“A lot of work goes into creating those projects. What might look to you as just accessories plastered on a cylinder is actually a ton of effort”
Excellent point. I for one have dabbled with software for the creation of such things and am happy to admit you must have talent and skill to create art. Even cartoon art with clean lines, and simple colours are time consuming. Achieving a quality result is an effort.
“We’ve also put together the whole brand”
Perhaps you could elaborate on what is meant by ‘the whole brand’ is there more behind this than 10,000 NFTs created from combing all of the potential combinations of the 400 graphics with the cylinder?
Again I’m not sure what this means. I’m really not trying to belittle the work involved. Am I right in assuming by concept you mean the notion of anthropomorphized Sushi people? I think this concept is well established so that piece is not highly relevant to state.
Again, please don’t take this the wrong way I do enjoy that we are playing with the idea of adding an NFT to the Sushi Ecosystem. But what is the ecosystem that you’re pertaining to here specifically? I’m imagining perhaps you mean you’re going to create a world where these little anthropomorphic Sushi people dwell? Or is there another meaning I’m not seeing?
This would me the 10,000 NFTs? I think that is self explanatory. You did create them. They look pretty rad.
“We started working on this in August 2021 and have been in talks with Sushi since September.”
That’s awesome. Specifically though, how many hours of work was used to make these? You stated hundreds of hours so I’m curious what the ballpark is because we should be considering fair payment for work done not the time length the process was in the works. Also it is only unpaid if it isn’t accepted by Sushi and the community. So it’s important that we sort out the value of this and if it is something the people want. If it is good for Sushi then it makes sense that you are paid well for your works.
“And there’s still a lot of effort to put in before they go live”
“Our goal is not to mint and run”
Of course not and I respect the contributions you’ve made to Sushi in other ways and know you’re here to be part of the community. I just think we need to sort out if this is fair value or if this is being accepted without being considered without proper assessment of how much value it adds to the Sushi ecosystem. $200k after all is a lot of money. And that isn’t all you’re asking for. You are asking for $200k and then 50% of the fees from minting? I don’t know what the set price will be but we can ballpark some numbers and figure you’ll stand to make a pretty penny on top of that 200k. If these turn out to be highly valuable pieces in the Sushi Ecosystem you could take home millions for a 3 person team on a few hundred hours of work when Sushi could have done this through its own channels at a far lower price point.
Keep in mind this revenue you’re earning is revenue that would have potentially belonged to the Sushi brand / coffers / xSushi-stakers. This is important to consider.
Doing the legwork and putting forward a finished product is a good way to avoid healthy competition. It is important that we’re critical of the results of the work you’ve put in and realize that doing so in this way may have prevented us from getting a better product by hiring talent based on merit. We may be paying extraneous amounts for something inferior to what would be gained by having the work contracted through the channels we hope to create going forward with Sushi; by this I mean the team we hope to establish that will make good decisions that best suit the Sushi project as a whole, rather than giving individuals the ability to take extra value because they’re first to the finish line of a competition nobody else was aware of.
“If the NFTs catch on”
If they catch on and I’m understanding this correctly, you stand to receive 50% of royalties yourselves. It is interesting to think 3 individuals will benefit 50/50 from the Sushi brand. I think these numbers need to be seriously scrutinized. I am hoping a Sushi NFT catches on. It would be great for Sushi to have popular NFTs in-house. I think it is important that you’d be well compensated if that is the case. But I think if we give you these kinds of fees with just this initial offering you will no longer be incentivized to continue doing fine work on the path that still lies ahead for us all.
“doubling as a high-impact, slow-burning advertising campaign”
I’m not entirely seeing the way in which this works as an advertising campaign based on my understanding of NFTs. I will admit that I am less savvy in this department however and hope others will chime in on what the specifics are that will make this work as an advertising campaign. From my understanding people will use them possibly as a profile picture on Twitter when they bang out rants in tweet format? Maybe there are other places too? I suppose that does draw some attention, and if the NFTs look good that could be useful. I like this…
“We designed it to be a win-win-win: for the protocol, for xSushi holders, and of course for us.”
I think my concern is that the weightings are unbalanced given the size of the three parties. You are intending to make this wealth off the brand Sushi, and make this wealth from predominantly the current xSushi holders (Community), and the current cost to yourselves is, as you stated, the 100s of hours spent across three individuals. The Sushi brand has high value that would be funneled into this project if the xSushi holders (community) gives its blessing. The art and work is good and deserving of pay but I think it is fair to look at negotiating a more reasonable distribution of value to the three parties.
“See it that way: Sushi would benefit from a 100% baked initiative, with very little left to do but advertise it”
I do not disagree with this. It does benefit you heavily though too to come to a more reasonably negotiated sum since you have already sunk those hours into this project without first getting community blessing to do so. Your time commitment is apparent. These NFTs look interesting. I think it is in all parties interest if we consider the true value of this and work to determine if it has merit as a Miso offering that Sushi should stamp its name onto.
“We could have gone at it alone, and simply piggy-back the brand just like some other projects did”
I feel like this would earn you less, if any interest and so this point doesn’t need stating.
“But we are going the honest (and maybe bumpier) route of community governance”
And the more lucrative route. I think this is commendable either way though.
“BTW, as suggested by HHK, we are open to lift the initial 200k and pull it from the xSushi part. This way, the cost would be null for the protocol.”
This I’m not sure is the correct. $200k is great and you deserve it, if this NFT is a success and there is interest. I think though my bigger concern is that we need to consider how much profit would be made from fees. I’m going to throw out a random number for fun since I have no idea what the planned cost of these will be. And I’m going to be optimistic that we sell all 10k, since otherwise it suggests this project isn’t successful/useful to Sushi. Lets say $100 cost? Does that mean $50 in fees to you? If so that’s $1,000,000 on top of the $200,000. Then lets say they are resold too. I don’t know how high the royalty percentage would be so I can’t ballpark that. But so far we have $1.2 million in profits to you for under 1000 hours of work or 333.3 hrs each? $1200 an hour is a steep rate of pay for anyone to claim.
We need to be realistic here about how much this could generate to Sushi’s coffers as well and how much advertising it will do for us. $1,000,000 in revenue across xSushi holders is a drop in the bucket. So I think we’re more so hoping that there will be a lot of extra swapping (royalties for you) or that the advertising effect draws more people to use Sushi? We don’t even have Shoyu ready for these new people, who might only understand NFTs, to use. I think give this fact it could be implied that we could hire a team to develop something and get them to sink 1000 hours before Shoyu launch and have the two coincide as well… I don’t know if that is the best option but we should consider all avenues. This project is cool but I think you should come down considerably in what you’re asking, and in-so-doing, increase the value to Sushi Ecosystem via the change in weighting.
Much love, this criticism isn’t meant to indicate a dislike for this work. I think it’s great and I love the initiative you’ve put forward. I just want to help highlight some of the rational concerns I see. I suspect they may be shared by others and so it is important that somebody fleshes them out so that we can see if more suitable terms can be put forward so that there is a better chance of a proposal passing a vote.