$SHRP Governance: The First Proposals
Thanks for your patience, we’re back! It’s been a wild past month since I last wrote to you all and I’m back and ready to go. If you were someone who participated in the partybid for the song, this post is especially for you, but in the spirit of building and doing in public, this post is for everyone else as well! If you haven’t claimed you tokens but participated in the partybid, you can do so by heading to this link, connecting your wallet and claiming your $SHRP tokens. Just a few clicks.
If you need a quick recap of what $SHRP is, it’s the token for fractional ownership of the NFT that represents my song, Sharp, which sold for 3ETH at the beginning of the year, via a platform/protocol called partybid. Each person who contributed toward that 3 ETH valuation then claims a token, and that token is $SHRP. You can view the token on Etherscan here.
Today’s post is just breaking down the first two proposals for $SHRP holders to decide on. I think there’s something special about letting the community be a part of your growth as an artist, so this is an experiment in that. Let’s dig in:
Proposal 1: Streaming
This proposal is on whether or not we’ll be putting the song out on digital streaming platforms, such as Apple Music, Spotify & Tidal.
The Argument For
I think that in order for Sharp, the NFT, to be as successful as possible, it needs to have an opportunity to be heard as much as possible. NFTs aren’t tools designed to make whatever the token represents inaccessible, but (in my mind) designed to be able to create a relationship between the token holder and token creator. A song being on DSPs doesn’t devalue the NFT, and from some viewpoints could make the song more valuable. I personally don’t believe in the second half of the last sentence, but in the event that streaming metrics DO have an effect on the perceived value of the NFT represented by that song, then I want to take advantage of it.
The Argument Against
Sharp is a great song, if I do say so myself…but it’s also over 5 minutes long, so I’m not quite sure if there’s a benefit from being on streaming, as the song probably won’t hit a ton of playlists because the song is so long. Knowing that I’m also creating an…interesting amalgamation of different music styles, while rapping about anime and NFTs can make this a hard song to land next to other songs. There’s also the belief that if a song that exists as an NFT, if it’s on streaming services then it has a possibility to devalue the NFT because now the content is TOO accessible. I personally don’t believe the sentence you just read but I want to be sure I’m presenting both sides.
Proposal 2: Black Dave’s Payment
This proposal focuses on how much I’ll be getting paid, personally, for the song. The remainder of the money will be the “treasury” for the future endeavors around Sharp and its value creation. There are only 2 options here, .5 ETH and 1 ETH
The Argument for .5 ETH
Having sold for 3 ETH, and with the understanding that the remaining funds outside of my personal payment go toward the song, the extra .5 ETH if I don’t take 1 ETH amounts to around $1500 at the current price of Ethereum. With an extra $1500 there are lots of things that could be done to help with the future of a song. Whatever amount of that budget goes toward marketing efforts, music videos, playlisting efforts or any other promotion - another $1500 won’t hurt it. Also, if we wait on the price of Ethereum go to up a bit, then we’ll have even more than just that $1500. Every $200 the price of Ethereum increases, we’ll have an extra $100 to use for Sharp, which could prove helpful for this experiment (one I appreciate you guys taking part in).
The Argument for 1 ETH
Having sold for 3 ETH, and despite understanding that the remaining funds outside of my personal payment go toward the song, 1 ETH could really help me out personally, as well as in the creation of future NFTs. I have been using NFTs as my main source of income for a while now, and despite having very few bills, dropping so infrequently means that I need to fill gaps with a bit more money, as I’m never too sure when it’ll hit me next. I also have ideas for more NFTs that this money could be used for minting. The .5 ETH not going toward the song is worth having a little more financial peace of mind, especially with the understanding that while I have a handful of unsold NFTs, they may not move quickly, so this may be the one opportunity for a little bit.
Next Steps:
So, both of these proposals will be going live on Snapshot, where Sharp has its own page. After I spend the next few days sending DMs to everyone who hasn’t claimed their tokens, I’ll be posting the proposals for everyone to vote on. You should be able to go to each proposal there and vote individually, with each wallet that holds SHRP being able to vote only once, and your holding does not give you added power. I hope this works and goes well, this is honestly my first time using snapshot. I know one wallet contributed like 1/3 of the amount of the sale, so running this as 1 wallet = 1 vote is a way I hope to keep things sort of fair.
Thanks again for taking this journey with me. This is all an experiment in what music can look like in web3 and I’m grateful to be supported like this.