What we're going to cover in this blog post:
- Recap on what we've accomplished over the past 4 months
- Our exclusive NFT sale for members
- Airdrop of $GENART tokens based on mint activity
We're happy to announce that the GEN.ART DAO launched last week. Make sure to join our space on: https://snapshot.org/#/genart-dao.eth. We have been working on a model to distribute around 18,000,000 $GENART tokens to membership holders and bootstrap our liquidity pool (LP) while keeping the majority of the voting power in the community.
2021 was an incredible year for GEN.ART, here are some of the highlights:
- Implemented and launched an NFT based membership model, and sold out
- Implemented and launched NFT smart contracts that support the release of multiple generative art collections
- Built a generative art platform that hosts thousands of users
- Launched the $GENART governance token
- Launched the GEN.ART DAO
- Sold 15,757 unique art pieces on primary sales
- 11,311 ETH has been traded on OpenSea (memberships + collections)
- Released 11 collections of generative artwork
Economics of our artist's drops
We have managed to constantly generate earnings for artists in their primary sales and grow as a platform over the past few months. Given the fact that our drop size varies, this wasn’t something easy to accomplish but we have learned from the past and will improve in the future.
The GENART Treasury was initially bootstrapped by the membership token sale with ETH 100 and USDC 300,000. As in our Governance Paper 15.5% of secondary sales on drop collections (1.25% from total 7.5%) are going into the Treasury. Moreover we sold Toha #1 on an auction for ETH 23 which was also added to the Treasury. These funds are used to launch new collections, pay for operations, deploy contracts, buy back memberships and $GENART, mint collections and operate the community and DAO.
$GENART token distribution and LP bootstrap
A total of 18,000,000 $GENART tokens will be distributed to membership holders.
Airdrop: 8,000,000 $GENART
Token Pass Airdrop: 10,000,000 $GENART
Initially we are bootstrapping a LP on Balancer using Copper. Copper provides mechanisms to fairly distribute tokens to the public. The initial token price on Copper will be 0.00025 ETH. Once the price has settled and decided by the market, we are going to bootstrap liquidity pools on DEX’s like Uniswap and Sushiswap.
Moreover part of the funds will be added to the GEN.ART DAO Treasury and used for development and marketing of the GEN.ART brand.
$GENART DAO Token Airdrop
As mentioned, we will airdrop a maximum amount of 8,000,000 $GENART tokens to membership holders. For each minted piece a membership holder will receive 213 $GENART. The token will be claimable from our website. Follow our discord for announcements. 50% of unclaimed $GENART tokens will flow into the Token Airdrop Pool and will be distributed among them.
$GENART DAO Token Airdrop Passes
We are distributing 10,000,000 $GENART tokens (10% of total supply) + 50% of the unclaimed tokens from the Token Airdrop in the form of NFT based Token Airdrop Passes exclusively to GEN.ART Membership holders.
Members will be able to mint an ERC1155 NFT (Token Airdrop Pass) that has 3 different types of badges: Fellow, Contributor, Governor. The Token Airdrop Pass can be traded to the public after mint. The time window to mint the passes will be around 1 week. After minting ends, a snapshot of Token Airdrop Passes is taken and the eligible amount of $GENART tokens are airdropped automatically to the holders wallets. To prevent scams once the snapshot is taken the Token Airdrop Passes can’t be transferred anymore.
In case 16,381 pieces of GEN.ART collections were minted when the snapshot is taken the additional amount of $GENART tokens to be airdropped among Token Airdrop Pass minters is 2,252,554 $GENART. So if you minted a Fellow pass you will get 2,000 + 451 $GENART.
Why did we decide to use this model?
This model helps us distribute $GENART tokens to non membership holders while still making membership holders benefit from the distribution. As we only have a limited supply of tokens and a closed membership driven community we want our community to decide where the supply flows too.
Why ERC1155 Standard?
The Token Airdrop Pass represents a limited fungible token which is exactly what ERC1155 interface does. It also provides lower gas cost on mint and has a more simple implementation which we think is the best fit for our purpose.