Pixelbands Community Wallet The PixelBands community wallet is a Realms MultiSig wallet that provides holders with the security, and transparency they deserve. By requiring the signature of ⅗ board members to make a transaction, this wallet prevents any bad actors from hacking or taking over the project maliciously. It also acts as reassurance that we will never rug our community.
The wallet is designed as a mechanism to fund PixelBands projects and activities! It is composed of funds raised through 5% of the royalties generated from market sales of Pixelbands NFTs. The mission behind the community wallet is to give the project a long runway, pay for development, marketing, and building the PixelBands holder tool set. Our goal is for community driven projects to also sustain off the funds generated by the community wallet.
And can be found here:
The royalty structure of PixelBands NFTs is as follows. 10% of all sales go to royalties. This ten percent gets split two ways: 5% goes directly to musicians wallets through the smart contract. The other 5% goes directly to the community wallet, also through the smart contract.
- 60% of the community wallet funds (3% of total sales) will go directly to projects that are driven and voted for by the community. The PixelBands Board will execute funds being released for projects after the community creates proposals and votes them into action (more on this in the coming weeks with formalized governance documents).
- 40% of community wallet funds (2% of total sales) will be used for the Development of PixelBands Studio, Holder Tools, Marketing, Art, and Educational opportunities for holders (e.g. Professional Education from Artists, Producers and Engineers).
- Pay for dev work
- Pay for Artwork
- Marketing for our project
- Bring in educational speakers and tutorials
- Building Holder Tools
- Pay to onboard musicians and celebrities
- Pay founders to do nothing
- Fail to document transactions
The community wallet is a MutiSig wallet which requires a governance vote from the 5 members of the PixelBands Board to release funds. The vote must reach a quorum of ⅗ Votes from the PixelBands Board. As of current, the Board consists of the 5 founders of the project.
Once a proposal involving a budget has been passed, funds can be moved out of the community wallet to a “hot” wallet for spending or payment. The reason for the multi-signature is the security benefits from requiring more than one member of the Board to release funds from the community wallet.