Relation

Relation Token

Relation NFT is the entry point to the NFT-DAO. It can be obtained as-is or get bound to another NFT.

Relation as an NFT/SBT

If the relation token is obtained as-is, it can be either a transferable token (NFT) or a non-transferable token (NTT) depending on the specification at the time of creation. This Relation NFT has a token Id which will be associated with the membership in a particular DAO. The transfer of ownership of this relation NFT will result in a transfer of DAO membership to the receiving address.

Relation as an NFT-bound token

Relation Token can be optionally bound to a particular NFT token, i.e. the BAYC NFT. At the time of creation, an NFT-bound Relation NFT will be owned by the Relation Contract address, instead of the user's address. It will then register the user address as the 'holder' of the Relation NFT.

The holder of the Relation NFT will get all the rights of the owner, given that the holder can verify that he/she is the owner of the NFT bound to the Relation NFT. If validation fails, the user will lose the rights of the Relation NFT, i.e. he/she cannot access the functions in DAO.

When the NFT bound to the Relation NFT is transferred to another user, the latest holder of the underlying Relation NFT will be changed to the address of the new user. The current holder will remain as the address of the old user until the new user invokes a transaction that claims the Relation NFT token. Nonetheless, the old user will immediately lose all rights to the Relation NFT at the time of the transfer of the NFT bound to the Relation NFT since the validation check depends on the latest holder.