Open Web Sandbox AMA Recap: Chapter 1 Foundation
On the 26th of January, Open Web Sandbox welcomed Dede and JCB from Chapter 1 foundation to our weekly AMA. During the AMA we talked about C1’s history, objectives, and future projects. For a recap on the AMA keep reading this piece and check the YouTube recording out!
What is the C1 foundation?
Chapter 1 Foundation is a guild composed of artists that with the production and selling of their art help other artists get access to the necessary means to produce, mint, and sell NFTs.
“The way for artists to get involved is just to continue to create, the whole concept behind it is that the artists who create are the ones that help other artists create. Because once we can generate the revenue from the sales of the NFTs is going to be dumped back into creating these programs provides the artists with the means to create”.
C1 helps artists mint their work and use the 30% of the proceeds to fund more projects. By doing so they create a self reinforcing loop that benefits artists, C1, and the NEAR ecosystem.
The founders of C1 are seasoned musicians and music engineers dissatisfied with the way the current music industry’s exploitative schemes:
“The entertainment industry, the music industry is a disaster of an industry. Artists are constantly taken advantage of. It takes about a month of 1 million on Spotify in order to make the equivalent to a minimum wage paying job. I know people who write platinum selling singles and they don’t get paid.”
The current system makes it impossible for musicians and creators to make a living and to be fully independent from the industry’s wishes. C1 foundation has seen an opportunity on Web3 to change this state of affairs and help artists get what they deserve.
“So the utilization of smart contracts through Mintbase is brilliant and is an attractive feature for artists who want to get paid for creating. The fact that it’s instantaneous and the royalties splits are instantaneous is an excellent feature and is enough to draw people to the space if you are having a right opportunity to speak to them”.
The goal of C1 is to spread the good news of Web3 among artists and help them get their way around the new opportunities offered by the NEAR ecosystem and beyond.
What’s Coming Next?
Outreach and education are the main two pillars of the foundation’s program. From February, the C1 foundation will start its evangelisation tour in Nigeria which will bring to the onboarding of new artists and the beginning of a new phase for the guild.
The Guild is also actively planning on becoming a full fledged NGO to further its effectiveness and will continue to plan events for engaging the community like the ‘Future of NEAR music challenge”.