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S02

S02
02-23-26•s02.works/•contract

Project Overview

S02 is our second version of FundingWorks: a non-speculative model that builds long lasting partnerships between creators and supporters on Ethereum.

Mechanics

  • Supporters commit ETH to TokenWorks.
  • ETH is held inside a soulbound NFT and vested to us over time.
  • Supporters can burn their NFT to withdraw unspent funds, pro-rata.
  • New supporters can remint NFTs and pay the full mint price, sending the difference to the creator.

Backstory

  • I considered the first FundingWorks concept a huge success. We had 250 mints with only 112 burning over the course of the year.
  • After 2 duds (Cabalcoin and CTO), we hit a home run with PunkStrategy.
  • We gifted fees from the project to supporters, with each supporter receiving ~1.8e.
  • The model proved a success, making it clear that building with a tight-knit group of patrons and fewer constraints was the way to go.
  • We decided to run a second round of FundingWorks with some mechanism improvements in order to build our supporter base even more.

Mechanism Updates

  • Switched from a mint cap to an open edition. The majority of the burns last season were the latter half of mints, which was due to sell-out fomo (and not understanding the project).
  • Implemented a "remint" feature, allowing anyone to take over a burned slot and pay the full mint price. Last season, there was still demand as people were burning and sadly, there was nothing we could do to bring them in.
  • The difference in original mint price and the current "locked" price pays out to the creator instantly, and acts almost as a royalty.
  • Increased the initial payout from 10% to 20%. We felt as though minters should have more skin in the game at the start.
  • Half of the initial payout was used to buy and store $PNKSTR, as a way to show long-term commitment to our best project of Season 1.

The Launch

  • 7 day mint window, open edition.
  • Mints trickled in consistently over the course of the week.
  • 299 NFTs were minted for 1e each.

What Went Right

  • Everyone who wanted to support us was able to mint.
  • We received more mints than in S01.
  • We made it easy for people to mint multiple in 1 transaction. We also had users add an SVG signature fully onchain at time of minting. We believe this connected them more to the project and was very sharable.
  • As of 2 months post-mint, we've had 38 burns and 22 remints, which is extra value captured from the new remint mechanism we would have missed out on otherwise.
  • There have been no contract bugs so far.

Wrap-up

I think FundingWorks is one of the best mechanisms I've created. We've seen a few more creators launch on the platform since we've deployed. We've also had a few forks of the contracts from more skilled onchain creators.

We've been building out more updates to the FundingWorks platform that will incorporate all of the changes we made in Season 2. Teto has been hard at work revamping the frontend as I work on the smart contract side of things.

There is clear demand for supporting creators onchain. I think we are close to the sweet spot of really getting people interested in using the platform. As for our own S02 campaign, we plan to continue launching new ideas as they come to us (as of writing, we've already launched CMD), and keep maintaining PunkStrategy/TokenStrategy and the FundingWorks platform.