In anticipation of our upcoming launch, we’re officially announcing our Initial NFT Offering which is the first part of a two part Fair Launch strategy, and aims to distribute supply of BLKD as fairly as possible among our early on-chain supporters and supporters of Black and African builders across Web3 alike.
By participating in the primary mint of Abstract Diaspora Club (formerly ‘Friends of Basquiat’), users can secure a bag of BLKD, at initial price discovery, in a non-competitive environment. The public sale will be through custom contracts, on our native website, created and facilitated by our friends over at Nervous Net. This sale will not only allow for an easy way to conduct a presale to bootstrap the protocol’s liquidity, it’ll also help us identify our earliest users and adopters. NFT holders will also be the first beneficiaries of the rewards and additional permissions offered through our DeFi arm.
As our first NFT collection, we will focus on honoring one of the most prominent and highest selling, post-mortem, Black painters and artists of all time, Jean Michael-Basquiat, in collaboration with Animation artist, and musician HighWestHus.
These generative pieces will include elements inspired by his signature style of abstract expressionism, while also including attributes representing diversity and inclusion. Effectively giving our platform an aesthetic identity outside of our economic structure and mission, while also providing initial liquidity to treasury and LPs.
Mint Price: 0.05 ETH
No Whitelists No Private Sale
No Discord Grinding
Similar to popular art generating reserve currency projects, such as Squid DAO and NOUNS, this collection aims to bring a stream of revenue to our DAO’s treasury, and support our commitment to funding Black and African creatives. In addition, these tokens will act as a non-inflationary tool and an effective alternative to excessive rebasing tokenomics.
Public mint purchases will be done Ethereum mainnet.
It will open on June 10th, 2022 at 06:00 UTC, and will run until June 16th, 2022 at 06:00 UTC.
On the presale public mint launch date, there will be a post in the #announcements channel of our community Discord and Twitter detailing how to participate. Users will have until the end of the pre-sale period to mint an NFT (Mint price around 0.05 ETH) on our native website, to be eligible to receive the initial token.
The Primary Sale Allocation:
10% - The Artist
10% - Nervous Net
10% - Team & Partnerships
70% - Treasury (SLPs)
Users will then be airdropped BLKD tokens once the protocol is deployed to mainnet. While the pre-sale period will only last a week, mint will be ongoing until the collection sells out. Once the presale is complete, additional primary sale allocations will be subject to governance. Again its important to note that the NFTs will also act as a signifier of our platform's earliest supporters which will lead to future rewards and permissions within the ecosystem.
The majority of contributed ETH will then be paired with BLKD tokens in our treasury and added to SushiSwap Liquidity Pools (SLPs). Note that once added, liquidity tokens will not be removed from the LP pools and will be locked in perpetuity in the Treasury. Once the presale is complete, additional primary sale allocations will be subject to governance.
In practice this means that the pre-sale mint will be the first price discovery event for BLKD. See our documentation for more information on the breakdown of the initial mint and token allocation. For more details on the Abstract Diaspora collection, check out our previous post here.
By contributing to the presale you are funding the SLPs, and bootstrapping the protocol’s liquidity pools.
Initial NFT Offerings have been used successfully by many teams to successfully distribute tokens to their community, and they provide powerful tools for doing so in a capital efficient manner, but they also require capital in order to bootstrap them. This cost has up until this point been handled internally by our core contributors and through the support of our partners over at The Raid Guild and OlympusDAO.
Deploying our Fair Launch Strategy in the coming weeks will enable The Black DAO to efficiently bootstrap and reward community participation, without the need for external funding (from VCs, etc) to kick start the protocol.
Please keep in mind that this is a high risk economic experiment, and like all crypto investments, we do no recommend to contribute to BLK Finance with funds that you can’t afford to lose**. No statements made by the Black DAO in any capacity, or medium, should be viewed as financial advice.
The smart contracts for BLK Finance are currently undergoing audits by Spade Solidity Audits. They have also undergone thorough informal internal and external review by multiple 3rd-parties. While results of the audit are optimistic, the report wont be released to the public until after contract deployment. However, the report will be released prior to the protocol.
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