The seen.haus auctions will generate revenue by taking a 15% fee for every sale made on the platform. If the community would like to change that fee, they can do so through the governance portal. The remaining percentage of sales will go directly to the artist. At launch, all sales will be denominated in ETH, but this is something that can be changed in the future through the governance portal as well.
As SEEN starts to bring in revenue, those funds will be held in the SEEN smart treasury. This treasury will be a private Balancer pool. It will initially be 50% SEEN and 50% ETH. As the auction protocol grows, governance can vote in new tokens to accept bids in. When this happens the pool can expand its holdings to these tokens as well. In the sections below, we will explain why we chose to use a smart pool and how it will benefit seen.haus governance.
Automatic SEEN Buybacks:
When an auction is completed, the 15% fee can be sent straight into the smart pool as a single sided liquidity deposit. That means 50% of whatever is deposited will market buy SEEN from the treasury. This will help secure the network and maintain demand for SEEN, which will defend against malicious governance accumulating too many tokens.
Token Distributions To Good Actors:
A large pool of SEEN governed by the protocol will allow for continuous token distribution to those who are helping keep the auctions running and healthy. Instead of having insane token emmision models or the ability to mint more SEEN, seen.haus governance can pull SEEN tokens directly from the smart pool. It will be key for governance to correctly decide on issuance to good actors such as governance voters and auction bidders. As long as the protocol fees coming in are higher than the SEEN rewards going out, the platform’s treasury will continue to accumulate funds.
Protocol Liquidity By Default
The smart pool will allow for governance to manage an open liquidity pool for SEEN. This also means that the system will be accumulating trading fees on SEEN traded in the pool. Governance can start the pool out with a very high trading fee (1–2%) while the protocol is still young and finding its footing. As price discovery continues, the fee can be lowered.
- 15% to the seen.haus team
- 60% to off — blue NFT token holders*
- 7.5% to blue kirby NFT token holders
- 7.5% auction bid token mining
- 10% to the seen.haus smart treasury pool
*The team wanted to make sure the initial off — blue supporters were appropriately rewarded. Based on current token refund claims, we estimate that off — blue NFT holders will get about 70% more SEEN (750 SEEN vs 450 BLUE) than they would have received in BLUE.
Seen Team Token Vesting
The seen.haus team’s tokens will be vested over 12 months. All tokens are locked until a 50% cliff vesting after 6 months. Then 8.3% of the tokens will vest each month until vesting is completed.
If you do not wish to support seen.haus, please claim your refund here:
You can exchange your NFTs for ETH. The claim window is open for 14 days. To support seen.haus, keep your NFTs.
Your funds will be moved into a multisig wallet and used to build the project:
Those who hold their NFT’s will be rewarded with SEEN in the next few days.
Please note: Halfrekt & yGov stakers will not be eligible for SEEN rewards.
We look forward to sharing with you and the world what we’re working on.
The first auction will begin on 10/26 at 9AM EST.
- the seen team