London Golden Token Distribution Proposal

Purpose

The purpose of this proposal is to ratify the Bright Moments token distribution for London. For context on how the Core Team has handled token distribution in New York and Berlin, please read Crypto Cities & CryptoCitizens.

London Golden Token Distribution Proposal

In London, 1,000 new DAO membership NFT tokens (CryptoLondoners) will distributed and minted in-person (IRL) as follows:

  • 334/1000 will be given away to the local IRL community
  • 333/1000 will be distributed to existing CryptoCitizens probabilistically
  • 333/1000 will be sold to fund the project roadmap

London, UK was selected by CryptoCitizen holders on Jan 28, 2022 as City #5. The following proposal outlines how the DAO Core Team will distribute 1,000 CryptoLondoner voting assignments.

Local IRL Community

334 Minting Reservations will be available for local community members of London, UK.

Minting Reservations will be provided through nominations that are ratified by the Core Team and/or CryptoCitizen holders. New DAO member nominees that are ratified will be eligible to book a CryptoLondoner Minting Reservation.

London Golden Tokens will not be distributed to local community nominees. Instead, ratified nominees will be provided with a cryptographic Minting Reservation code that provides them with a scheduled time to mint a CryptoLondoner in-person (IRL).

Similar to previous cities, a nomination process will be organized and facilitated by the Bright Moments Core Team. CryptoCitizen holders will ratify at least 51% of the local community DAO membership nominations. This means the Core Team has the discretion to ratify up to 49% of the local community members. These community nominations will be used to secure local partnerships, grow the Bright Moments brand, and reward contributors who provide services to the DAO before and during the minting window.

CryptoCitizen Holders

333 Minting Reservations will be randomly distributed to CryptoCitizen holders.

Minting Reservations will be randomly distributed to CryptoCitizen holders that opt-in and indicate their ability to travel and mint their CryptoLondoner in-person (IRL).

Winners will be eligible to book a CryptoLondoner Minting Reservation. London Golden Tokens will not be distributed to CryptoCitizen holders who win. Instead, winners will be provided with a cryptographic Minting Reservation code that provides them with a scheduled time to mint a CryptoLondoner in-person (IRL). The minting reservation must be redeemed IRL either by the holder or a delegate.

The Random Collector Selector (RCS) smart contract will use Chainlink VRF to select the winners probabilistically. This process will be organized and facilitated by the Bright Moments Core Team.

Token Sale

333 London Golden Tokens will be sold to fund the project roadmap.

London Golden Tokens will be sold both publicly and privately to individuals and organizations.

Purchasers and holders of a London Golden Token will be able to trade their token on secondary markets until they use their (GTLN) to redeem a Minting Reservation. Once redeemed, the holder will be provided with a cryptographic Minting Reservation code that provides them with a scheduled time to mint a CryptoLondoner in-person (IRL) or through a delegate minter.

The sale and pricing of tokens will be organized and facilitated by the Bright Moments Core Team. The Core Team seeks to raise at least 400 ETH from the sale of London Golden Tokens. To date, 112 GTLNs have been sold, raising 111 ETH for the project roadmap.

London Golden Tokens will be sold as both individual items and bundled mint packs that would include unlockable perks and artist mint passes for the London Collection.

The Core Team reserves the right to sell GTLNs through the following mechanisms:

  • A custom marketplace & smart contract developed and maintained by Core Team
  • Direct listings on 3rd-party marketplaces, such as OpenSea, using a Bright Moments Storefront account
  • Private sales directly from the London treasury

Primary sale proceeds and any secondary market royalties will be held in london.brightmoments.eth treasury.

Summary

This proposal would make the following changes to the existing token distribution model:

  • Reduce the supply of Golden Token London (GTLN) from 1,000 to 333
  • Replace the remaining Golden Tokens with cryptographic Minting Reservations (e.g. QR codes) for CryptoCitizen airdrop winners and local community recipients
  • Require IRL minting (including through a delegate) for CryptoCitizen airdrop winners and local community recipients
  • Cap the number of Core Team determined community distributions at 49% of the available supply (164/334)

Proposal Process

The following due dates are suggested for the voting process to ensure the Core Team has enough time to act on the outcome:

  • Monday, May 2nd: Proposal opens for comments
  • Thursday, May 5th: Comment window closes
  • Monday, May 9th: Voting window opens
  • Thursday, May 12th: Voting window closes
  • Vote to pass today - lets mint some CryptoLondoners!
  • Modifications feel appropriate, needs some time for discussion
  • Prefer all Golden Tokens

0 voters

All sales of GT should be public. All cryptocitizens should have the same opportunity to purchase that anyone else has.

