Blockchain Guide

About the Fund

We strongly believe in decentralization and feel that it is best to put the decisions that will shape the future of Web3 back into the hands of our community. This fund is designed to support upcoming projects, artists and creators in the NFT space and to drive the development of Web3 technologies.

Since the rise of NFTs, there has been no community fund that has effectively addressed diversification across all NFT asset classes such as digital art, collectibles, in-game assets and other tangible assets. We strive to be the first community fund that supports and collects the most popular projects across all industries including arts, education, media, finance, gaming, and technology.

How it works

Decentralized governance will significantly transform the way people interact in Web3 and will empower thousands of individuals around the world to participate in the NFT economy. At the core of the ChippyChaps fund is our community, we address the desire for new ways of governance over NFT projects, including collaborative aspects and democratic mechanisms.

We provide you with a platform to learn, ask questions and participate in the decisions that steer the future of Web3. Together the ChippyChaps owners have the ability to allocate the funds resources for the long-term growth and prosperity of ChippyChaps and the development of important pieces of the Web3 ecosystem.

1. Revenue sources

• The ChippyChaps Community Fund will be seeded by its founders with a percentage of the revenue generated via whitelist & primary sale.

• A further percentage of the royalties earned on secondary sales will go into the ChippyChaps Community Fund.

2. Proposals

• ChippyChaps can create and vote on governance proposals, which execute transactions on the Ethereum blockchain when they are approved.

• Each ChippyChap staked in the Incubator is entitled to submit one vote in all governance matters or they can delegate their vote to a third party.

• ChippyChaps use their voting abilities to direct the Community Fund and proposals can range from funding projects to more complex structures that interact with other contracts.

3. Platforms

Discourse

• Discourse provides us a venue for longer thought-provoking discussions around proposals and ChippyChaps Ecosystem. Topics can range from grant proposals, governance models, and the future of the Community Fund.

Snapshot

• Gnosis Snapshot is a decentralized voting system that makes governance simple and transparent for our users. Here, members can create and vote on proposals.

Gnosis Safe

• ChippyChaps implements the Gnosis Safe to store its treasury assets. Gnosis Safe is a widely used standard for enabling multi-sig control over an Ethereum address.

4. Rewards

• The ChippyChaps holders who actively participated in voting on proposals will receive rewards based on the performance of the projects in the Community Fund

• Rewards are to be distributed based on the length of time that the ChippyChap has been staked (see staking section for more detail).

5. Commercial Rights

• The best part about this is that all the commercial rights to the NFTs held by the community fund will be in your hands. This means that you can start creating using any of our NFTs, whether that is just to use it as a profile picture, to make a movie, or to even open a restaurant.

6. Future Direction

• Through the power of the community, the ChippyChaps Communtity Fund can evolve in a number of different directions. Any purchased NFTs can be lent, held, displayed in a digital art gallery, or used as collateral in other DeFi platforms. Members also reserve the right to fractionalize the NFT for the benefit of each Member. The direction is up to the Members and together have full discretion on how the NFTs will be used once acquired.

7. Disclaimer

• In accordance with legal advice, the fund will not begin as a Decentralised Autonomous Organisation (DAO). However, we intend to work towards making the fund a DAO in compliance with all legal requirements.

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