LTL Art Collective
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Treasury & Legal ⌐Ξ-Ξ

Total Supply: 33M.
All chain parameters can be changed via governance vote. Everything suggested in this post are sensible defaults. We expect governance to adapt and change the protocol.
For each mint pass, you will be able to claim 3,333 VIBES. In order to claim your airdrop, you have to perform 4-5 actions on LiveTheLifeTV when it launches. Some claimable actions include minting, bidding on NFTs, staking, and voting in governance.
$VIBES is the paint with which we are designing our brand's future. It will be necessary to claim future drops, gain access to exclusive artworks, and a great tool to reward our most brilliant & active community members. We designed $VIBES as utility token, to be rewarded & used by the community. It is no security and has no economic value. The true utility is above all the Art and the Membership Benefits, all the rest is experimental.
· Every staked NFT earns 3 $VIBES per day
· 10% is in the treasury for Community Rewards
· 90% of $VIBES can only be generated by collecting NFTs
· 95% of spent $VIBES gets burned 🔥 rest is saved in treasury
· 100% a max cap of 33 M $VIBES tokens can ever be generated
Future drops might be priced fully or partially in $VIBES tokens.
Our NFT project has 3 main stakeholders; founders, artists, and collectors; and it is vital to have transparent tools and processes in place to distribute value among them. 3 examples:
  • Distributing rewards from NFT primary sales to team members and community vault
  • Sharing royalties from secondary sales between founders, artist and collectors
  • ERC-20 airdrop to all the mint pass owners based on the number of NFTs they hold
The first step for us is to create a Community Stream; This stream allows us to instantly distribute any token (native or ERC20) to all the NFTs so their owners can claim them. Now, by deploying this, we have created a stream that allows the holders of our NFT to equally claim tokens that gets emitted to it. This will become very handy later when we want to distribute a certain percentage of our NFT Collection's primary sales and royalties to this stream.
Now it is time to create a Stakeholder Registry. This is a special NFT Collection and an intuitive way to define the stakeholders of our project (founders, artists, collectors) and issue NFTs for them that can be used for giving a share in token rewards collected from a stream.
We want to create a Primary Stream based on the Stakeholder Registry we created and define the shares for each of the stakeholders accordingly. Now it is time to define different shares for our pre-defined stakeholders. To keep things simple, we are going to create 100 total shares which will be distributed among Founder (33), Artist (33), and Collector (33).
So far we have created all the contracts needed for distributing tokens (profit, revenue, primary sales, royalties, etc.) to different stakeholders (our team, artist, community members, etc.). The contracts we have created:
  • A "Community Stream" based on the original NFT Collection to distribute any tokens that comes to it equally to all the NFT holders
  • A "Stakeholder Registry NFT Collection" to define different stakeholders to share any tokens (income or profit) among them. These stakeholders can be a single wallet address (e.x artist), multi-sig wallet (e.x founders) or contract address (e.x community stream)
  • A "Primary Stream" based on the "Stakeholder Registry" to define shares for each of the stakeholders
So we have the streams now, but how about the funds or tokens that should go into the stream to be distributed? One example of such funds can be primary sales of an NFT collection. Imagining we have launched our NFT Collection, we might want to distribute rewards from this collection to founders, artists, and collectors.
Under "Withdraw" section, confirm the address under "Recipient" and click on "Change recipient". In the opening modal, input the contract address from Primary Stream we created. Now with this, all the primary sales revenues will directly go to the stream and gets distributed among stakeholders (33% for founder, 33% for artist, and 33% equally distributed among NFT collectors that own the Collector Mint Pass).
We also want the royalties from secondary sales to go to the same stream and gets distributed among our stakeholders. You can see the "Receiver Address" of secondary sales in "On-chain royalty" section. We need to change this to be the Primary Stream contract address. Clicking on "Change royalty" button allows you to set the address of our Primary Stream as the recipient. From now, all the secondary sales will directly goes into this stream and gets distributed among all the stakeholders (33% for founder, 33% for artist, and 33% equally distributed among NFT collectors)
After the withdrawal of primary sale funds, all the stakeholders can claim their share of funds. If you want to claim for the Community Stream, you need a way to distribute all the shares of collectors as an admin. For that, choose "Claiming" section on Primary Stream sidebar, input the Community Stream contract address under "Receiver address" in "Claim on behalf of" section. After that, you can see the available amount to withdraw that matches the amount of shares we assigned to collectors. Now, check how owners of the Collectors Mint Pass can claim their share of funds. The claiming page is available under claim.livethelife.tv
Claiming royalties from secondary sales will differ for every marketplace. E.x in OpenSea, you can navigate to your collection page and then click the three-dot menu on the top right, and select Creator earning. This will show you all the royalties you are receiving which should be available in your OpenSea account and available to withdraw. What you want to achieve is similar to primary sales, you want to withdraw it to Primary Stream contract address which handles distributing it among stakeholders.

Summary

The Primary Stream Contract is set for each collection to split the tokens between the Founders Mint Pass (33%), The Artist Mint Pass (33%), and The Collector Mint Pass (33%). For secondary sales, 10% of royalties is split evenly between the owners of the Founders, Artist, and Collectors Mint Pass. They each receive 33% of secondary sales royalties.

