Children’s Book - Holder Royalties

Abstract:  HC will swap the Eth from the community wallet to fiat for the purpose of creating and publishing a For-Profit children’s book with royalties going to licensed characters (estimate 2-10 characters to be licensed). 

Motivation:  The ~11Eth in the community wallet had a value on Jan. 1st, 2024 of ~$25,850 (at $2,350), whereas at the current price of ~$4,000 it is now worth ~$44,000.   The time is right to use it.

This amount is estimated to be enough to cover the costs of an author, illustrator(s), publisher, and marketing of a professionally produced children’s book.  It will also include some costs for legal and accounting advice/services.

The book will feature Bubblegumkids and pups including anywhere from 2-10 holders, who will earn royalties from the sales of the book. 

Rationale: 

1. Previous Community Fund projects have not had any lasting benefit to the project and its holders, whereas this creates a tangible product that gets the BGK name and brand into the Web2 world and pays holders who license their IP. 
2. The BGK team has contacts in the children’s book publishing realm that will be utilized to shop the book to publishers.
3. If no publisher is found, the book will be, at a minimum, sold on Amazon.
4. The process will likely take up to a year and will give additional content for the BGK and High Council X accounts to post about and generate interest throughout the process.
5. It will serve as a testing ground for the market and the licensing process.  Similar to the Pudgy Penguin roll out, which started with a few holder’s IP and then expanded, BGK would look to expand licensing for holders, if successful.

Specifications:  The project would be led between KingO for the BGK team and BTDwayne for the holders.  

The number of licensed characters would be a function of the story that is written, but is expected to be between 2 and 10.  The choice of which characters are chosen to be in the book will be done through a creative writing contest.  Effort, character development, and fit within the story would be the keys to selection.

Royalty rate for IP used in the book, as well as the other terms are still to be determined.  

Steps to implement:

1. Conversion from Eth to fiat.  Funds would be transferred to a BGK bank account as the community fund is not a legal entity
2. Identify and contract with author and illustrator.  
3. Story draft
4. License agreement drafted 
5. Creative writing contest to select characters
6. Shop book to publishers
7. Market and sell through Amazon and other distribution channels depending on publishing status

Timeline:  Realistically, this could take around 1 year. 

Total Cost: (~11Eth / ~$44,000) Breakdown is still being determined, but early estimate is in the $40,000 range.