Good Karma Records DAO

Good Karma Records is a community owned record label committed to elevating the next era of artists.

It’s backed by a shared treasury to launch exclusive NFT projects, host live events, and remove label power structures to help artists grow and thrive in web3.

What We Noticed

Music has become an integral part of most of our daily lives. We listen to it to work, to dance, to heal, and to compliment the general flow of our routines. It can help put a voice to our thoughts, inspire us to grow, and build communities of like minded people. But, there’s never been a clear career path for the very creators we rely on.

Musicians have always had to either:

  • Sign the majority of their ownership away to labels, or
  • Remain independent and fight an uphill battle.

The barrier to live off music is too high. Fans have no way of backing their favorite artists’ careers, or being vested in the growth of new artists they love and believe in. That’s where Good Karma Records comes in.

What We Created

Good Karma Records empowers web3 artist communities, builds deeper relationships between fans, and provides deals that fairly serve both parties. Everything is governed by the $KARMA token - used to vote on how to run the label.

Members earn $KARMA for signing artists, doing creative work (production, graphic design, mixing, etc.) and contributing to the day to day operations of the DAO.

Artists are allocated $KARMA upon signing - giving them direct incentives to share in the growth of the label and its roster. The amount of $KARMA allocated to each artist will be voted by the DAO at signing, though every artist will be earmarked a base amount of tokens to participate in governance.

Artists are pitched on a rolling basis, with signing taking place quarterly. Artists pitched to the DAO will be onboarding using a Mirror Token Race - allowing DAO members to vote directly for their favorite act(s) using $KARMA tokens.

Each quarter will be rolled into a new Season - allowing the DAO to elevate key contributors and focus on each wave’s unique brand positioning.

A percentage of all on-chain royalties will be added to a community treasury - found at goodkarmarecords.eth. The exact percentage will be determined through governance following the DAO’s inception.

All funds earned by Good Karma Records will be held in community treasury and governed using $KARMA tokens.

By working with premier web3 music platforms like Audius, Catalog, Sound and Arpeggi, we’ll develop the next frontier of artists just as innovative as the platforms they’re hosted on.

Who’s Doing It

My name is Grady.

I’m an artist that’s grown tired of seeing myself and countless others have their work undervalued. I’ve worked with every major label, making records across multiple genres and generating over a quarter billion streams on Spotify alone - all while finding one thing to be consistent.

The biggest piece of the pie is never given to the one who baked it.

I always knew there was something wrong. I’ve spent years looking for a way to empower myself and my friends without signing to major labels. I knew that fans were the true unlock - not the few executives sitting in a corner office.

It’s the millions of kids who press play, show up to the concerts, and buy merch who really matter.

It’s time for a convergence between fans and the artists they supported. After setting the record for highest sale on Catalog, I realized that web3 was going to be the place where this could finally happen.

Web3 is where artists thrive and fans are a real part of their growth. I’ve watched friends go from delivery drivers and sleeping on couches to crying tears of joy as they sold their first NFTs.

And now - it’s your chance to grow this as a family.

How We’re Doing It

Good Karma Records is raising 20 ETH to fund our first Season of artists - including but not limited to:

  • Creative direction
  • Graphic design
  • Mixing and mastering
  • Production
  • Marketing
  • Tokenization
  • Merchandise
  • Venue rentals

Expenses will be shared with the DAO and batched into monthly budgets for approval. Where possible, collaborators will be offered to be compensated partially in $KARMA tokens.

Inspired by RAW DAO, Good Karma Records may also use ETH to acquire some percentage of every signed artist's first NFTs, stored in the community treasury and governed by $KARMA holders.

Prior to signing any artists, Good Karma Records will host a live event in Los Angeles to showcase potential signees and established talent. The event is likely to offer an IRL minting experience and provide exclusive access for $KARMA holders.

Good Karma NFTs

To join Good Karma Records, interested parties can collect the Karma DAO Genesis NFT.

There are a total of 100 Genesis NFTs offered for the first Season, each priced at 0.2 ETH.

All ETH contributed to the purchase of the NFTs will return $KARMA tokens at a rate of 100 $KARMA per 0.1 ETH.

Holders of Genesis NFTs are granted access to the Good Karma Records private Discord, along with receiving a +1 to the first event in LA.

Additional utility around the Genesis NFTs may be voted in through governance, though the primary purpose is to give founding contributors a sentimental token to commemorate their participation in the DAOs creation.

Token Distribution

Soft Cap: 10 ETH

Hard Cap: 20 ETH

The official contact address for $KARMA is

0xf669F717AB2980A86078f4196dcAAFcBE4AF8577

20% of $KARMA tokens are being offered in this crowdfund.

The remaining 80% of $KARMA tokens will be retained by the Community Treasury - to be distributed as $KARMA holders see fit.

The initial proposition for the breakdown of $KARMA tokens should include an allocation for core contributors, and for artists signed by the DAO. These allocations will be ratified through governance following the completion of the crowdfund.

$KARMA holders reserve the right to issue additional tokens and to conduct future treasury diversifications following the completion of the first Season.

Roadmap

Good Karma Records will be rolled out in the following order.

  • Crowdfund launches
  • Crowdfund Ends, $KARMA distributed.
  • Ratify $KARMA distribution and label mechanics.
  • Propose first artists to sign.
  • Vote on date and location for the first showcase.
  • Host first artist showcase
  • Vote on the first artist(s) signed to Good Karma Records.
  • Public announcement of signing and rollout strategy.
  • First single released

Following the completion of the first artist rollout, DAO members will assess and evaluate the process with ambitions to improve on the next Season.

All key targets provided above and subject to approval by $KARMA holders.

What’s Next

The time for a community-owned record label is now.

While the process for breaking an artist in web3 is unsolved, Good Karma Records offers a meaningful attempt to coordinate passionate individuals around the shared mission of creating a new path for music.

To the dozens of individuals who have contributed to the early iterations of Good Karma Records - thank you for your support.

Together we will create a brighter future.

It all starts today - welcome to Good Karma Records.

Backers
1 Edition
Collectable NFTs available exclusively for backers.