Jamie Dubs

Posted on Jul 13, 2021Read on Mirror.xyz

Breaking down the Songcamp $ELEKTRA crowdfund

I backed the Songcamp art collective’s new Elektra crowdfund on Mirror this morning. Pretty cool use of multiple crowdfunding and community-building mechanics, and the project itself is very stylish and narrative-heavy. Kind of like an ARG, kind of like a DAO, kind of something else?

The crowdfund used Mirror’s Editions feature to offer 3 different tiers of rewards, at 0.1 ETH, 0.3 ETH and 1 ETH. Per typical Mirror crowdfund, backers receive both a ticket-NFT and $ELEKTRA governance tokens proportional to their contribution. But this is also the first crowdfund using Mirror’s new Podium feature, which gives special NFTs to the top 3 bidders:

Ticket-NFT itself is a cool Top Shot-style 3D hologram video:

Then all NFT owners can immediately join a community Discord server by visiting a slick “Portal to Elektra” landing page:

After authenticating your NFT ownership with their Collab.land bot, the story begins…

Some more highlights from their crowdfund pitch:

On Elektra, music is energy. Music is the fuel, electricity, and light of the world.

Centuries ago, Elektra had a thriving civilization with a deep rooted sense of value towards art. But soon, motives around greed and self-interest took over, and the music that powered this world was lost.

Your mission is to travel to Elektra, and help us collectively revive, restore and reignite this once beautiful world back to health.

Will you accept your mission?

The team is significant:

The Songcamp Elektra project is made up of ~42 artists, devs, project ops and strategists working together to bring this world to life. This crowdfund intends to raise the funds that will enable us to do just that.

And props for disclosing how you plan to use the funds:

We will use 90% of the amount raised to put towards the Elektra project.

These funds will go toward the core team of project managers, web developers, artists and strategists working directly on the project. Other costs include transaction fees on the Ethereum blockchain, web hosting and file storage. We intend to save a portion of these funds to act as the seed money in standing up the ElektraDAO once this initial phase of the project is complete (more on that below).

The remaining 10% will go directly to the artists who created the Portal Ticket visuals.