Truth Labs, the company behind the Illuminati and Goblintown NFT ecosystems, will merge with DAO infrastructure company Upstream to create a new company called Truth Arts, which will pursue what Truth and Upstream founder Alex Taub called, in a blog post, “the billion dollar opportunity in gaming and entertainment.”
Additionally, holders of many of Truth’s NFTs will have a one-month window to burn their NFTs in order to receive future equity rights in the new company.
For those who aren’t interested in that offer, the initiative, called “Operation Resurrection,” will also offer other opportunities in the future—like a burn in exchange for ownership of Truth Universe IP and characters. Or, as the scarcity of the NFTs increases as the burn progresses, many may wish to hold.
All holders who burn their NFTs will receive the art back in the form of a soul-bound token issued on the Base blockchain. This will enable those who choose to burn to maintain access to Truth’s token-gated spaces and experiences.
A snapshot taken on Feb. 20 has made a note of addresses holding Truth NFTs—and when they were bought. That’s because holders who burn for future equity will receive an amount that is linked to the NFT’s average floor price during the week in which you bought it.
Powered by Republic, this program is subject to know-your-customer regulations—details, including eligibility requirements, are available via the Truth Arts Operation Resurrection FAQ page.
$1.235 million in future equity has been set aside for this program—and it’s first come, first served.
“The way you win is when the collection, the creators and the collectors are winning together. And now you’re in the same sort of like team as us, right?”
Alexander Taub
If your eligible Truth NFTs are held in a vault (a wallet you never connect to dApps), you can also send your tokens to a wallet listed as a delegated wallet for that vault on delegate.xyz and burn from that one.
According to Taub, the merger was inspired by the success of Only Up—a fiendishly challenging, fan-favorite indie platformer game that uses Goblintown assets and graphics to great effect. “It started to make me realize—‘are we missing a generational opportunity to build a universe around Goblintown and build this amazing entertainment and technology company?’” he told nft now.
The Truth Arts plan has been in the works for several months and is about combining talent, according to Taub. “Officially, we are now one team—on the Upstream side, it’s an amazing product and engineering team, and on the Truth side, it’s amazing artists and design,” he said.
To Taub, the burn-for-future-equity mechanic is about offering benefits to the community in a space where too many projects use their community as a source of revenue. “The idea here is rewarding the people who have held the longest, or coming back for people who bought [the NFT] at a specific time, and allowing them to change that over for future equity rights in the company,” he explained.
“You can do well as a collection, as a company, but your holders can do poorly. The way you win is when the collection, the creators and the collectors are winning together. And now you’re in the same sort of like team as us, right? We win, you win, we lose, you lose. And like, nobody wants to lose,” he added.
“The way you win is when the collection, the creators and the collectors are winning together.”
Alexander Taub
Alongside the burn-for-future-equity project released today, the new Truth Arts has some powerful plans for the future, including developing its own games. Taub showed a reporter a video of one of them on his phone—it captures the ineffable beauty-in-ugliness of Goblintown and will likely delight those who were intrigued by the concept and lore of the loveable, grotty goblins.
“I think, having worked with both teams for quite some time, pound for pound, this is some of the most talented people from the technology side, from the art side, from a social side, from a product side, and then design side. And so I know that the longer we have to work together, the more we’re going to make amazing stuff,” Taub said.
The post Exclusive: Truth Labs And Upstream Merge, Launch Burn for Future Equity Program appeared first on nft now.