Project shut-down and distribution of treasury funds to members

Gen.art has a runway of 5-7 months at current cost level and expects revenues of maximum 4.5 ETH until end of year. In this scenario the project would run out of cash in Q1 2024. As there is no initiative from the gen.art team to have any major changes which could avoid insolvency, we ask the members of the project to decide on shutting down the platform and distributing the remaining treasury funds to $GENART holders on the condition that the team ensures that all art generated in the past on the gen.art platform will be setup in a way that it will be fully available infinitely. That is in the case of shutting down operations, the collections will first be moved to IPFS to keep them online. Chris will take temporary ownership of these collections while the team handles the transfer of the collection contracts to the artists.

Chris, Co-founder of the project, has parked accruals for expenses and salaries until the end of July 2023 in this wallet: 0x4eaCafc0Ed031986a2440c522890b1d1A185B5fb. He explained that the accruals plus another months expenses of $8,200 are sufficient to ensure a controlled shutdown of all gen.art created platforms and to ensure that the already dropped art by all artists so far will be made available forever independently of the platform shutdown. The platforms are supposed to shut down by latest 31 August 2023.

The treasury funds as of today, 31 July 2023, account for $10,350 worth of ETH (5.57 ETH) and $57,326 worth of USDT. $8,200 must be deducted for operations in August leaving a remaining treasury possession of approximately $59,500.The treasury wallet can be found here: 0x3F3321bAA3e335ee91D558d84f3d2433cA9b08ff.

This GIP proposes to halt all transactions from the treasury wallet and distribute the available treasury funds worth approximately $59,500 to $GENART holders pro rata according to the amount of $GENART at snapshot date on 23 July 2023 if they register their claim. $GENART holders must register their claim of the treasury funds to be eligible for treasury funds to be distributed to their wallets. For this the $GENART holders must contact the gen.art team through a dedicated Discord channel or Google Sheet or other automated way provided by the gen.art team. The gen.art team ensures that a channel to register claims is available and communicated in its Discord channel latest by 5 August 2023. The $GENART holders have until 11 August 2023 to register their claim. The gen.art team ensures that treasury funds are distributed latest by 18 August 2023 to all registered addresses pro rata according to their $GENART holdings at snapshot date.

From the treasury fund must be deducted the costs for distributing the treasury funds. At snapshot date, 1,601 wallets held $GENART in their wallet or staked it. Each wallet claiming has costs of $2 occurring which leads to maximum costs for the distribution of treasury funds of $3,202. This amount will be deducted from the treasury amount pro rata to the final number of wallets registering. A minimum amount for $GENART registered to claim per wallet is not set.

$GENART tokens can be registered independently of the fact if the $GENART tokens are staked or unstaked. Team wallets can register, too. Any project-owned wallets, protocols, LP and similar wallets are explicitly not allowed to claim any treasury funds. This especially includes the protocols 0x2b108dB4F7563A3d8bc302F7F18aF797FB4A2A97, 0xB8a5465BFC06fc8C82385dCFf949673D7b068D1a, Uniswap V3 LP. Also any wallet that belongs or can be traced back to co-founder Adam is prohibited from receiving any treasury funds.

Please vote: Yes: I agree to shut down the platform and distribute treasury funds as described in this GIP No: I do not agree to shut down the platform and ask the team to continue their efforts