Example

Collection sells 429 NFTs at 0.33 ETH = 142 ETH total sales. This Primary Stream automatically splits this into 3 streams of 47 ETH each. (Founder/Artist/Collector). Secondary Sales reaches a volume of 100 ETH, and the royalty is set to be split between Founder/Artist/Collector, roughly 3.3 ETH each. These funds can be claimed based on the type of Mint Pass you own. The Primary NFT Sales will be setup as an automated task in the Flair SDK. In that case, the contract is streaming these funds on a monthly, weekly, daily, or even hourly rate.
Founder Mint Pass Phase One, 99 editions.
Artist Mint Pass Phase One, 99 editions.
Collector Pass Phase One, 99 editions.
10 iconic creators.
Monthly drops.

ERC-20 STREAMING AIRDROP

  • 33% for the Collector Stream.
  • 33% for the Artist Stream.
  • 33% for the Founder Stream.
  • 1% for the planet
  • 0% for Public Sales.

Bonus; Extra 721a Staking Rewards

There are various reasons to reward our NFT holders with tokens, including:
  • Incentivize collectors to hold NFTs longer as they receive rewards.
  • Incentivize collectors to not list as a signal of their long-term support.
  • Share utility tokens monthly with our collectors.
  • Share rewards among founders, artists, and collectors
What are the values in the creation form?
  • Ticket Token: the ERC721 token of our NFT collection.
  • Claim Token: the ERC20 token you want to reward your collectors.
  • Emission Rate: how many tokens you want to reward to all NFT holders on each epoch.
  • Emission Time Unit: the epoch or unit of time that each NFT is rewarded on.
If emission time unit is 24 hours, and your NFT supply is 1000, and emission rate is 1000, it means every 24 hours 1 token will be released to each NFT holder. So if I hold 1 NFT, after 1 day, I will be able to claim 1 token. If emission time unit is 24 hours, and your NFT supply is 8000, and emission rate is 16000, it means every 24 hours 2 tokens will be released to each NFT holder. So if I hold 2 NFTs, after 3 days, I will be able to claim 12 tokens. For our collectors to be able to receive rewards, we will top-up our staking stream with our ERC20 tokens. There are 2 ways to do that:
  • By simply transferring the amount of tokens to the streaming contract.
  • By minting new tokens directly to the streaming contract.
Depending on total duration of your staking pool, Emission Rate you've configured (which is updatable) and the total circulating supply of your NFTs you can calculate the total amount.
For example when:
  • You have 8000 NFTs in your collection, and all are owned by your holders.
  • The emission rate is 16000
  • The emission time unit is 24 hours (1 day)
  • End of your staking pool is in 30 days
Then you can top-up your staking pool with: 16000 x 1 x 30 = 480,000 tokens.
LiveTheLifeTV / GVO is a membership community comprising both digital and offline benefits for members. It is important to note that we're not a currency or crypto project. We are a membership community that leverages a token as proof of membership.
Compensation is not employment. Members will be rewarded based on contribution for each allocation period as independent contractors. For example, that means members are responsible for paying their own insurance, taxes, and vacation. Core Team has equity through FAIRMINT.
Project Stewards perform a light assessment of team member contributions at mid-month and a full assessment at the end of the month.
LiveTheLifeTV does not provide any tax, rebate, or fiat associations. Every individual is advised to take their own legal, regulatory, and fiscal decisions.
Any project aspiring to be a long-term success needs a tax and legal foundation. They need to understand their obligations and set up the project with the ultimate goal of protecting the community, by protecting the collection. We will continue to be as transparent as possible with our legal and tax structures, giving confidence to you (the community) that we're on top of it. Let's face it, regulation is coming to crypto and the NFT space, and we as a project need to be prepared for an audit. The lack of preparation will be the reason a lot of projects fail in 2022 and beyond. A lot of projects have the risk of being deemed a security, and it's only a matter of time until action is taken. Be careful.

Compensation Structure

We aim to stay nimble with contributor count, acting heavily in favor of full-time core contributors in contrast to large working groups of part-time members. Community contributors will be leveraged via paid bounties and grants with clear outcomes.

Base Compensation:

The next-gen NFT will include earned and soul bound tokens that can’t be bought

Risk Assessment

1) Execution risk - this is the primary risk - I would recommend narrowing our overall business focus (break it down to its base layer and build a working business model off of that) then layer in all the narrative (vibe, communities, people, story, etc.)
2) Capital Risk - I think a viable business model goes a long way to solving this problem. We could argue we could try and bootstrap off private and/or seed investment rather than doing an actual public launch. Then we could layer in Membership (i.e., use / vibe / community) through NFTs; allowing the team/seed to basically "market" make. I think either could work, ultimately. We could market make the vision and have Olympus serve as your on chain market making partner.
3) Blockchain Risk - Application layer. We need a viable business model that is INDEPENDENT from the overall crypto-market ebb and flow.
4) Community / Implementation / Governance Risk - I think we would need to seriously think through all aspects of Membership - use - management - etc. Lots of cutting-edge problems and issues to think through in terms of real-world implementation and coordination.
5) Non-Digital/Crypto Native Risk - LiveTheLifeTV is going to need to interact with non-crypto communities thus we absolutely need some type of legal entity to interact with the real world.

Bounties

Disclaimer

Nothing herein, nor any related documentation issued by the Project team, shall constitute legal, tax, or investment advice. Please make sure to do your own due diligence regarding the GVO protocol and the risk involved in providing liquidity. GVO naturally has no control over the GVO protocol and cannot be held accountable for any potential losses of any kind. This document does not constitute legal, financial, or other advice and is not intended to be relied upon or used by any person for any purpose, other than informational and educational purposes. No attorney-client relationship or privilege is intended to be created or implied. No representation or warranty is being made as to the quality or fitness for any purpose of this document. Furthermore, this document is not recommended for use, but only for research.
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