Return of the Stolen CryptoVenetians | How We Move Forward
jbird
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Phil
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Bright Moments
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December 28th, 2021

TL;DR

Bright Moments has recovered 240 of the stolen CryptoVenetians from the August heist. BRT holders approved a snapshot proposal to distribute the recovered Venetians as follows:

  • 80 reserved for the benefit of the Venice Beach IRL community
  • 80 to be randomly distributed to CryptoGalactican holders
  • 80 to be sold to fund the project roadmap

This distribution process will begin immediately with the sale of 40 CryptoVenetians to the Flamingo DAO.

How We Got Here

CryptoVenetians launched on Art Blocks in June 2021 as the first IRL-only generative art minting project in Venice Beach, CA. The purpose of the project was to onboard people to crypto by giving them a free NFT. The design of CryptoVenetians (CVs) was inspired by real people in the local Venice community.

After gaining significant traction in the secondary markets from NFT collectors, a rogue DAO member used privileged access to heist the project in the middle of the night and mint out the contract (#692 to #999). They stole 309 CVs with a total market value of approximately 1,800 ETH, equivalent to around $5 million on the day.

In the weeks that followed, the DAO was able to recover 240 stolen CVs with help from the Bright Moments community. As we approach the end of 2021, we believe it is time to move forward and continue building our community. This shift coincides with the Bright Moments DAO transition from 10 million $BRT ERC-20 tokens to 10,000 CryptoCitizen NFTs as a way to provide the community with governance rights as holders.

On Nov 29th, the DAO passed Proposal BRT-3 to use 240 CryptoVenetians to grow and govern our CryptoCitizen community.

CryptoVenetian Distribution Plans

For each new city we enter, we will be distributing CryptoCitizen Golden Tokens to mint as follows:

  • 34% will be reserved for the local IRL community
  • 33% will be distributed to existing CryptoCitizens probabilistically
  • 33% will be sold to fund the project roadmap

Proposal BRT-3 applied this same distribution model to the 240 CryptoVenetians held in the Bright Moments treasury:

  • 33% (80) will be reserved for the IRL Venice Beach community
  • 33% (80) will be distributed to minted CryptoGalacticans using the Random Collector Selector (RCS) in early 2022
  • 33% (80) will be sold to fund the project roadmap

Next Steps

On Dec 29th, we will use our Random Collector Selector (RCS) on-chain VFR through Chainlink to randomly assign the 240 CryptoVenetians to 1 of these 3 categories outlined above.

The following steps will be followed:

  1. Index 240 CryptoVenetians: The 240 CryptoVenetians will be indexed and sorted in ascending order by TokenID. This Google Sheet can be viewed here
  2. Generate Random Number: This smart contract will be used to generate the numbers using Chainlink VFR (Verifiable Random Function). The output of this on-chain transaction will generate a list of numbers from 1 to 240, in a random order, to create the assignment index (RCS Output).
  3. Map RCS Output: Once the RCS output is determined, it will be mapped against the ascending ordered CryptoVenetian Index in Step 1.
  4. Post Results to IPFS: The corresponding CryptoVenetian index will be assigned to the distribution categories as follows:
    1. #1-80: Reserved for IRL Venice Beach community
    2. #81-160: Probabilistically airdropped to CryptoGalacticans
    3. #161-240: Sold to fund the project roadmap

For more information join our Discord here: https://discord.com/invite/brightmoments

- Bright Moments DAO

PS Someday there will be a movie about this.

Bright Moments Doc Teaser
Bright Moments Doc Teaser
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