BRT-9: London Collection Mint Pass Policy

tl;dr

In response to community and artist feedback, the Bright Moments operating team is seeking input on the London Collection Mint Pass policy.

The policy consists of three clauses that pertain to:

• How to handle unsold mint passes
• How to handle sold but unredeemed mint passes
• The presale wallet limit for eligible CryptoCitizens

Each clause has a version A and B that represent different perspectives within our community.

During the voting window, CryptoCitizens will be able to choose which version they agree with. When the vote closes, the Mint Pass policy will be published based on the clauses that received a plurality of votes.

Context

Bright Moments empowers artists by providing end-to-end IRL minting experiences. As part of our IRL minting, we sell Mint Passes prior to the minting event that act as the collector’s proof-of-mint authentication and their exhibition entry ticket.

Mint Passes are NFTs that grant the holder the ability to mint a work from a specific artist’s collection. Each Mint Pass corresponds to an unminted NFT within a specified collection and the number of Mint Passes corresponds with the final collection size.

Prior to each drop and exhibition, Bright Moments works with artists to align on a creative vision and pricing for the collection’s Mint Pass. These conversations take several factors into consideration, including venue, solo vs group exhibition, collection size, market conditions for similar collections, and the ability of the Bright Moments team to support the artist’s creative vision for an IRL drop.

1. Unsold Mint Passes

Version A: Continue to sell unsold Mint Passes

In the event that there are unsold Mint Passes after the artist’s minting event has concluded, Bright Moments will keep Mint Passes available for sale unless otherwise requested by the artist. This enables the artist to benefit from future IRL minting events and continued interest from collectors who want to support the artist directly by purchasing a Mint Pass.

In the event that a collection has remained open for minting but not sold out, we reserve the right to request that the artist close the Mint Pass sale before conducting another drop with Bright Moments.

Version B: Burn unsold Mint Passes

In the event that there are unsold Mint Passes after the artist’s minting event has concluded, Bright Moments will remove the unsold Mint Passes from sale as the event has concluded. Unsold mint passes will be burned.

2. Sold but Unminted

In order to mint, Mint Pass holders must claim their NFT by staking their Mint Pass through a Bright Moments smart contract. This allows the collector to mint their NFT in-person (IRL) during the collection’s exhibition drop. When stated, some exhibitions may allow collectors to request a delegate mint that is minted IRL by a Bright Moments staff member on their behalf.

Version A: Mint Pass Minted to Escrow

In the event that a Mint Pass holder has not redeemed their mint by the time the event has concluded, Bright Moments reserves the right to mint all sold but unminted works to an escrow account until the collector swaps their Mint Pass to claim the minted NFT. The process to claim a minted work using a Mint Pass will be predetermined based on the index of the Mint Pass; the collector will not be able to choose a specific mint from the escrow account at will.

Version B: Mint Pass Expires

In the event that a Mint Pass holder has not redeemed their mint by the time the event has concluded, that mint pass is no longer valid as Bright Moments will reduce the edition size of the artwork when the event concludes. No works from the collection shall be minted outside of the event time window.

3. Presale Wallet Limits

Version A: 2 mint limit per wallet

During the presale, each wallet holding both a CryptoCitizen and Golden Token London at the time of the snapshot will be able to mint 2 Mint Packs and 2 Mint Passes per artist.

Version B: 1 mint limit per wallet

During the presale, each wallet holding both a CryptoCitizen and Golden Token London at the time of the snapshot will be able to mint 1 Mint Pack and 1 Mint Pass per artist.