Q1 '24 Budget and Q4 '23 Recap

Q4 2023 Key Takeaways

• Restructuring of DAO Operations: Implemented a new structure for electing the community council. Council Members are: Erickson, Josh Phelps, Lia Godoy, Maya Bakhai, and Nicole Tremaglio
• Transitioned leadership from Alex Zhang to Greg Bresnitz, former Head of Events & Partnerships, who now serves as FWB’s Mayor/CEO. Zhang remains active as Partnerships Lead & assisting in the transition period.

Partnerships and Opportunities:

• Introduced a Partnerships SOP for DAO members to source and evaluate partnerships.
• Established a system for compensating DAO members who generate partnership leads.
• Executed two major partnerships with Base and Paypal.

Events:

• Participated in Basel with three member-produced events: Taste, Stellar, and Refraction.
• Created an NFT scavenger hunt in collaboration with Base.
• Concluded the year-long Event Key v3 program, featuring over 40 global member events.
• Planned a year-end holiday party in Downtown Los Angeles (DTLA).

Operations and Financials:

• Transitioned to an external firm for Treasury management to improve visibility, accuracy, and reduce manual work. Implementing a new payroll system for automated compliance and filings.
• A report of Q4 2023 financials will be available in January 2024 post-accounting transition.

Tent Poles and Future Initiatives:

• Participating in Mexico City Art Week as part of a new tent pole series for FWB; aiming to expand beyond the regular web3 footprint.
• FEST24 proposal set to launch before the year's end, pending approval, to kickstart activities in the new year.
• Bringing back editorial & looking for external partners to underwrite initiative.

Q1 2024 Key Takeaways

Financial and Operational Planning:

• Anticipated 21-month runway starting in Q1 2024.
• Reduction in recurring role compensation by 23% and overall budget decrease by 10% in Q1 2024, compared to Q4 2023.
• Introduction of a Partnerships SOP to guide DAO members in sourcing and evaluating partnership opportunities. Systemized partnerships to allow members to clearly understand how they will be compensated in order to source more leads for DAO.
• Projected $130K net in partnership revenue for Q1 2024.
  Introduction of NFT revenue stream with projected $40k in Q1.
• Transition from a recurring Treasury role to an outside firm.
  Increase visibility, minimize variance between forecasted and actual cash balances and budget. Reduce the manual work associated with treasury management through best practices and tooling.
• Implementing a new payroll system that will automate compliance and associated filings.

Staffing

New Mayor, council, and consolidated core team resetting KPIs and vision for Q1 '2024 onwards.

Our esteemed editor Willa will be stepping down at the end of the month but more importantly just waiting in the wings as we relaunch our editorial efforts in 2024.

Greg has added two new members to support the larger DAO vision. Onboarding of Steph Alinsug (https://hun3y.me/) as Head of Brand Marketing and Alexander Bercow (https://twitter.com/0xalexander) as Head of NFT Partnerships.

Steph brings 10+ years in brand and marketing to FWB. She’s the co-founder of Vessel, instigator and producer of Broadcast Summit. Prev. media lead at Seed Club. She’s cryptohun3y on Twitter and many other places on the internet.

With a decade of experience in partnerships and business development, Alex Bercow brings a wealth of knowledge to the table. Most recently, he held the distinct honor of being the inaugural business hire at OpenSea, the world's largest NFT marketplace. Over the years, he has had the privilege of advising a diverse range of projects, from established traditional brands like Christie's, The NBA, Saturday Night Live, and Coca-Cola, to cutting-edge Web3 ventures such as RTFKT, Doodles, DeGods, and Friends With Benefit.

Here is the Q1 '24 budget with key takeaways, a summary of team, council, and professional services expenses, dues & subscription expenses, projected venue, and the partnerships commission model.