A lot of time has been spent thinking about how we facilitate a release, to our members, in a fair and equitable way.
We have 5,100 membership passes, owned by roughly 2,400 people. And a maximum collection size of 5,500 pieces.
The easiest solution would obviously be to have our artists’ releases made up of 5,500 pieces. And whilst a large number of our artists will fall into this category, not all will want to release a collection of this size. It would also be unfair for us to dictate that they must release a collection of 5,500.
And so to ensure that we remain true to one of our founding principles — the artist is in control of everything. We leave it up to the artist. If they want to release a collection made of 500 pieces, we will make it work.
How do we plan to do this?
We’ve had to come up with some mechanics, to make all of our drops fair, transparent and equitable.
Remember, one of our other founding principles, no gas wars. This is something that is fundamental to us, we want our members to be able to mint on their own time.
We’ve explored many options, and you, the community, have been a great help with your vibrant debates and suggestions within Discord. For example, some ideas we read and discussed:
- Random lotteries
- Staking via the $GENART governance token
- First come, first served
- A credit system
- Alongside many other suggestions…
It’s worth taking pause and remembering our promise from Day One. Each member will get at least one drop per month. Although we aim to surpass this, it’s a good baseline.
Ahead of each drop, where the collection size is less than 5,500. We will present all Standard Members with (n) number of boxes to chose one from. So if there are three boxes, that would represent three artists, and the Standard Member will choose one of those boxes.
To start with there will be no information on which box corresponds to which artist, nor even who any of the artists are, ahead of time.
In the future, this may change, so that people can have some clues and make their decision from there.
This will all be communicated well ahead of time, giving all members plenty of time to make their selection. If no choice is made, it will be allocated randomly.
Gold Members will have the opportunity to mint one piece from each of the artists.
As with everything in GEN.ART, this is a first step. If the community want to go a different direction, the DAO Platform will facilitate this.
But when you think of all the various participants in the ecosystem (members, artists, speculators, flippers, wider public, and so on), we think this approach will create a vibrant community with some good economic and behavioural foundations.
We know there will be a lot of questions on this, so please direct them toward the #drop-mechanics channel within our Discord.
- Can a member who made one choice, change their mind or mint from another artist? No, this will not be possible
- Will members have to pay gas for the selection? Yes, at the moment unfortunately they will. But there will be plenty of time to wait for gas to hit the lowest levels, so this would be the equivalent for ~$10. We are actively working on ways to get around this.