A reminder that Bitjoin Studios is a part of Tellafoto AB, a legal entity registered in Sweden. The Bitjoinery Studio DAO & it’s treasury is an open source project that will evolve into a fully functional decentralised autonomous organisation once the first successful cycle of The Bitjoinery is completed.
More information on what a successful cycle of The Bitjoinery looks like can be found in an earlier article found here. As you will see a cycle cannot begin without the treasury to kickstart the process.
So how much does the Treasury need to kickstart a cycle?
Given our previous productions and assets now pointing at the treasury we believe our best option is to continue building on what already exists, namely further development of the characters Tom Gillespie and the cryptoscamdemic.com project, and Bitman360 and the scootercoin.org project.
A small but manageable project to put through a cycle could be an investigation into Solana (SOL) as this is the project people have voted on for Tom Gillespies next investigation via the crypto scamdemic website.
Another alternative could be to have Bitman 360 who has migrated to a fully digital existence starting up a Scooter based experience or DJ career across the various virtual environments that exist today.
Whatever the project ends up being it will be brought into existence via Authors of the DAO, potentially with input from the general public that have taken a liking to Toms pursuit of ending the crypto scamdemic, or bitmans wantrepreneurial endeavours.
Given previous experience making these types of content we would think that a treasury worth as little as 10k USD could be sufficient to kickstart the process. The actual number will be determined by the project that ends up getting put through the cycle, but for now we will aim for filling the treasury with 10k USD held in a stablecoin as descibed in previous articles.
What is the current state of the treasury?
Given that Bitjoin Studios is now handing its assets and revenues over to the treasury wallet, as of today November 1st 2022 – the current balance sits at 1354,4 USD. This includes the following:
- Sales of The Fakefluencer Film (2021) via The Fakefluencer Film website – Coinbase & Paypal accounts
- The Fakefluencer Film Character collection NFTs on WAX
- Merchandise sold via the Bitjoin Store on The Fakefluencer Film website – Coinbase & Paypal accounts
- Scootercoin holdings on Freiexchange
- Tom Gillespies Mogul Production NFTs on Mogul
- All assets that currently sit in the treasury wallet across all connected chains.
- Sales of The Fakefluencer Film (2021) – On Beem account.
- Donations via The Fakefluencer Film website – Coinbase & Paypal accounts
With the HEX documentary coming out in Q4 2022, we will add revenue streams generated from this product to the treasury wallet also.
As you will notice the treasury can only grow if the above mentioned assets increase performance, while the act of making money in independent filmmaking suggests you want to build multiple revenue streams, while we have put those streams in place, we do need to swing focus on to growing those streams.
The sooner we are able to get the treasury filled the sooner we are able to start the authoring of the first project to put through a cycle. That is why we are applying a goal of 10k USD to start the cycle as a way to signal to people that have expressed an interest in what we are doing to participate how they see fit.
But Rich! Why not just continue as usual?
On the last two productions I have personally found it quite exhausting to manage so many various roles and in all honesty I wont do it like this again. Many good people have helped me over the last years with a of mix volunteers and contractors and I am forever grateful.
However producing directing and editing and the many other hats that must be worn by an independent filmmaker can grind one down, both economically and mentally. That’s why I have decided I wont do it like this any longer, as much as I love the entire process it’s simply to exhausting.
And so there was two options, call it quits on producing and swing attention onto marketing and distribution of already established products, or put out the Bitjoinery DAO concept with a commitment to feed it, and see if it takes flight.
Over the last few years perfect strangers have reached out to me after watching The Fakefluencer or interacting with the characters online wanting to help, to participate, even to help fund projects and Indeed many have volunteered their time and resources. At that time I had no way to invite people into the studio, I view the Bitjoinery DAO as a simple way to invite people into the process and participate how they see fit.
But Rich! What about the tech?
Honestly there are so many solutions available today that bringing in a technical solution will not be a massive hurdle, one thing I have realised though is there is not going to be a single tech solution for this DAO, rather it will likely comprise a string of various solutions all working in harmony together. In this way we avoid becoming beholden to any single platform solution and keep the treasury assets and our loyalty as liquid as possible.
Everyone is already taken.
It’s true that many good people in this space are busy with there own projects and thats great for the entire space. The Bitjoinery in my mind will not emerge as a club or community, but more that of a choir. A bunch of people not necessarily with similar interests getting together semi-frequently to realise a performance piece together. And in doing so benefiting economically, professionally and socially by together getting their work to completion and on to distribution.