Introducing Generative Records: a Community-backed Music DAO


We propose a fundraising initiative where contributors contribute USD Coin (USDC) to receive ERC-20 tokens representing voting rights over 5% of DAO-owned royalties. These royalties will be utilized for merchandise, events, and any other initiatives the contributors vote for, thereby empowering the community to actively participate in decision-making.


Goals

In line with our primary aim of granting contributors voting rights over 5% of the royalties, this fundraiser outlines specific objectives related to collaborating with the renowned Jersey Club producer, R3LL. The initial funds raised will be dedicated to launching three to five singles in partnership with R3LL, supported by robust marketing strategies. The objectives include:


1. Creative Collaboration with R3LL

   - Form a dynamic partnership with R3LL, a trailblazing Jersey Club producer known for pushing the boundaries of electronic music.


2. Single Productions

   - Allocate funds for producing and releasing three to five exclusive singles, showcasing R3LL's unique musical style.


3. Comprehensive Marketing and Promotion

   - Devote resources to creating high-quality marketing materials, including videos, promotional campaigns, and engaging social media content, to generate broad awareness and excitement for the singles.


4. Community-Centric Engagement

   - Utilize the singles to enhance community engagement, offering exclusive benefits to contributors such as early releases, behind-the-scenes content, and virtual events with R3LL.


5. Brand Building and Collaboration Impact

   - Strengthen our brand presence within the music and blockchain communities through collaboration with R3LL, fostering diverse audiences and partnerships.


6. Royalty Contribution for Future Marketing

   - Allocate 10% of the royalties generated by the singles back into our community (the 10% is separate from the 5% for token holders). These funds will be used for marketing future tracks, ensuring an ongoing cycle of creative collaboration and community engagement.


Mechanism

1. Token Offering: Contributors will purchase the tokens on https://www.pump.fun/generativerecords/trade, and in return, they will receive $GENER ERC-20 tokens that represent voting power. These tokens are purchased from an order book with limit sell orders coming from the minted tokens. Once a full order of tokens (10,000 tokens at a certain price) is purchased, a limit buy order of equivalent size is created at a lower price. If this limit buy order is not hit within 14 days, the funds that were used to purchase the tokens are sent to the DAO treasury. 


For example, if 10,000 tokens are purchased at a price of $0.003 using $30, then a buy order using those $30 will be created at a price of $0.0025. If none of the 10,000 tokens at $0.0025 are sold within two weeks, then the $30 will go to the DAO treasury.


2. Voting Rights: Each $GENER token grants the holder the right to vote on important decisions related to the allocation of 5% of DAO-owned royalties. This ensures democratic participation in determining the use of funds generated.


Use of Funds

The 5% of DAO-owned royalties will be earmarked for initiatives, including but not limited to:

- Merchandise Development: Creating exclusive merchandise for token holders.

- Miscellaneous: Organizing events, meetups, or any other incentives/initiatives that the token holders want.


Timeline

Fundraiser duration: There is no set deadline for the fundraiser; it is continuous. 

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