# Shark Island SIP-061

## Intro

We at SharkDAO began as a small group determined to pool resources and bid on Nouns, eventually forming a powerful DAO that amassed some of the most iconic and valuable Nouns in the space. As our DAO grew, our members contributed to its success by creating art, stories, and lore around our Nouns. Now, we are taking a bold step forward writing the next chapter with Shark Island.

Following our previous presentation of a Shark Island-related SIP to the community, we hoped to have finalized our strategy for converting tokens into an NFT-governance based DAO. However, new and exciting developments are in store!

## Plan
SharkDAO is evolving into a Nouns DAO fork, with the project being named Shark Island.

Why create a Nouns Fork?
- New Community Membership & Revenue
- Currently the only way to join the DAO is via Sushiswap
- The fork creates a perpetual mechanism that supports revenue growth and facilitates new member entrance
- Alignment
- Most of our contributors also build in Nouns DAO
- Most of our treasury value derives from historically important Nouns

## North Star

Our North Star is to establish our most prominent noun - Swim Shady.
Championing Swim Shady as the leading icon of the Nouns DAO ecosystem, inspiring builders and artists to explore and innovate with Shark Island in the realm of web3 and open-source systems, while leaving a transformative legacy at the crossroads of art and technology.

Swim Shady's story will be written through the happenings in Shark Island.


## Art

The art for Shark Island's daily auctioned NFTs has been commissioned to a variety of artists - artist friends from the Nouns ecosystem you'll know, but also new artists have been asked to create their interpretation of nounish Sharks. We also hosted a call for art contest on twitter for artists to submit artwork.

Here's a preview of the latest art: [here!](https://nft.bueno.art/share/yCsWHMqh9vOsuENDkmWZ3?key=7b85e407-8062-4811-a45d-2d8ebf4d0c78)

Selected artists include: Numo, Goldy, David Horvath, Timpers, Gustavo Viselner, eBoy, Maty, Teddy Wilder, jjjjsssssnnn, Pixel Art Girl, Ser Noadz, mae, and many more.


## Fork Details

Shark Island is set to be a fork of the most recent NounsDAO contracts, incorporating familiar elements such as governance proposals, voting, and auctions. Additionally, it will introduce key parameter changes and new features that differentiate Shark Island from the original NounsDAO model, such as the Shark Feast mechanic.

### Shark Feast Mechanic

In addition to standard ETH auctions, there will be temporary periods in which the bidding currency switches from ETH to $SHARK tokens, providing an opportunity for SharkDAO members to redeem their $SHARK tokens for NFTs.

The project will launch in Shark Feast mode before switching to standard ETH auctions. After this initial period, Shark Feast can be turned back on at any time with any specified duration via governance proposal.

### Additionanal Parameter Changes
**Auctions**

New Sharks will surface for bidding 4 times per day, leading to a max supply of 1460 per year. There will not be a reserve price.

**Founder Rewards**

There will not be any founder rewards for Shark Island.

## Website

Embark on an adventure into Shark Island with our new web application. Our team of designers and artists have developed an interface that integrates the core auction and governance functions of a Nouns fork with the lively atmosphere of SharkDAO, offering a practical experience for Shark community members and newcomers alike.

###### Mockup by Messhup
## Team

We've put together a team of contributors to develop, design, and launch Shark Island.

- [Sasquatch](https://twitter.com/PartSasquatch)
- [Benjamin](https://twitter.com/benjaminlatsko)
- [Numo](https://twitter.com/numo_0)
- [Goldy](https://twitter.com/goldypix)
- [Messhup](https://twitter.com/messhup)
- [Nick](https://twitter.com/nickddsn)
- [Yungweez](https://twitter.com/yungweez703)
- [Volky](https://twitter.com/volkyeth)
- [Joshua Fisher](https://twitter.com/JoshuaFisher)
- [Nico](https://twitter.com/evmexplorer)

## Budget (37.1 ETH and 32,350,000 SHARK)

**Artist Compensation**
- 0.3 ETH to each artist with an accepted Shark design (**14.1 ETH Total**)
- 50,000 SHARK to each artist with an accepted Shark design (2,350,000 SHARK Total)

**Team Compensation**
- **Volky & Messhup (8 ETH Total, 4 ETH each)**
- Volky: Solidity smart contract developer
- Messhup: Creative lead for the new website's front end
- **Calabara (Nick and Yungweez) - 3 ETH**
- Website front end & smart contract support
- **Goldy, Numo, Sasquatch, Benjamin (8 ETH Total, 2 ETH each)**
- Goldy & Numo: Curated all Shark artwork
- Sasquatch & Nico (no ETH): Managed the project
- Benjamin: Responsible for written creative content
- Joshua: (no ETH): Project Advocate
- 30m SHARK allocated within the team

**Smart Contract Funding and Community Audit**
- 2 ETH
- Unused funds will be returned to the DAO

**Miscellaneous Budget**
- 2 ETH
- Unused funds will be returned to the DAO