As Legal Guild understands, down the road, C1 intends to generate a separate stream of funding for further micro studios by raising funds through crowdfunding, then a DAO, through its members, would choose what specific micro studios to fund.
- Overview of Use – Case
- The Use Case: C1 Guild
- Wrapped DAO
- NFTs & Licensing Considerations
- About This Document
Annex: Artist Incubator Template Agreement
THE USE CASE: C1 GUILD
At its core, C1 Guild (C1) intends to be an incubator and patron for artists, both in the music and arts industry. To start, C1 intends to set up micro recording & art studios globally, starting with Canada, Nigeria, and Cameroon. With these “micro studios” C1 will provide free creative space, where participants will learn how to create the content they desire, onboard other users to NEAR, and teach how to mint and sell their work, whether art or music-centered. C1’s inspiration stems from the desire to benefit local communities by providing a productive place to create while helping the less fortunate generate their own revenue streams.
In order to ensure long-term operations, a portion of all proceeds coming from the sale of NFTs created in C1 micro studios will be used to expand and build more micro studios so we can reach and help more people.
As LG understands, down the road, C1 intends to generate a separate stream of funding for further micro studios by raising funds through crowdfunding, then a DAO, through its members, would choose what specific micro studios to fund.
As it stands, C1’s overall project touches on several different legal considerations. As focused on in this Use – Case, LG will explore the legal necessities of forming a legal entity to protect participants from liability, as well as the importance of fleshing out parties’ respective rights to intellectual property created in these micro studios.
C1’s Specific Queries:
- Can the venture use a foundation structure?
- Can the resulting entity obtain a bank account and a reliable on/off ramp for crypto to fiat given the need for liquidity in order to fund C1 Guild’s planned scope of operations?
- How should C1 Guild obtain the intellectual property rights to music made through the venture?
- What considerations should the C1 Guild take into account when releasing music as NFTs?
"The Near Legal Guild has provided C1 with a clear path for operating as an official NGO and DAO. The advice surrounding NFT rights is incredibly helpful for easing the minds of art contributors who fear loss of ownership with the sale of their NFT. C1 plans to grow with confidence, and the confidence stems from an understanding of our legal rights and ability to protect our artists."