Announcing Machi X DAO
Machi X is a collective of artists and patrons, curating and collecting digital art. The Machi X DAO is a member-directed organization where members pool resources, create proposals (Machi X Improvement Proposals, or MIPs) to improve Machi X, and approve governance changes for the Machi X ecosystem.
We believe in bridging the gap between the crypto-native and mainstream world through art. Through communal collaboration, we can make Machi X a fun and rewarding endeavor for all members.
The global art market in 2019 was estimated at $64.1 billion USD. Art galleries sell the bulk of art while charging 50% commission from artists. The world of non-fungible tokens (NFTs) has enabled patrons to discover more art, faster, while rewarding artists with a higher percentage of initial sale proceeds along with an ongoing royalty stream on secondary sales. Additionally, blockchain allows anyone to verify authenticity and provenance of the artwork.
With the Moloch DAO v2 framework, members will continue to evolve aspects of the Machi X DAO, bringing in meaningful participation and ownership for members.
Art Curation & Commission
1) Art pieces curated or commissioned and sold through Machi X.
2) Upon initial sale of curated pieces, artists receive 80% of proceeds, Machi X DAO receives 20%. This 20% will enter Machi X DAO guild bank, net of any platform fees.
3) All secondary sales provide artists with a 10% royalty of sale price.
The above process and the figures associated can be modified based on DAO vote.
MCX Token Economics
The MCX token is the native currency within the Machi X ecosystem, and serves as the governance token for the Machi X DAO. For every 10,000 MCX pledged, members will receive 1 share in the DAO. The utility of MCX can be modified as the Machi X DAO evolves, based on the decisions of the DAO members.
MCX tokens can be earned or bought from the marketplace. To buy MCX, visit the Uniswap decentralized exchange. MCX can be earned by parties who contribute to the growth and success of the Machi X DAO. Please join the Machi X discord for more info.
MCX holders may stake their MCX into liquidity pools to receive a share of the MCX liquidity provider reward pool. Holders of MCX may also receive rewards for governance and voting rights in the Machi X DAO.
Utility of the MCX token include:
- Governance/voting rights in the Machi X DAO
- Liquidity provider staking rewards
- Currency for purchasing Machi X Ecosystem art
MCX Rewards
An inflation of 50% on the circulating supply of MCX is planned for the 1 year period between June 1st 2020 through May 31st, 2021. This inflation will serve to reward activities that add to the Machi X ecosystem value as mentioned above. Future inflation rates will be determined by the DAO.
MCX Statistics
MCX Total Supply: 1,000,000,000 total supply
Circulating Supply: 300,000,000
June 2020 — May 2021 Inflation: up to 156,000,000, or 52% year over year
Supply to be Locked: 544,000,000 (in multi-sig)
To join the Machi X DAO, please refer to the Machi X DAO Onboarding Guide, and feel free to ask any questions in the Machi X discord.
Machi X Music
Machi X started as a music copyright marketplace ecosystem where fans, collectors, and patrons can buy and sell music copyrights. The platform received solid traction in Asia, listing 59 songs from Golden Melody Award-winning artists such as A-Mei, Jolin Tsai, Leehom Wang, Stanley Huang, and Nicky Lee.
The STYL music copyright token became the first asset token to list on the BinanceDEX, and will continue to trade on the BinanceDEX. The other 58 tokens will transition to Binance Smart Chain as BEP8 tokens in the second half of 2020. All Machi X-owned music copyright tokens will also move into the Machi X DAO Guild Bank, along with the stream of royalties associated with these songs. As we expand into crypto art, we will continue to manage our music token portfolio and its bi-annual royalty distribution process.
Listen to the Machi X catalog on Spotify via this link: https://open.spotify.com/playlist/14TfUCzpxsJyUv5j1xBGZI
Thank you to Peter Pan, summoner of MetaCartel DAO for input on our DAO structure and Dekan Brown, builder of DAOHaus/Pokemol for helping us get the Machi X DAO off the ground!
