BIP-91B: Art Basel Hong Kong Mint and Sales

Note: Snapshot is only a summary and may leave ambiguities that are covered in the full BIP in the forum which takes precedent.

Summary

This proposal requests targeted adjustments to the minting and sales mechanics approved under BIP-91 for the Art Basel Hong Kong installation.

The project remains:

• Within approved budget

• Within approved revenue distribution

No changes are proposed to revenue splits or budget caps.
Adjustments concern sales format, series number, pricing, and treasury strategy.

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Proposal Specification

1. Final Canvases — Sales Format

Original Plan
5 final canvases (4 individual + 1 group) auctioned live during the fair.

Observation
-Auctions over a 5-day live generation event were identified as sub-optimal.
-The largest buyers typically engage in the first two days, making late auction closures inefficient.

Updated Proposal
-Replace auctions with buy-now pricing.
-Grant flexibility on final sales mechanism if optimization is needed.

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2. Final Canvas Series Number

Original Plan
5 final canvases (4 individual + 1 group).

Observation
-Live generation allows for more works to be completed than initially anticipated.
-As benchmark, p5.js produced 19 auctioned works (+1 held for treasury), averaging ~20k.

Updated Proposal
-Size the final series using the p5.js benchmark (~19 works, with 1 held for treasury).
-Grant flexibility to finalize exact count based on generation pacing.

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3. Pricing Structure

Original Plan
Auction-based price discovery.

Observation
-p5.js averaged ~20k across 19 works.
-This provides a benchmark for sizing and pricing.

Updated Proposal
Anchor pricing around the p5.js benchmark (~20k average), with flexibility for variation depending on final series size and event dynamics.

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4. Open Edition (Seed Image)

Original Plan
Unlimited edition for successful participants ($50–100) with corresponding NFT.

Observation
An open edition of the seed image aligns with the transformation theme and broadens accessibility.

Updated Proposal
-Offer an open edition of the seed image primarily online.
-Price range: $10–$100.
-Edition may remain open while generation continues on that seed.

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5. Gaze Recognition Artifacts

Original Plan
Participants receive token of participation, potentially free or low cost.

Observation
Charging participants for recognition artifacts conflicts with participation logic.

Updated Proposal
-Do not charge participants.
-Use installation proceeds (net of booth costs) to buy back $BOTTO and distribute it as governance stake.
-No change to revenue distribution parameters.

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6. Secondary Works & Treasury Sales

Original Plan
-1 Genesis secondary (physical + NFT) with 10% royalty and additional 10% commission.
-Potential additional secondary works pending availability.

Observation
Treasury inventory is available:
-8x 13th mints
-2x p5.js works
Reference: First 13th mint sold at Sotheby’s for $31,200 USD.

Updated Proposal
-Price remaining 13th mints around 20k.
-Price p5.js works around 20k.
-Prepare treasury works for sale during the fair.
-Genesis Attempt Deepen secondary proceeds as described (production recoup before commission).

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What Is Not Changing

• Revenue distribution (as approved in BIP-91)

• Budget cap (no >15% overrun)

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Scope of Discretion

Approval grants flexibility to adjust:

• Sales format

• Final series number

• Pricing structure

• Open edition configuration

• Treasury work pricing

Any change to revenue distribution or budget overrun >15% requires a new vote.