Friends With Benefits

Author: Nic H, Raihan, Yuri, Alex Zhang, Cooper Turley, Metasebia Yoseph, Brian Mark Date: 11/12/21

Abstract:

The FWB NFT General Chat is a dynamic space for lively conversation about digital art in Web3. This proposal will establish a team to build on this conversation and develop an NFT program to serve the FWB community and beyond.

Purpose:

FWB believes that NFTs offer a meaningful opportunity to experiment at the intersection of creation, curation, and commerce. The FWB NFT Team will provide a curatorial perspective and elevate NFT culture.

Mission:

FWB NFT will focus on creating tools, services, and opportunities for members to navigate this emerging territory while pushing the boundary forward on quality artistic experiences.

Strategy:

1. Custom Tools

FWB NFT will evolve the NFT category to create better architecture and resource pools for artists, while increasing accessibility to the NFT space.

FWB will prioritize a Web3 Open Source software approach, similar to that of Redhat, MongoDB, and Discourse with revenue derived from hosting and support as a service.

2. FWB Curatorial Team

FWB Curatorial Team will be platform agnostic, giving us flexibility while allowing us to capture value across realms. The FWB Curatorial Team will also steward the FWB Gallery as one of the go-to-market options for artists.

The FWB NFT Team will prioritize diverse voices through three primary outlets. A) The Curatorial team will feature two curators to start, selected by the FWB DAO, that will be balanced in gender, race, and perspective. These roles will have an annual term limit, with ability to renew upon community vote if other candidates should choose to campaign. B) The FWB Curatorial team will form an Advisory Board featuring more diverse voices for contributors who may not have the time to curate but whose input, perspective, and background would be of value. C) The FWB Curatorial team will establish a process by which anyone in the community can submit curatorial projects for review by the community and the Curatorial Team.

This department will be one of FWB NFT’s primary revenue lines through ownership percentages or percentage fees of NFT projects that are auctioned, commissioned, or sold. FWB NFT would aim to take anywhere from 1 - 10% with possibility to scale higher depending on level of involvement.

Plan / Process:

Phase 1: Staffing and Infrastructure | 6 MONTHS - 1 YEAR

FWB DAO to establish an initial FWB NFT workstream led by two functions:

(1) Operations (2) Curatorial

Operations will drive day to day ops of the FWB NFT department, help execute NFT projects, build access points for the community to contribute, lead development of FWB NFT tooling, and manage processes and payroll.

Curatorial will be responsible for curating NFT projects, managing the FWB Gallery, collaborating with future NFT investing functions, and interfacing with artists and creators within FWB.

For Phase 1, this department will work within the FWB DAO and with its current leadership to utilize operational processes such as payroll, KPIs, goals, and other FWB DAO resources such as Product Team and Editorial Team.

The FWB DAO will work with active stakeholders and community members in #nft-general-chat to staff the team for the first term and then will transition to elected upon roles once the roadmap is established. If you’d like to contribute or apply, please reach out to contribute@fwb.help.

Phase 2: $FWB-NFT DAO + Token

The future FWB NFT Team will work toward establishing its own DAO infrastructure and explore additional tokenization and incentive mechanisms to exist as its own stand alone entity, with a portion of the total supply being owned by the FWB DAO.

Budget:

FWB DAO to fund FWB NFT for one year of runway.

Proposed Year 1 staffing budget is 250,000 USDC which can be found here, at a monthly burn rate of $20,833. Team members have the ability to receive compensation in FWB or USDC but for budgeting processes, we budget in USDC.

Benefits:

• Capitalize and support an existing sub community of highly engaged NFT collectors, artists and builders within the FWB ranks.
• Creates more inclusive opportunities for FWB members at large to participate in the NFT discussion.
• Generate meaningful on-chain revenue through the commissioning and auctioning of NFT projects.

Drawbacks:

• Creates fragmentation of community efforts
• Not a good current allocation of funding