📟 The Pager: Disclosure x Zora
Don't Sleep Alert: The Zora Protocol
Man, oh, man!
Disclosure has been on an absolute fucking tear for the last few weeks by tokenizing their songs and artwork on Ethereum. They murked their last tokenized offering by earning 43 ETH ($76K+), from creating a song during a live Twitch stream, and then tokenizing the track on Zora to sell. On March 12th, 2021 they dropped their famous artwork, called "Disclosure Face" for sale.
Again, released on Zora. 👀
From the surface, as of late, it may look like Disclosure just sold some artwork and secured another bag worth $140k, and cashed in on the non-fungible hype.
THAT IS HELLA NOT THE CASE.
Lots of people missed the significance of the Disclosure Face drop, in particular, what Zora has enabled for the crypto space, period.
In this post, we intend to share some insights about what happened with Disclosure’s last non-fungible drop. Plus, why you should be taking a serious look at Zora and all its splendor. It's a good time to dig in, to find out if this new sector is something you want to be a part of as an investor, creator, or both. Anyone can build a non-fungible token. That is not the hard part. The challenge comes with being creative, fun, and most importantly creating value for your community with the token.
Hopefully, you will get some ideas. So off we go...
In honor of Disclosure figuring out the non-fungible game mad early, this lil write-up will be serving up some serious Disclosure Face on everything. Haaa!
Oh, and we will try NOT to mention it. We super feel you, sis!
Enjoy, NahRabbits 🐰
Mmmk, So What Happened Now? 🍿🛋️
Disclosure and Rosie Warden (the actual artist who drew the Disclosure Face) tokenized their artwork.
The new owner, named Delphi Digital (DD), outbid everyone and now owns the Disclosure Face non-fungible token.
Since Delphi Digital (DD) owns the tokenized version of the artwork, they also unlocked an additional perk from the digital asset. Delphi Digital gets a lifetime concert pass, plus they can invite 3 homies with them to ALL of the Disclosure shows worldwide, forever. Essentially, Disclosure’s non-fungible token unlocked a perpetual concert ticket 🎫 attached to the artwork. 🤯
Verified Blockchain Proof, BRUH!
The record of that transaction of the sale is now on the Ethereum BlockChain.
Zora showing the transaction
The caveat: As long as you hold the token, DD gets these perpetual concert goodies forever. GOOD SHIT!
“The current system is fucked, and we want out. We see the value we create and we want our piece of it, and not just a little bit”. -ZORA🌜🌞🌛
Zora Protocol is a universal market protocol for media ownership.
It is built on Ethereum. Zora Whitepaper Zora Auction
By using the Zora Protocol, Disclosure and Rosie Warden have guaranteed themselves a stream of “forever eva perks” on the secondary markets (example of secondary market: eBay, StockX, etc).
Disclosure benefits from using Zora in multiple ways:
Perpetual
Disclosure and Rosie Warden get paid on this tokenized artwork “forever eva” as long as ownership continuously changes and the token exists.
That means no matter how many times it changes ownership, Disclosure and Rosie Warden get royalties. Perpetual Equity, yall!
Creator’s Share
Per Zora Website
“In an ideal world, it is entirely reasonable that the artist should receive a share of the value they are creating over time—not just the first time they sell their work. “
“The creator share is set at the time of minting by the creator and is immutable, it can never be changed or updated”.
And Disclosure set their share of the pie themselves at 30%.
Open to Sell
Zora enables the seller to choose whoever they wanted to sell the token to. The seller doesn't have to pick the highest bid at all.
Per Zora Website
“The identity of the bidder is a meaningful factor in who you might sell your piece of media to. In the art world, and for cultural goods generally, the collector identity can be as important as the amount being bid”
Pop Quiz: Who would you rather sell your art to? Barack for $10k or HotAssMezz21 for $20k?
Our Answer: Creators should pick someone with clout if they can, for example, if Barack bid on our tokenized work. We’d probably want to sell it to Barack, not some random anonymous person. On the resell (the reUp), Barack would garner far more attention to the piece, right?
Sell-on Share
Per Zora Website
“The sell-on share is a percentage offered by the current bidder, and it is the percentage they are willing to give to the seller when they sell it.”
"Say you see two bids:
Kanye West, $100, 25% sell-on share
Anonymous, $10,000, 0% sell-on share
Choose Your Own Adventure 🗺️ 🧗🏾🚠
“If you select Kanye’s bid, you’re only receiving $100 upfront but if/when Kanye West sells it you will get a 25% cut. Given Kanye’s cultural prominence, his purchase can have an extremely meaningful impact on the value of the object and could lead to a higher return than accepting the $10,000 from the Anonymous bidder” -Zora.
✨Multi-Currency Use on Zora, Hell Yes!🌜🌞🌛
Out of all of the features from Zora’s Auction, being able to use ANY ERC20 token to bid on a piece, is fucking amazing for the crypto space!
“With this new system, people and their communities can truly create their own value, in a currency that matters to them, out of nothing.
“With an ever-growing number of stablecoins, community tokens, creator tokens, social tokens, platform tokens, and DAOs that each have their own value systems, it seems unreasonable to force everyone to conform to a single currency for bidding. With this in mind, anyone is able to bid in any ERC20 token of their choice.- Zora
Observation of the Disclosure Face Sale 🔍
•Four different types of currencies were bidding on Disclosure and Rosie Warden’s tokenized art. Typically, ETH tokens are the default to exchange for goods being sold on the Ethereum blockchain.
◦Disclosure selected Delphi Digital’s bid in USDC, which is a stable coin. That means, $140,000 won’t be subject to fluctuations in price, like ETH or the other tokens. They also have a “sell on share” of 20% attached too.
A UNISOCKS BID 🧦
What also stood out is 1.34 SOCKS tokens were put up for a bid. To each is own, but NahRabbits would have taken the $SOCKS bid, because that is a historic token representing the first tokenized socks on the blockchain from the decentralized exchange, Uniswap. The $SOCKS are extremely scarce, only 351 exist. The all-time high so far is $164,012 on March 4th for a pair of socks, yall. They are so scarce we can see $SOCKS going to well above $250k (not financial advice) and the resell of $SOCKS being worth more if you hodl long enough. Disclosure could turn those socks into something more unique. Or deposit the $SOCKS token into a defi protocol that mints another rare NFT. We are just brainstorming here, but it’s possible in the future. That is the dope thing about Etheruem is the composability. Everything in Ethereum world is like a lego that can be snapped together to create more and more value for a community.
$RAC was also used as a bid, which was a personal token from the music artist RAC.
Disclosure Face Market via Zora - All Bidders
⚠️Attention⚠️: Writers, Artists, Photographers, Investors, Rappers, Producers, Home Cooks, Designers etc...
Disclosure figured shit out fast. We expect more to come from them and others. There is some sick-ass arbitrage opportunity for anyone who figures out all this Ethereum /NFT stuff first. First Mover Advantage is a real thing. Even for you! This is the reason why 3LAU is winning so hard, as he understands Ethereum and what it is capable of doing. Once you figure out the Ethereum game, the world is your smart contract. Endless possibilities are here.
Thanks for reading, Fam!
NahRabbits ❤️
Nahrabbits created The Pager to communicate a mix of frequent messages to people about the not-so-obvious shit going down in tech and cool finance.
Giving you that real since 2019.
