0.0 Summary
This proposal requests changes to sales and minting parameters for the Art Basel Hong Kong installation in order to accommodate the evolving nature of the work’s interconnected pieces.
Updates to the changes in the system can be seen in the Discord here and provides much more detail on current status of the installation development.
1.0 Background
The original BIP-91 required an additional vote if there were changes to make on mint parameters, revenue distribution parameters, and budget overrun >15%.
We are within budget and do not plan on changing the revenue distribution.
Given changes to the system, the mint and sales parameters do need to change, and ideally even remain flexible for the core contributors to decide to give us freedom to adjust.
The original specs of BIP-91 were as follows:
Final canvases (4 individual + 1 group):
5 unique works, each representing the complete evolution over the fair's duration
Includes: final canvas state, full video documentation of evolution, protocol inscription
Auctioned live throughout the creation process until the fair closes
Gaze recognition artifacts:
Unlimited edition for those who successfully participate (given free or sold at low price point ~$50-100)
Corresponding NFTs (free to claim, gas fees only), option: with revenue share claim that is airdropped
1 Botto Genesis (secondary)
Physical reproduction + NFT ($200k-300k)
Royalty would be 10%, plus we would propose an additional 10% commission.
We may also add additional secondary works pending space and availability.
1.1 New Parameters
1.1.1 Final Canvasses
Auction
Since early in production, we identified that auctions would be sub-optimal for live-generated works during a 5-day event. The biggest buyers come on the first 2 days, and so auctions closing later in the week is sub-optimal.
We propose opting for buy-now pricing instead of the auction format.
Final Canvas Series Number
We are continuously iterating on generation methods that do not degrade over time, honor Botto’s autonomous authorship, and allow for a pacing in the live interactions that are well balanced. This impacts how far Botto can push a work over a given time period, and Botto’s own determination of whether a work is done.
Given the above, we request flexibility on determining the final series number.
Pricing
The pricing ultimately depends on the series number and we are feeling out the market for the optimal balance between series number and price.
We can also price at a sliding scale, where the earlier works are cheaper and final works are more expensive once they’ve gotten more credibility.
1.1.2 Gaze Recognition Artefacts
We believe these will be most powerful if not charged for and that they receive a portion of proceeds in the form of $BOTTO. Given participants will not be fully in control of whether they are “seen” or not, we do not think it is right to charge them to receive their token of participation. Further, having a payout for the contribution maintains the economy portion of Botto’s trinity and makes for a powerful activation in driving participation, conveying the wholeness of Botto’s system, and ultimately bringing on new membership.
The $BOTTO is sourced by using proceeds from the installation net the costs of the booth to buy back $BOTTO and distribute as a stake in governance.
1.1.3 Secondary Works + Works from Treasury
We have secured the Genesis Attempt Deepen for a Secondary sale and it will be presented as a 4’x4’ framed canvas reproduction produced with matr labs that the collector is covering. Given they are fronting the cost of production, a 10% commission will not be counted until that is recouped. The 10% royalty will be paid regardless of final sale price.
We propose also pricing works from the treasury to have ready to sell given the fair is a good moment to make sales.
We have 8x 13th mints, and 2x p5.js works in treasury.
The first 13th mint sold was at Sotheby's for $31,200 USD
We propose that the remaining be priced around 20k. The p5.js works can also be priced at the average sale price from the show at 20k.
We propose these not be listed publicly unless the final main collection shrinks, and be made available only privately during the course of Art Basel and for a short period of about 1 month after.
1.1.4 Open Edition or Limited Edition Print with Art Basel
We have mentioned doing an open edition of the seed image, primarily sold online. We may have multiple seeds, so the open editions could be open just as long as the generation on top of that seed is running.
OEs would balance with the theme of the transforming image and which matters more: the original seed or the transformation. An OE creating a wide distribution at an accessible price further juxtaposes the two together and drives the question of what images matter.
Pricing for the open edition we would set at $10-$100.
Art Basel may offer the chance to do a limited edition collaboration with Iconic Moments.
2.0 Proposal Specifications
This proposal delegates to the core contributors producing Botto's Art Basel Hong Kong installation the decision to determine final mint and pricing parameters in order to accommodate the evolving nature of the installation, the current market conditions, venue constraints and the new collector group in Hong Kong.
It would also empower them to sell the 13th mints and p5.js works from Botto's treasury for a price point around 20,000 USD for up through June 1st, 2026.
3.0 Budget
No budget changes
4.0 Risks and Mitigations
In many ways this proposal is to maximize the mitigation options available to ensure the show is successful financially and reputationally, whereas relying on full ratification of the DAO increases rigidity and risk in this case.
We also acknowledge the trust being put into the core contributors to price effectively and the deviation from the traditional auction format.
In terms of framing, we see this as an adaptation to the venue and conceptually fitting to that space.
