Q3 '24 Budget and Q2 '24 Recap

Here is the Q3 '24 budget with key takeaways, a summary of team, council, and professional services expenses, dues & subscription expenses, and projected revenue.

Q2 Recap

Operations and Financials

• Q2 '24 Operational Budget (Presentation)

• In Q2, FWB earned approximately $850K in gross revenue across partnerships, NFT sales, and FEST sales, exceeding the projection of $434K in gross partnership revenue from Q1.

• Consolidated tax filings across the DAO and C-Corporation for 2023 are in progress.

• The majority of core KPIs have been completed or are on track with updates to membership and brand being pushed to Q3 in connection with the newly passed proposal to update the FWB token ecosystem.

• The proposal to update the FWB token ecosystem details the strategic migration of the $FWB token from the Ethereum Mainnet to Base Layer 2 and the introduction of a new token, $Benefits, which will serve as a utility-focused arcade coin within the FWB ecosystem.

Town Halls

• 040924 Town Hall: FWB FEST24 Community Submissions.mp3
• 042524 Town Hall: FEST24 Spinoff.mp3
• 052224 Town Hall: $FWB Ecosystem Updates.mp3

Partnerships & Collaborations

• FEST partnerships and collaborations have expanded to include Base, ECO, Lukso, Uniswap, Worldcoin, Stellar Development Foundation, Lens, Livepeer, Optimism, PUSH, Ace Hotel, Boys Club, Club Chess, Co:Create Ink, DIRT, Envelop, Floating, Future Primitive, Garbage Day, IYK, Memory, Nemesis, SIC, Standstill Tea, The Park, and Refraction.
• FWB partnered with Consensus 2024 in Austin to curate panels featuring FWB and speakers from SIC, Paypal, TCG Crypto, Forbes, Boys Club, CoinDesk, Dalmore Group, Autonomi, Palm Foundation, MoMA, and Powder Mountain.
• Seneca produced a dynamic timed multi-artwork edition, Menace On The Playground, presented with FWB for BASE’s Onchain Summer in collaboration with Highlight.
• FWB continues its partnership with Paypal in Q2 and Q3 with the curation and creation of original essays and reporting via FWB’s editorial platform, featuring contributions from contemporary tech and culture writers, that will be translated into a zine. This partnership has kicked off with the piece “Checking In On Squad Wealth”. The series is stewarded by economist Kyla Scanlon editor-in-chief and she is joined by culture and finance experts Anna Gát, Austin Robey, Gaby Goldberg, and Jose Fernandez da Ponte.
• Last August, Base made its mainnet debut from an unlikely launchpad: a remote Starlink setup in the mountains of Idyllwild, California during FWB FEST 2023. This year, BaseCamp 001 precedes FWB FEST 2024 and takes place from Wednesday July 31, to Thursday, August 1, including a welcome mixer and 1-day summit. FWB FEST provides a container for Base founders and builders to not only spend critical time IRL, but to integrate culture into crypto infrastructure and consumer products. This positive feedback loop will only build a better internet and bring more people into the onchain arena. BASECAMP at FWB FEST is a validation of our thesis that culture drives adoption of emerging tech.

Marketing

• FWB transitioned from Klaviyo to Beehiiv, a crypto-forward platform, increasing deliverability and conversion on newsletter campaigns.

• Check out all ten TLDR’s from Q2 here.

• FWB continues to reinvigorate its editorial platform with original and collaborative pieces on building a better internet with emerging technology and culture.

• FEST2024 Programming

• Emerging Entities for Emerging Technologies

• Don’t Hire A CMO

• All Purpose Blueprint on How To Build A Vibe

• It Started @ FEST: Soulquest

• The FEST24 Music Lineup

• Web3 Needs More Empathetic Tech

• Designing for Desire

• Checking In On Squad Wealth

• Menace On The Playground

• The Palimpsest of Personhood

Events

Launch of Friends with VCs

• Friends with VCs offers FWB members the opportunity to pitch VCs and receive real time feedback amongst peers. It is an ongoing series that will return in August.

• Our first Friends with VCs featured Kate McAndrew from Baukunst

• Our second Friends with VCs featured Dave Kim and Reid Welling from IDEO CoLab ventures. Event Key Program

• The fourth iteration of FWB’s event key program is going strong, steered by community council members Lia and Phelps.

• Q3 saw seven event keys come to live across Paris, Los Angeles, New York, Santiago, Berlin, and Lisbon. Applications are still open here.

Governance

• In Q2, FWB saw four proposals go to Snapshot including:
• Updating FWB Token Ecosystem
• Road to FEST: NYC v2
• Road to FEST: NYC
• FWB FEST Spinoff Exploration
• The proposal to update FWB’s token ecosystem is important in the DAO’s history as it received the second highest turnout of $FWB in a vote, beaten only by the 2021 proposal to diversify FWB’s treasury a second time.

FEST

• FWB has announced its full lineup (less a surprise here and there) of music and cultural programming and opened the pit for community submissions.
• Scholarships for FEST were awarded to bring a cohort of artists, builders, culture creators, and technologists to attend FEST free of cost.

Q3 Takeaways

Operations and Financials

• Q3 '24 Operational Budget (Presentation)

• As of Q3 2024, FWB has approximately 24 months of runway. This is an extension of runway from last quarter due to exceeding our projected gross revenue.

• Core has reduced its general operating budget of 1.71% with closer monitoring of recurring dues & subscriptions.

• Core projects roughly $726K in additional gross partnership revenue for Q3.

• Core will monitor profitability as the end of the year approaches for considerations around tax liability.

• Along with FEST, core’s key focuses for Q3 will be Q4 ‘24 and Q1 ‘25 strategic planning and addressing membership, governance, and brand identity. Core has also identified 2 new consistent revenue streams that will be rolled out in Q3. Stay tuned for more!

Proposal adapted here due to character limit. Click here for the full proposal.