Commissioning Artwork: Ikigai Labs commissions an artist to create a new piece of artwork. The artist is paid $6900 for their work, which will be tokenized into a limited edition NFT with a maximum supply of 99.
Membership NFTs: Holders of the Membership NFT will have the exclusive right to mint this new artwork NFT for free. This could be seen as a reward for their support and loyalty to Ikigai Labs. This approach has the potential to increase the value of the Membership NFT, as it provides access to exclusive benefits.
Limited Supply: By capping the supply at 99, each NFT retains a level of rarity, which could drive up its value over time. This scarcity can create a sense of exclusivity and demand.
Community Engagement: This model can foster a stronger community as collectors will be incentivized to hold the Membership NFT and actively participate in platform activities to receive these exclusive benefits.
Revenue: While the initial minting may be free for Membership NFT holders, Ikigai Labs can still generate revenue from secondary sales if you implement a royalty fee on each transaction.
This approach aligns well with the 'Proof of Patronage' model you're implementing for collectors, as it directly rewards their active participation and commitment to the platform. It also provides additional incentives for more collectors to hold the Membership NFT and actively participate in the Ikigai Labs ecosystem.
To determine how many Membership NFTs you would need to sell to commission 10 artworks a year (at $6900 per artwork), you would first calculate the total cost of the commissioned artwork for a year.
$6900 * 10 = $69,000
This is the total amount you would need to cover through the sale of Membership NFTs. If we assume the price of one Membership NFT, you could divide the total cost by the price of one Membership NFT to find out how many you need to sell. For example, if one Membership NFT costs $1000:
$69,000 / $1000 = 69 Membership NFTs
So, you would need to sell 69 Membership NFTs (rounding up to the nearest whole number) in order to cover the cost of commissioning 10 artworks a year.