Project Champions: Frank America#0610, Liquidiot#5975, Perchy#8133
Affiliation: Writers Guild, AV Guild
Authors: Frank America#0610, Liquidiot#5975, Redemption Fox#3726
Date created: 1/13/2023
Date posted: 1/17/2023
Funds requested: 1,096,500 BANK
Project wallet(s): 0xA4C7Aca8D49226355c5543a28c3DE0573F66494a
Own subDAO/Discord server: The Rug
Table of Contents
- PROJECT TEASER
- FINANCIAL IMPLICATIONS
- SEASONAL KPI
- FURTHER PROJECT CHANNELS
The Rug is a crypto comedy journalism outfit shipping the best in satire news related to web3. We’re a media property spun out of BanklessDAO and composed of (mostly) BanklessDAO members. We exist to help the industry not take itself so seriously.
Season 6 was more positive forward momentum for The Rug becoming a self-sustaining profit engine. We shipped 3+ funny tweets a week, 1 weekly satirical article on Mirror, 1 podcast and 1 newsletter a month, and 2 newspaper-style NFTs this season. Instead of selling our first NFT, we received a beta-launch greenlight from Mirror to offer a time-locked NFT on Ethereum mainchain that required subscribing in order to mint. We saw 189 wallet addresses mint Vol. II Issue #1 of The Rug NFT, and reached a total of 295 Mirror subs as a result, all of whom are now potential customers receiving emails when we publish.
We’ll be launching Vol II Issue #2 of The Rug NFT in January, and will be selling it for .02 ETH with a mint window of 1 week… Our weekly articles on Mirror, also minted on chain via Optimism, netted an additional 188 collected at .002 ETH per article (Currently $2-3), generating an earning of .376 ETH. We’ll distribute 10% of these earnings to BanklessVault.eth at End of S6. We only see our collector’s potential going northward from here.
S6 Stats: [The Rug] S6 Influencer Stats
- Airdropped Lil Ruggy NFT to >250 Vol. 1 NFT Holders
- Published 12 Hilarious Articles on Mirror
- 188 NFTs Collected on Mirror via Optimism (Earned .376 ETH)
- Deployed 6 Newsletters
- Launched Vol 2 Issue 1 NFT (Netted 256 subscribers on Mirror, now a top-funnel for future NFT collectors) with Volume 2 Issue 2 publishing this month.
- Recorded 3 ‘Under The Rug’ Podcasts
- Reached just under 4K followers on Twitter
At the intersection of comedy and crypto we saw a vacuum. See Frank America’s appearance on the Quorum podcast for a detailed explanation.
Total Estimation for S7: 1,096,500 BANK = 1,316,500 (S7 budget) - 220,000 (carryover)
Project and Compensation Breakdown
See budget link here: [The Rug] S7 Budget
All assignments and payouts are tethered to action items submitted weekly and accounted for through DeWork.
SEASONAL 6 KPIs
- Ship 12 articles on Mirror (100%)
- Earned .376 ETH (N/A) - [Will distribute 10% back to BanklessVault.eth end of S6)
- Reach 5K Twitter Followers (78.46%)
SEASONAL 7 KPIs
- Earn 1.5 ETH via NFTs (Distribute 10% back to BanklessVault.eth)
- Reach +300 articles collected on Optimism
- Surpass 5K Followers on Twitter (Currently ~3,900+)
Our commitment is that we’re building awareness around the cryptocurrency space through comedy and humor as a revenue-seeking entity, a for-profit brand and project spun up out of BanklessDAO that returns profits back to the Treasury. We were self-funded from S1-S4, and still returned 10% of profits on NFT sales back to the Treasury.
The Rug is a media property spun up out of BanklessDAO. An attribution and link to BanklessDAO’s bankless.community page is at the bottom of TheRugNews.com.
FURTHER PROJECT CHANNELS
For all project links (Newsletter, Mirror, Twitter, etc.):
- Yes, I support this proposal
- No, I do not support this proposal