💸Work-to-Earn
“Fortune sides with him who dares.” - Virgil
We are establishing a unique distributing mechanism which we call the work-to-earn distributing mechanism. We want our NFT marketplace to be a community-driven marketplace, even though buying or selling NFTS are not considered to be securities or violate any current security act by the SEC. But NFTs sharing profits with their holders do fall under a similar definition of security because of the participation in profit sharing. Our work-to-earn distributing mechanism helps us to lawfully get our holders involved, earn and build a community-driven NFT marketplace for music. How does it work? We will be incorporating our marketplace into a legal company in a crypto-friendly country. And every holder of our NFTs will be considered a freelancer. Freelancers will get a legal contract where they will sign in to receive their salary. How will the contract work? Our vision is to create a legal work contract under a smart contract where holders can sign in with their wallets and provide a wallet signature and get paid as a freelancer - Which will be a taxable event and not a security issue. There will be options to input your names in the work contract but it will not be a necessity because we want to keep our ecosystem as trustless and decentralized as possible. What is the work? As freelancers to our companies holders work will be to -
Have fun in the community.
Actively help people and be positive.
Engage in community events.
How will the salary structure be? Salary will be based and contracted automatically in our work contract on the number of NFTs they hold and a total of 20% of the profit of the marketplace will be kept in our treasury for paying our freelancers. The formula for the salary is as follows- Salary = ((Revenue - loss)x 0.20)/1000 Planned payments will be made either monthly or quarterly. All holders will receive the base salary. Why is it helpful to have a legal company? Most decentralized exchanges that we see today are not under a legal framework and mostly because decentralized exchanges perform in a trustless way. But to protect our investors and future investors and to provide a physical presence with a legal framework we have decided to incorporate our marketplace even though it will operate like a decentralized exchange in a trustless manner but it will be in a crypto-friendly country ( We have few amazing choices already) where we will be able to shape a legal framework that supports our vision.
Last updated