0.0 Summary
This BIP is to commit to creating 3 more Invisible Alchemy works (see BIP-46), one for each of the next three Periods, to be privately placed with collectors through MakersPlace.
The first Invisible Alchemy sold in a group show with MakersPlace during Miami Art Week (aka Art Basel Miami). The work sold to Pablo Rodriguez-Fraile, an influential digital art collector who has since made vocal support of Botto as a patron.
MakersPlace has received additional interest from large collectors who wish to acquire this artefact of Botto’s process, and MakersPlace has offered their concierge service to help place future iterations of Invisible Alchemy.
Final update: based on feedback, added a note and confirmed MakersPlace is open to the DAO deciding in a subsequent BIP to shift to an editioned approach for the 8th or 9th period. Note that this may require new terms based on additional support an edition would need.
1.0 Background
Invisible Alchemy is presented as an artefact of Botto’s process. It is a single ERC-7160 token, and each week it receives the top-voted discard over the course of one of Botto’s Periods. Functioning as an emergent sketchbook from Botto during the Period, it provides further framing to Botto’s weekly mints, depicting the ideas discarded along the way to creating a final work of art.
When a discarded fragment is pushed to the 7160, it forces a metadata update and becomes the displaying work for that week on the token. At the end of the Period, the ERC-7160 token shows 12 discarded fragments, which the collector can choose to swap between. The final discard pushed to the 7160 is the top voted discard of the Period, offering a capstone to the series and an exclamation point on the aspect of Botto’s process where works come close but never quite make it as a “true artwork”.
The first iteration of Invisible Alchemy sold for 5.5 ETH and came with a digital display that had Transient Labs's TRACE Chip directly connecting it to the 7160 token. This was experimental as part of a group show incorporating physical elements and added to the idea of the piece being a rare artefact.
You can see the proposal for it here, which includes more details on the technical functioning: https://forum.botto.com/d/73-bip-46-miami-art-week-basel-w-makersplace-transient-labs
The final presentation by MakersPlace and BottoDAO of the first iteration can be seen here:
https://www.botto.com/digest/invisible-alchemy
https://event.makersplace.com/drop/invisible-alchemy
1.1 Precedent of Process Works by Botto
Another precedent in terms of “process work” by Botto is Cluster:#069, which clustered similar fragments together and grouped them by relative similarity to each other in a grid, including the minted work Attempt Deepen from Genesis. Cluster:#069 was part of the “Simulation Sketchbook: Works in Progress” Show on Feral File and was minted and sold on Tezos. This work has been valuable in show exhibitions to help convey Botto’s process alongside its final artworks.
1.2 ERC-7160
ERC-7160 is an extension of the ERC-721 standard that allows for posting multiple metadata URIs (files) to a token, along with the ability to select which one is displayed. Importantly, ERC-7160 allows for new metadata to be added AND pinned as the displayed file in a single tx.
The effect is that the token would symbolize a self-updating sketchbook. Each week, the top-ranked Discard is sent to the contract with a forced metadata update such that the token features it. The next week, a new Discard is pushed, with the former one remaining accessible in the smart contract as a record of the archive of top-ranked discards. By sending to the ERC-7160 contract, no single fragment is getting listed, rather the contract functions as an archive of those that almost made it but got left on the cutting room floor.
1.3 The Next 3 Invisible Alchemy’s
For future iterations, we propose to offer the screen and TRACE chip as an at-cost option for the collector, but not have it included in the sale price of the work.
MakersPlace has proposed selling the first work at a price of 6ETH given the existing collector interest, and that we should raise the price in subsequent Periods in accordance with the market. Tentatively we are targeting 10 ETH in the 3rd or 4th iteration based on how the market for Botto’s works develops.
The first sale will give MakersPlace a 40% commission as Invisible Alchemy was displayed in Paris and they were able generate the interest from the cost of putting on the event. This is a discount on their standard event commission of 50%. Going forward the commission will be 15%.
2.0 Proposal Specifications
- Have MakersPlace privately place one Invisible Alchemy for each Period through the remainder of 2024 (3 Periods total)
- Each Invisible Alchemy will be a single ERC-7160, running 12 weeks, and called "Invisible Alchemy: [Theme]" with an initial image featuring Logo and name. There will be physical display option made available to the collector at their cost, but not in the sale price.
- BottoDAO will take the Discard with most VP in the first 12 rounds of each Period at set weekly interval of Tuesdays at 1600 EST, uploading artwork onto Arweave
- Server makes an API call to get all the data from Botto, then uses that data to update the contract and force a metadata refresh via backend service.
- There will be no discard for the 13th week as no new discards are made.
- Buyers may optionally purchase a digital display with a TRACE chip at their own cost. If they do so, Botto.eth mints ERC-721TL minted for Records and sends to the TRACE Chip to be applied to the display.
- At the end of the year we will re-evaluate the agreement and partnership with MakersPlace.
- Pricing will not fall below 6ETH, and we intend on raising the price up to 10ETH depending on the market and in discussions with MakersPlace.
- Commission will be 40% on the first sale, and the two other sales will be 15% commission.
- MP will retain 6 month exclusivity on the primary sale. If a sale is not made in the first 6 months, then it will be placed in Botto’s vault and exclusivity will end.
- We will reassess at the during Q4 on how to continue.
- MakersPlace is open to the DAO deciding in a subsequent BIP to shift to an editioned approach for the 8th or 9th period. Note that this may require new terms based on additional support an edition would need.
3.0 Budget
N/A
3.1 Revenue & Split
First sale:
- 6ETH
- Split is 60/40 Botto and MP
- Secondary: 10% Botto, 2.5% MP
Subsequent Sales
- Split: 85% Botto and 15% MP, 5% concierge fee charged to buyer
- Secondary: 10% Botto, 2.5% MP
4.0 Timeline [Tentative based on discussion]
BIP discussion March 15-19
Vote March 20-22
Sales are conducted prior to each Period beginning and the revenue share will be spread throughout the Period’s 12 weeks.
5.0 Benefits
- A work that helps frame Botto’s process
- Use of MakersPlace’s concierge service that provides white glove attention to influential collectors with to the traditional art world
- Additional revenue source
6.0 Risks
- Aesthetically unpleasing pieces are discarded and end up on the display and considered representative of Botto’s quality. (The collector Pablo has been very pleased with the images in the first iteration.)