Additionally, CC have the right to know the sale prices of all GT sold.

The reason private sales are included is to give the team the flexibility to sell blocks of Citizens to investors who don’t want to individually purchase them. For example, museums, NFT investment DAOs, etc.

This is related to the public sale, not the CryptoCitizen airdrop. CryptoCitizens receive an exclusive sale window prior to the public sale.

Are there no situations you can think of where doing a private sale would be beneficial?

Should holders of Golden Tokens London (GTLN) be included in this distribution as well?

sure but this is a DAO. all members of the DAO should know the price paid for future members’ entry.

Yes I know. But as CC, we should have the right to purchase as anyone else might. The public sale should be public. not sort of public with some private sales at unknown prices thrown in.

Museums should not have to buy CC. That should come from the 49% discretionary Core team local allotment. No issue for the rest of the entities you mentioned to just buy from the public sale. We would rather CC in the hands of individuals not firms anyway.

The Token Sale is the only method that gets the actual tradable GT instead of the “Minting Reservation Code.” That is why transparency is most important.

Even if they’re willing to pay?

I mean yea. Just give the museum a CC.

This proposal looks good to me. Especially like the changes to encourage IRL minting.

Maybe I don’t understand what the minting reservations, so most of my questions are about those. Specifically:

  • are these tradable on a secondary market like OpenSea?
  • are they linked to a set time? So if you receive one as a community member or a CryptoCitizen holder, your QR code is directly linked to a day?
  • linked to the above, if someone can’t make their day, can they swap with someone else - and how would that work?
  • for existing CryptoCitizens who win a minting reservation, what happens if they can no longer attend or pick a local delegate? Is the reservation put back into the pool?

And then, related to the 51%/49% split on CC and core team ratification:

  • what is the history or reason behind implementing this mechanism?
  • are CC ratifications given preference over core team ratification? (e.g. if CCs ratified 80% of the allocation, would the core team overrule it in order to ratify >20%)

finally, thanks for the proposed changes! it addressed my biggest concern around lack of mechanism to encourage IRL minting, so great that we are experimenting here with the minting reservation. Though I’m still not a fan of delegated minting - especially if it’s the core team doing the delegated minting.

cheers

I think it’s important to allow the team agency to fundraise, especially from established institutions where purchasing is a signal for legitimacy (as opposed to accepting something just because it’s free)

No. These would be linked to your public address. This effectively reduces the secondary market of Golden Tokens from 1,000 → 333.

We’ve historically done nominations before and had several false starts (e.g. people buying votes in New York). After Berlin we think we have the system for community nominations pretty buttoned up, but there are always people we meet on the ground who deserve a CryptoCitizen or provide valuable services for the DAO. In these cases, having a minority of tokens available is preferable to launching a full community vote. It makes the process of launching in a new city and building key relationships much easier.

Correct. A no show would result in forfeiting your spot, unless there was extenuating circumstances.

We wouldn’t let this happen. For example, we would only open up 164 spots for nominations.

Agreed. I’d like to make a proposal that the core team cannot delegate mint on the behalf of CryptoCitizens to remove this bias.

1 Like

There is no need to charge a museum.

But, i mean, if necessary set up a custom contract for them to buy publicly. There is no need for any shadow dealings. All transactions should be available for all CC to see and no institutions should have opportunities to buy that other CC do not.

112 have been sold. What is the breakdown for how the rest are planned to be allocated for sale?

I feel not. it can result in a said person being more open to undercutting the current floor in order to minimize their exposure.

I agree with avi, and in addition it makes sense that the benefits of being a DAO member should be valid only once someone actually is a DAO member, ie., has a cryptocitizen

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Got it - thanks for clarifying

Definitely would agree with this as well.

Agree here as well that people should be a DAO member first.