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All About Royalties
When MMCC launched back in 2021, NFTs by and large were a utility based around collecting art and building communities. The change came when MMCC launched the idea of giving 100% of royalties back to their community! This practically looked like this:
Our model was an 85/15 model. This meant that 85% of royalties were split up among the holders of our NFTs and 15% of royalties were split up among the people who had minted MMCC.
So practically that looked like:
If there was 1,000 SOL of royalties in a week:
The Middle (late 2021-2022):
Since MMCC was a community ran project, shortly after launch the decision was made to form a DAO to help plan and make decisions. During this time, it was decided that the royalties structure should change. Specifically, the royalties percentage on seconday sales would drop from 15% to 10%. Next, only holders who did not have their nft listed on a marketplace would qualify for royalties distribution. Lastly, the minter distribution was voted on getting changed and directed to the DAO instead of the minters.
This was a period of great uncertainty in MMCC, only to be magnified by the fact that crypto had entered a brutal bear market.
THE NEW ROYALTIES META (10/2023)!!!
While over the past two years of the project history there has been a ton of uncertainty, one thing that has never changed is the commitment to our community. It is in this backdrop that we are excited to announce the next stage for royalites as it relates to MMCC.
We are building the first and only royalties ditribution system that will be on-chain! This means that MMCC will have the least centralized system to ensure royalties continue to distribute for years into the future... part of the original vision of the founding team. A system that is not reliant on a dev or founder or team to ensure disitrbution.
Part of the rules coming to the on-chain delivery system will be a gating to who qulifies for royalties distribution. 𝕏+ is a new sub-community in MMCC that will reward our holders of 10+ Meerkats with exclusive access to royalties distribution! One lesson we learned over our time is that splitting even a large amount of funds 10,000 ways, tends to spread too thin to be practically usable. We also want to reward the people who believe in MMCC the most.
A Promise Restored: 15%
This new (old) detail will likely be met with a bit of animosity. I get it. I have heard opinions over two years about this. I have had my most trusted friends in this space give feedback on it. This is one of those times, that I will lead and not everyone will agree with it.
When we launched, we promised our original minters an ongoing 15% share in our royalties. I have watched this effort so easily be written off due to holders that followed who didn't mint and minters who have long left the community and sold their Meerkats. That being said, I feel a strong conviction to support these people who invested their time and money into entering the unknown with us at the beginning. No one knew at that time that we would have a historic mint and meteroric rise in floor price. It was all just hopes and dreams. I hold this commitment and dedication in VERY high regard. I also have a very strong conviction in carrying out what we said we would do.
When we started sending out royalties to our community, it was met with a ton of legal uncertainty and most projects decided to not honor their commitment to their communties after telling them they would. We were one of the only communities who stood behind their community and continued with their original commitment. This feels like a similar situation to me. I know not everyone will agree, but I also know that if I told you all that tomorrow I was just going to start keeping the royalties myself, that would be met with massive anger. I feel this when I consider our original minters.
The New Royalties Meta:
Now that I have described our new royalties model above, let me break down the details of how it will work.
For 𝕏+ Holders:
• Your NFT will act as your claim for royalties. After you have 10, every NFT after is another single share claim.
For our OG Minters:
• All original mint wallets will be assigned a claim token. ($OG)
The fact that this will all happen on-chain is something that should set apart MMCC as the premier project pursuing decentralized solutions for their community that are built to stand the test of time and teams.
More details surrounding the date of implementation and assets involved will be released shortly.
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