The ‘Talent Fund’ Reward Distribution 1
With the pilot series now in the final stages of production we can unveil the mechanics of the first distribution event for our ‘Talent Fund’.
Last August we set out on a grand experiment in co-creation, to see what could happen if we brought world class writers together with the curious minds of our collectors. We had so much fun in our ‘Community Writers Rooms’ and we wholeheartedly believe the resulting pilot series for The Glue Factory Show is a winner!
Since mint we have been accumulating 2.5% of our mint and secondary sales to use to fund rewards for our community for their involvement in furthering the project. We dubbed this the ‘Talent Fund’.
Spoiler alert: ALL breeds of horse are used in the show so the ‘Talent Fund’ will see all holders rewarded!
Periodically and around key moments in our journey we will be unlocking portions of the Talent Fund and using this to reward our holders in exchange for taking an action that helps us grow as an entertainment property and as a business. This action may include helping improve the reach and visibility of our episodes, participating in market research, testing of new products or other actions that we deem provide value to our growth.
Talent Fund Round 1: Market Research.
By building a community of collectors before launching our series we now have a direct line to a captive audience. This presents us with an opportunity to gain valuable market research into consumer interests, behaviour and feedback that directly relates to our series. This data can be put to use in marketing, pitching, show development and many other areas.
We are lucky to have a diverse collector base and are eager to gather data to learn from their feedback on the series itself, as well as their thoughts and experiences as consumers of Web3 Entertainment and collectors of NFTs. Insights can also be gained by comparing the survey responses with how our collectors have accumulated Glue Factory Show NFTs. As such we have created this first distribution model so that it correlates to the collector activity.
Round 1 Distribution mechanism:
This first round will see 50% of the accumulated ‘Talent Fund’ released for rewards.
(At the time of writing this is approximately 27.5 ETH)
A snapshot of our collector’s wallets will be taken shortly before our series release date. This snapshot date will be announced soon.
- QUALIFYING ACTION:
Holders will connect their wallet to our website to ensure they held GFS NFTs at the time of the snapshot and then get access to a market research survey. The survey will go live the day our pilot series drops and will remain open for a period of 2 weeks.
Our devs have proposed we distribute the rewards in WETH to keep gas costs down. There will also be a consideration around network congestion when it comes to the exact timing of the distribution. We will provide updates for this when the survey period closes.
- CALCULATION OF REWARD:
When the survey closes, the points for each respondent will be tallied. Points will be allocated to the wallets of our respondents on the basis of:
1 point per GFS NFT held
- x 1.25 if 4 different Breeds held in a single wallet
- x 1.5 if 8 different Breeds held in a single wallet
- x 1.75 if 12 different Breeds held in a single wallet
- x 2 if 15 different Breeds held in a single wallet
YOUR points / TOTAL points = your % of Talent Fund Distribution 1.
YOUR points = (number of GFS NFTs held in your wallet at the time of snapshot x the above breed multipliers)
TOTAL points = (sum of points of holders who complete the qualifying survey)
IMPORTANT: The survey form will only be available to wallets that hold a GFS NFT at the time of the snapshot. Rewards will ONLY be distributed to wallets who appear in the snapshot AND complete the qualifying survey action.
We believe this to be a reward model that is fair to all collectors taking into account their collection activity and willingness to help further our mission by taking part in this important survey.
- Future reward rounds may vary in size and method of distribution.
- The remaining 50% of the ETH (approx 27.5ETH) willl stay in the ‘Talent Fund’ and continue to accumulate 2.5% of secondary sales from the Glue Factory Show NFT collection.
- This first market research event will feature questions relating to future reward distribution events.
- The survey responses will be used to strengthen our product offering across the board.
- Further terms and conditions will be available when the redemption window begins.