where prominent crypto personalities go against each other to open NFT packs. However, due to the controversies surrounding Zhu and 3AC, the Illuvium community expressed concerns over the potential risks of being associated with Zhu, who currently faces various accusations of unethical behavior.
Influencer Illuvitar D1sk Battles are happening after the launch of Illuvium: Beyond! The first match will be between me and @zhusu.
We’re also thrilled to announce @santiagoroel vs @pythianism, two ILV titans who have been instrumental in our growth.
Stay tuned for more! pic.twitter.com/kKHLA9uv3P
— Kieran.eth ♊️ (@KieranWarwick) February 25, 2023
The Illuvium CEO then suggested that the matter be voted on by its decentralized council. Following this, the council unanimously voted to cancel the event in order to avoid any association with Zhu.
According to Illuvium’s council member Deraji, the Illuvium project is working to be a leader in decentralized governance and Web3 gaming. To do this, the project needs to avoid potential association with unethical individuals and incidents that may impede mainstream adoption. Deraji further explained:
“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.”
After hearing the community’s voice, the Illuvium CEO accepted the outcome and voiced his confidence and belief in the community’s decision. “Although I weighed the benefits against the drawbacks, I will always respect the council’s verdict,” he said.
Related: 3AC liquidators to sell firm’s NFTs to realize value amid bankruptcy
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 triggered a backlash from members of the crypto community. Many people were enraged by the launch, with some swearing to never use the exchange.
Meanwhile, community members have also been constantly voicing 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 (DCG), alleging that it conspired with FTX to target LUNA. However, members of the community called out to Zhu and asked him to focus on his own misdeeds.
