# kaal:claim:3949098-010

**Claim.** Replacing capital with reputation gives DAOIC members a permanent option and a right of first refusal on deals, because a member can stake reputation non fungible tokens on a deal without joining the purchase commitment.

**Type.** mechanism  **Support.** argued

**Holds when.**

- DAOIC operating model with RNFT staking separated from capital commitment

**Source quote.**

> The replacement of capital with reputation gives the DAOIC members a permanent option and right of first refusal on deals. DAOIC members can merely stake RNFT on a deal without participating in the purchase commitment for such a deal.

**From.** Wulf A. Kaal, *Reputation as Capital – How DAOs Upgrade Finance* (2021), II. Basic Concept, 2. Liquidity, page 8

**Cite as.** Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

**Verify.** sha256 of source PDF `04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Reputation%20as%20Capital%20%E2%80%93%20How%20DAOs%20Upgrade%20Finance.pdf

**Topics.** defi

**Keywords.** optionality, right-of-first-refusal, rnft-staking, liquidity, daoic

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