Club 101 has allocated a budget of $10,000 per month for 12 months for give-away prizes.
All members will be entered into the draw provided they have not listed their membership below 1 Eth.
Club 101 will endeavor to make each draw on the same day of each month, for example the last Thursday of each calendar month. This is to be confirmed but will allow our marketing team to focus attention on announcements at specific times.
Club 101 aims to make these prize draws fun. The members are not perceived to be those looking for a lottery ticket and Club 101 does not want to create that environment. However, prize draws can still be fun and everyone should have an equal chance of winning an executive prize that should peak the interest of members every month.
Prior to each monthly draw members will be able to vote on the monthly star prize.
There will be at least 3 prizes for each prize draw. Club 101 aims to be a little bit different to other projects in the Metaverse and we will create some unique prizes. Prizes should provide members benefits to develop their own businesses as well as providing platforms for creating more rewards. That mindset adds more value than perhaps people will realize.
We will offer prizes that may include things like luxury holidays, watches and other executive goods. Providing a good balance of prizes will be a goal.
The prize selection is limitless, and some early ideas include;
- custom art
- custom fashion items
- business packages, for example website creation or business courses
- Business mentoring
These latter two listed prizes may not appear valuable but they add value to the individual member. Creating prizes that can allow members to explore their own aspirations is an exciting prospect and something that Club 101 will explore further in Phase 2.
The Prize Fund for Year 2 onwards will be dictated by OpenSea sales. All Royalties received from such sales will be stored in a Community Wallet and used as the Give Away fund.
Should the community wallet exceed $200,000 in Year 2 then 50% of that excess will be donated to charity. For example, if the Community Wallet reached a total of $250,000 then a donation of $25,000 will be donated to charity. The community will vote on the charities that receive such donations.
Any residual amount over $200,000 and after the charity donation will be carried into Year 3. This process will then be continued year after year.
Club 101 will try and maintain a minimum $120,000 prize fund year on year, although it cannot guarantee this. We can however aspire to achieve this goal.
If the community wallet should grow exponentially then the community will be presented options on how that fund should be used. Each member will have an equal opportunity to vote on such a matter.
There will be no “cash” alternatives.
If a prize cannot be used then the winner must either decline the prize or may wish to sell that prize. Club 101 will never participate or assist in the sale of such prizes as it must remain neutral in such circumstances.
In the event that a member cannot or does not want a certain prize then another draw will take place to find a new winner of that prize.
Club 101 will release a set of rules for each Prize Draw and the decision of Club 101 is final.