B.20 Tokenomics [MetaPurse]
Here is an early look at the B.20 Tokenomics by MetaPurse. What is B.20? Read this article to learn more about it.
On January 4th 2021, MetaPurse announced that they acquired all 20 1/1 auctions from Beeple’ second drop. Following this, on January 13th — they revealed the B.20 token, sharing ownership of all art pieces alongside virtual land in the metaverse.
What is the purpose of B.20?
Metapurse decided to shard all ownership of all 20 Beeple artworks into a token, B.20, alongside virtual land to display on. Totalling around $2.2M and $500K in production, this decision was made so anyone can own a piece of these historic pieces.
Total allocation for B.20 tokens is 10,000,000.
Discussion with the team led to the final result for the public sale of 1,600,000 tokens. B.20 allocation is split between artists, collaborators, the team and investors.
59% with Metapurse.
8% for Private Sale.
4% for Supporting Stakeholders.
2% for Beeple.
11% set for many people who have patiently helped build the B.20 project together — Metacasts, GrowYourBase, WhaleStreet & VoxelArchitects.
This brings the full allocation cost of the B.20 project to about $2.7M.
Public sale begins on January 23rd, the last bit — 16% will be open for public sale at $0.36 per token.
Regarding the 1.6M B.20 tokens available for public sale, no vesting.
For everyone else including the team, artists, collaborators, stakeholders, MetaKovan — there is a three month vesting period.
For everyone that falls under these:
10% of your tokens become available with 90% of your tokens over 90 days.
1% of your tokens every day.
E.G — Day 0, you start with 10% allocation, from Day 1, you can withdraw however much you have access to at any time. After a month, you’ll have 40% of your tokens with you. Drip Distribution mechanisms.
The Buyout Process
A process to purchase the full bundle exists. You can bid for the entire bundle and buy it out — the smart contract allows for anyone to come in with a minimum bid between $12M - $15M and get every NFT.
Do the token holders get a say?
The token holders have the power to choose the outcome of the buyout with a 25% vote, however, there is no DAO that chooses the everyday movement of the NFTs before the buyout process.
There are three ways in which someone can buyout B.20:
100% ownership of B.20 tokens.
Anyone can place a bid in DAI and buy it out.
You could place a bid in a combination of B.20 & DAI
Once a bid is placed — it lasts for 14 days, during this time, the B.20 holders decide what to do with the bid or someone can choose to outbid the deal. If a bid is placed in the last 24 hours, the auction is extended by another day.