Our ‘friends-of-friends’ soft launch ended up being a bit more active than we had anticipated! Within a few hours all 5,100 memberships sold out. Thank you for the warm reception.
We know you’ll have lots of questions, and that we may not cover your specific question in this post. But if anything is still unclear, we’ve created #blog-post-qa on the Discord where we will add a community vote, so that we can focus on the most important ones.
Stepping back to give some context: generative art has progressed a huge amount in recent years. The past year has been exponential. However, we noticed some areas that we thought we could improve upon. Specifically through a quasi-DAO of like-minded people.
This was the genesis for GEN.ART. Built on the premise of self-governance, whilst working to improve areas such as gas wars, making sure there is a fair and open playing field for drops, fair artist accessibility, an ability to bridge both physical and digital, and finally bring traditional and digital artists closer together.
This is just the start of what we hope will be a long journey focused on advancing generative art. We want to build the world’s leading community of generative art collectors and artists. That means, for example, gallery events where we have artists speaking about their passion and their craft.
We want to use the mechanics and innovations that the blockchain provides to create a series of virtuous loops. GEN.ART’s goals being supported by the community members’ goals and the artists’. We think this can be achieved through smart tokenomics.
And finally, we want to drive inclusivity and diversity. A community of people who are well organised can achieve exponentially more than any one person.
We hope you recognise there will be people who have a completely different world-view than you do. We aim to infuse diversity and inclusion in everything we do. From the composition of our community through to the artists who partner with us.
Be kind, respectful and kind whenever you can.
In our Discord a lot of people asked about the team, and our backgrounds. We are a small team, with backgrounds in technology, art and blockchain. For now we don’t want to be in the public eye, over time this will probably change. Our advisors, in their many years in crypto and NFTs, have also chosen to remain anonymous.
For starters, nothing is set in stone. You, the community will have the ultimate say on the issues we tackle and the direction we go. We’re working on establishing the Steering Committee and giving everyone a voice and vote to feed into how we organise as a collective. What follows is the first output from a series of conversations between the team, our advisors and some people from the community.
We will launch the $GEN token which is an ERC20 that will be listed on Uniswap. Total supply of the token will be ~Xm $GEN. 50% of the total supply will be distributed to all standard and gold members, the remaining 50% — added to the liquidity pool. By this we are creating governance that every member of GEN.ART will have voting rights.
100% liquidity will be locked for 12 month in https://unicrypt.network/, no tokens for the team.
All royalty fees we receive from OpenSea will be added to $GEN’s liquidity pool monthly and an appropriate amount of $GEN will be distributed for membership holders on the GEN.ART platform.
$GEN is a governance token that will have multiple purposes:
- Voting rights: the more $GEN in the wallet, the more voting power a member has
- Mint artworks with $GEN on the GEN.ART platform
We will also have additional blog posts expanding on this soon. And it is not certain, as the community needs to feedback and ultimately steer!
Each member will be eligible to participate in artwork releases on GEN.ART. For each standard membership 1 NFT can be minted per release. Meaning that if you own 2 standard memberships you are allowed to mint 2 NFTs. Gold members are allowed to mint 5 NFTs per release.
- Will benefit from the $GENART airdrop
- Votings rights on general topics regarding the platform
- Opportunity to redeem physical artwork, NFT will not be burned
- Surprise artwork airdrops
- Will get all Standard members benefits
- Will join the Steering Committee — helping the team make decisions on strategic topics
- Exclusive 1/1 artwork airdrops
- Invites to exclusive events
How much will a mint cost? It will depend on the artist. We aim to keep gas low.
You will be able to mint in both $GENART and ETH. But you will always need to hold a membership within your wallet. The more $GENART you hold, the more voting power you will have.
The first release will be in a little over 2 weeks, we will announce the exact date in Discord. We aim to do at least 1 release per month.
We’re going to be hosting a Twitter Spaces this weekend to answer any questions, and open the floor to all members. We’re also going to be scheduling a date for the first Steering Committee with Gold Members.
As I mentioned in the introduction, this is only the beginning of what we hope to be a long and exciting journey, with you, the members, firmly in the driving seat. These thoughts are the result of various brainstorming sessions between us, advisors, collectors, artists and anyone that would listen to us! But nothing is set in stone, it is all open for discussion.