Doing our 1st avatar NFT drop – update & proposal

As mentioned in the Genesis Epoch proposal, one of the strategic initiatives to be explored include development of NFT series.

Based on the backstory and narratives of the City Oasis (DAO HQ) that we are currently building in The Sandbox (TSB) metaverse, we believe an associated avatar drop would very likely be well received by the market based on positive feedbacks on the City Oasis and teaser demo of NFTs that Season Studio has prepared for us. The operation council has also strived to get connected with the official Sandbox team to solicit their support for this avatar project.

Therefore, we propose that we move forward fully with this avatar NFT collaboration with Season Studio. The name of the series is the Zzoopers, with a total of 10,000 (tentative subject to change) unique 3D arts, which enable holders of these NFTs to received 3D voxel avatars to the City Oasis and other future experiences the DAO builds in the Sandbox.

Depending on the final sale result, we anticipate an overall budget of up to 50% of mint income (considering revenue sharing with designers, costs for associated marketing campaigns, development costs (front end, smart contract, backend). Any royalties earned from secondary market trades post the mint event will be shared between the DAO and the creators at a 50/50 ratio (exact royalty % on secondary trades will be decided before mint, but industry norm is typically between 2%-7.5%) until the avatars migrate to TSB marketplace (as TSB will charge royalties and not sure if further royalty charging will be possible afterwards).

Last but not least, we are proud to update the community that our community building has been very successful with the 20% cornerstone round closed as of now. We have achieved well passed the objective proposed in the Genesis proposal: currently already reached >50k vs original target of 30k by end of epoch. Moreover, the operation team has also reached preliminary partnership with other NFT projects (such as Weirdo Ghost Gang) to collaborate on marketing and promotion as well potentially to develop experience in City Oasis.

In light of the above, as we are approaching the end of the first Epoch, we are proposing additional 3.5 million tokens budget for the operation council over the course of Epoch 2 to be used for community building / marketing, bounties and partnership opportunities for the coming epoch.