If a bar opts out, donation proceeds for those NFTs will remain in the Dive Bar Fund until the next DAO vote.
Nominations or votes containing language deemed to harass, abuse or harm another party will be automatically disqualified, and NFT donation proceeds will go into the Dive Bar Fund.
Each Dive Bar NFT purchased enables a DAO vote.
Dive Bar DAO voting dates are determined when net donation proceeds reach $20,000. The DAO will then have seven business days to submit a vote on which qualified nominated local bar they think most deserves to win.
When the DBF reaches $20,000, the DAO will vote on which bar will receive said amount.
Upcoming DAO voting date windows will be viewable on DAO members dynamic NFT’s.
Dive Bar campaign end date is Dec 31, 2023 at which time the DAO will vote on a final winning local bar(s) with the remaining donation proceeds.
Bars must state what they will use winning donation proceeds for, i.e., operating costs, payroll, new equipment, facility upgrades, etc., before accepting donation proceeds.
Open to privately held bars only. Donation proceeds for national or chain bars with more than 5 locations will go into the Dive Bar Fund to provide support to those determined by the NFT holding community.
Campaign limited to US bars only.
For every 100 nominations and NFTs sold, a local bar will receive $1,000 in donation proceeds from the DBF.
Bars must receive at least 100 nominations to be eligible to receive donation proceeds.
If a bar does not receive at least 100 nominations by the end of the campaign, donations proceeds from those NFTs will remain in the DBF for DAO distribution vote.
Dive Bar Fund (DBF)
For every 100 nominations & NFT’s sold, eligible bars will receive $1,000 from the Dive Bar Fund.
80% of net proceeds go into the Dive Bar Fund controlled by the DAO. When the DBF reaches $20,000, the DAO will vote on which local bar will each receive said amount.
Distribution timeline – eligible local bars will receive funds directly via wire, check, or bank transfer within seven business days of the DAO vote.
Distribution terms – 40% of net donation proceeds will go directly to each eligible nominated bar, 40% will be distributed to the winners determined by the DAO, and 20% to ViciNFT for facilitation.
Net proceeds are defined as gross proceeds minus credit card transaction fees and taxes where applicable.
A single bar location can only win once.
Any donation proceeds not collected by a winning bar will stay in the Dive Bar Fund to provide support to those determined by the DAO.