Shibuya.xyz white paper
NOT A PFP PROJECT
NOT A PFP PROJECT
Shibuya
Shibuya is a web3 video platform allowing users to engage, fund, decide outcome and become owners of long form video content.
What is White Rabbit?
White Rabbit is the first piece of media that will be launched on Shibuya, in which every episode will present alternative endings. User voting/staking will decide which direction story will progress.
What are Producer Passes?
“Producer Passes” are ERC1155 NFTs that allow users to participate in the web3 experience. Users can mint producer passes that can be used to vote on their desired alternative ending. (You may vote both sides if you have more than 1 pass).
Producer Passes are episode specific and represent an on chain track record of user participation. Watching does not require you own a producer pass.
note: producer passes main purpose is to represent a track record of early participation and shaping the outcome of the film, a web3 equivalent of memorabilia/ticket.
Becoming a ‘Producer’
Producer Passes are ERC1155 NFTs, owners will be credited as ‘Producers’ of the show and are allowed to use their pass to stake and vote the direction of the show.
Subsequent Episodes
The continuation of the story is decided by user participation, after a sufficient amount of Producer Passes is minted. Once that threshold is reached, the next episode is considered Green Lit.
Voting/Staking
Producer Passes can be used to vote on the direction of the White Rabbit story. The voting ends 7 days from the moment next episode is considered Green Lit (aka. sufficient Producer Pass amount has been minted). Producers will be notified when the show is Green Lit via official Discord/ Announcements and official Shibuya XYZ Twitter
$WRAB Tokens
$WRAB aka the White Rabbit Token is an ERC20 that represents fractional ownership of the series. Users are rewarded $WRAB whenever they stake a Producer Pass for voting.
$WRAB is populated by creating a fractionalized vault that mints a fixed supply of tokens we distribute to the community as the film progresses.
At the end of the film, we mint the final film as a video NFT on decentralized storage solution and transfer it to the vault, thereby granting full control and rights to the film by the community that owns the fractionalized $WRAB token.
Tokenomics
Once voting is concluded, Producers can unstake their Producer Passes (which will go back to their wallets as NFTs). Users who voted on the popular side will receive bonus $WRAB tokens.
Additionally, to prevent voting hesitation, voting early also rewards extra $WRAB tokens. Early voting bonus > Popular vote bonus. The goal is to reward early voting and participation.
The current set up is 70% base, 20% early staking bonus and 10% winning bonus.
Base: the minimum of $WRAB tokens everyone will get from staking
Early Staking Bonus: linear bonding curve rewarding early staking
Popular Vote Bonus: the winning bonus is split evenly among everyone who voted on the winning side.
For total $WRAB allocation, we reserve 50% to producer, 40% to artists, 5% to the platform, 5% to the team. Everyone has skin in the game to hopefully create the best show experience.
Every episode is allocated the same amount of $WRAB, while the supply of Producer Passes increases each episode to reward early supporters. (eg. ep1 has 5000 supply, ep2 might have 5500)
What’s Next?
White Rabbit is Shibuya’s proof of concept, with our fans and Shibuya users deciding how valid our personal assumptions are about film making, funding long-form content and the future of content ownership. Our goal is to change the way film projects like White Rabbit are funded, owned and consumed. If we’re right, this means a win for creatives and the audience, and subsequently enabling more innovative experiences from incredible talent around the world.