Season 1 Funding

Summary

Use all 16.1 ETH in the Treasury to fund the remainder of Season 1.

Abstract

RŌHKI is a cinematic music project comprised of two characters - IO and HACHI.

As illustrated on Mirror, the goal is to release a Season of 6 Episodes, or singles, showcasing the characters and their surrounding world.

To date, the project has issued:

• 100 Genesis Keys at 0.1 ETH
• 500 Despeardo Episodes at 0.1 ETH
• 250 VROOM Episodes at free, 0.05 and 0.1 ETH

During this time, the RŌHKI team has constantly challenged ourself to be lean and efficient while maintaining a high quality bar.

This has allowed us to figure out what costs are necessary to release Episodes, and what expenses can be made up front to protect against ongoing costs and tech debt.

This proposal suggests using the remainder of the Treasury to fund all expenses needed to finish Season 1.

Alongside this plan, a follow-up proposal will be issued suggesting that that remaining Episodes all consist of 100 NFTs, released as free mints.

Motivation

As seen in the Episode 2 Structure, RŌHKI always looks to be in tune with the wider market, along with monitoring our own personal supply and demand.

It's our belief that releasing the remaining Episodes as free mints is the best way to create ongoing demand.

This would result in no primary sales for the remainder of Season 1, thus requiring us to make up front payments to cover the cost of creating these Episodes.

These costs would open additional bandwidth as Episodes can be created on (at least) a monthly basis.

In doing so, we can allocate energy towards developing charater arc and lore - specifically be purchasing equipment which allows for more consistent releases and activity from RŌHKI.

Specification

Of the 16.1 ETH in the Treausry, it would all be liquidated to USDC, and used to fund the following:

• Motion Capture Equipment - Full body and face equipment to bring IO and HACHI to life.
• Site Maintanence - Ongoing site development to open new portals and adjust the minting flow for future Episodes.
• Gas Costs - To deploy the smart contract associated with every Episode.

The Treasury will be funded entirely from secondary sales, up until the end of Season 1.

Upon the passing of this proposal, the remaining Funds will be transferred out of the Treasury to the appropriate wallets to purchase equipment and fund development partners.

Additional Context

Every member of the RŌHKI team has agreed to work on the remainder of Season 1 with no expectation of payment, outside of secondary sales.

This unilateral agreement to work under the assumption that there will be no primary sales fees challenges the team to deliver in ways which maximize secondary sales to the Treasury and contributors.

Upon the completion of Season 1, RŌHKI will explore external funding options that allow the team to be staffed and compensated independent from the success of NFT sales.

More on this strategy can be found in #governance in Discord.

Benefits

• Fund the remainder of Season 1
• Make up front purchases to reduce future costs
• Align contributors around a free mint model

Drawbacks

• Use all remaining Treasury funds
• Make large purchases