the Endless collection of machines, the NFT project funding the film based on Camila Russo’s bestselling book on Ethereum, has announced plans for NFT holders to form a decentralized organization that will have a seat at the film’s producers’ table.
Proceeds from The Infinite Machine NFT mints are distributed so that 10% of the funds go to a community treasury, intended to seed the future DAO. 22.5% of the revenue goes to the 36 participating artists, and the rest goes to the film’s production budget, up to $16 million. Once the film’s budget is covered, 50% is used to finance the DAO.
The DAO Infinite Machine will be managed by its three founders – Russo, Francisco Gordillo and Alejandro Miranda – and a number of delegates chosen by the community. The delegates will become credited associate producers of the film, and the DAO itself will become an executive producer, with direct influence on the making of the film. The DAO’s governance structure and delegation process will be announced after the third and final strike.
“The Infinite Machine DAO will be a community of individuals whose lives have been shaped and changed by Ethereum and who are passionate about giving back to the network,” Russo said.
“The group will champion the message of self-sovereignty and decentralization, opening eyes around the world to this alternative society where individuals can own their assets and information, and have greater control over their own destiny.”
The announcement comes ahead of the second of three NFT sales, scheduled for this Sunday, January 16 at 10:00 p.m. UTC, when 3,000 of the 10,499 NFTs in the collection will be sold at a fixed price to be announced on Saturday. More information can be found on the strike place.
Whitelisted addresses, which will mostly come from the project open discord server, will have a chance to strike in front of the general public.
The project sold all 2,100 NFTs he offered in his first sale, which was held on December 20, in 28 hours. It raised 168 ETH, with NFTs priced at 0.08 ETH per token. Contributing artists, who come from emerging countries such as Cuba, Argentina, Venezuela, Kenya, India, Bolivia and Chile, received 1.05 ETH each from this first sale.
Once the entire collection is created, the rarity traits of the NFTs will be revealed, giving holders a chance to receive movie-related perks, including the chance to appear as an extra in the movie, a VIP pass for the premiere, an invitation to visit the live set, and more.
The Infinite Machine movie will be the first initiative supported by the DAO, after which other projects that amplify the message of Ethereum and decentralization across the world will follow. The DAO’s ultimate goal is to become a major player in supporting Ethereum-centric audiovisual and educational projects.
Read the original post at the defiant.