Popular crypto community management tool Collab.Land announced Thursday that it will roll out its own governance token, COLLAB, which will be airdropped to to more than 2 million eligible users across communities that use the tool.
The software add-on is used to grant token-based access to more than 43,000 Web3 communities, letting users tap into exclusive chats and content in an automated fashion across Discord servers and Telegram chat rooms.
Eligible users include verified Collab.Land members and owners of the project's own NFTs. Furthermore, Collab.Land will extend airdrops to the top 100 communities that use the tool, including NFT projects like World of Women, Doodles, Axie Infinity, and apparel brand Adidas. Communities will need to undergo a special proposal process to claim tokens.
“We are working towards creating a positive-sum future where developers, creators, and members share in the value of the network they are building together,” said James Young, CEO of Collab.Land creator Abridged, in a release.
The COLLAB token claim will begin on February 23, according to the official website. Overall, the airdrop will represent 25% of the token supply. The project claims that the upcoming airdrop is the largest ever in the history of crypto communities.
Collab.Land has established itself as a tool that’s widely used by DAOs, or decentralized autonomous organizations—online communities with a flat management structure that are organized through automated smart contracts and often use tokens to represent membership.
For example, the add-on can be used to establish which blockchain a DAO's tokens will exist on, like Ethereum or Flow, manage the distribution of governance tokens that let community members vote on new proposals, and determine which people are granted access to content based on the digital assets they own.
These instructions are fed to a chatbot on Telegram or Discord, making the process of managing online communities more simplistic than if done so manually. It’s currently used on 23 different networks in over 43,000 communities, the company states. Collab.Land calls itself the creator of the concept of "token-gating."
Collab.Land has been connected with around 8 million digital wallets, according to the company. The Collab.Land token will also let project developers apply to an upcoming marketplace that the company is launching.
The governance token and upcoming DAO for Collab.Land will be launched on Optimism, a scaling solution for Ethereum that reduces fees and transaction time by bundling large amounts of transactions together.
Editor's note: This article was updated after publication to include additional details from the official website.