A person with a sustainable business idea in mind is coming to Stitchia Network only via a Genesis NFT ticket owner’s endorsement, or a STITCH token backer proposal. After submission of a pre-approval request form with basic details attached (initiation stage), the core team and at least one Ticket holder’s endorsement, the idea is placed for a Network Vote (Accept or Not); If accepted, the idea moves into the next inception stage, including: NFT design, creation and minting & listing on Stitchia Marketplace.
An eco guy named John wants to use the plastic waste in his city to create sportswear. For this idea he needs money to move things forward. He has a friend who is an artist and they are drawing 1,000 plastic correlated 3D cool looking images. John wants to use Stitchia Network to back up and support his idea by selling a range of drawings (also could use one of our artists to create that collection) as an NFT collection.
Via the endorsement of a Genesis NFT ticket holder, he fills in a pre-approval request form (with a brief review on him and his work) which is being submitted for review firstly by the core team of Stitchia Network, but also to the existing Genesis NFT ticket community – entire pre-approval and endorsement process to be fully decentralized by the StitchiaDAO.
Once the core team and least one Genesis NFT ticket owner endorse/like the idea, John’s proposal is placed for a final vote by Stitchia Network members, and if affirmative (at least 51% of votes in favour), process moves into theinceptions stage,
where core team, alongside Stitchia NFT ticket endorser(s) support John to design, create, mint and list a NFT collection which would be used to bootstrap his funding needs.
Alternatively, John could even purchase a Genesis NFT ticket (if they are still available on stitchia.network) and endorse and list the pre-approval request form by himself.
Let’s assume his idea is already being endorsed and approved and it moves into the inception stage, where the team of Stitchia alongside endorser(s) would shape and plan technical, and design work needed, alongside marketing campaign and minting process.
John’s initiative and the NFT artist behind the idea would keep getting royalties of 3% on each and every resale that incurs afterward. After the NFT collection is minted - free airdrop to the Tailors, 50% of the Makers and guaranteed allocation for the Cutters. The remaining NFTs would be left for the public to mint.
Let’s draw a line where the funds are collected – $200,000 – from which $180,000 (90%) goes to John’s initiative, and his organization would receive the funds in phases directly in crypto (ETH or MATIC), based on the pre-agreed deliverables/milestones proposed by him in the application form. Whilst the remaining 10% would be split into – 5% to development of the NFT collection, and 5% dedicated to StitchiaDAO treasury.
Here at Stitchia Network we envision a transparent and fair lifetime royalties distribution of 5% as follows:
3% for the NFT artist/creator.
2% for Stitchia Network Treasury
*When an NFT is sold/resold a % could go to the creator of the collection.