Sirwin
Sirwin
I'm not an artist okay?

CAIT Whitepaper


THIS VERSION IS NOW OUT OF DATE. 
Consider this an announcement of the CAIT project as a whole. Most of the ideas are the same, we have just improved on, and removed a lot of the unnecessary dialogue. For the updated version click here.

 

Greetings from Canada, my name is Micah Dewey and I have been running the GNC on Fuse Network project for some time and as a project we have felt it was time to look in a different direction and through some research, which equated to me personally buying a literal boat ton of NFTs from many funny, talented and just plain goofy artists on the network. I was then hooked in. Soon after I released my own personal NFT on Atomic Hub for my podcast that I produce on a semi-weekly basis, The Good$ News Podcast with Micah Dewey.

It was a lot of fun and as someone who grew up on Topps and Upper Deck hockey and football card collecting, into later in my life playing the Pokemon TCG professionally and has a rather significant Magic the Gathering collection at this point, both physical and on Magic Online which I believe may have been the first platform to normalize the purchasing and owning of virtual cards and collectables on a worldwide scale.

So nevertheless WAX and Atomic Hub have felt like the home and project space I want to get involved in if I was ever seriously going to try it. Well, it's time.

There is a group of 5 of us coming over from the GNC on Fuse project to this one each in a different space. I, myself focus mostly on the business and economics side of things and now the literal collection and all the tracking and data that is going into that. We have three community managers, two from Indonesia and another from Europe and I personally handle the English and Spanish communities with my wife, she is our “unofficial project manager”, mostly because up till this point I was 100% funding the project so if she said no. it was no.

So I have drawn up a plan to release a token on Wax that functions as a community held art collection and by holding the token you are entitled to a cut of whatever the returns through the various methods of earning we can run on the backend, including staking, flipping, betting, long holds etc. Play the market in the same way we would for sports cards or TCG pieces that many other businesses have done successfully for decades. The tokenization would effectively be tied to the physical earnings from the CAIT collection.

The idea is that we would mint our token pegged to WAX at an equal rate to our collection at any time so that if you own a token you can 100% cash out to wax at any point for any reason. This CAIT token could only be minted on profits earned from the collection. So let's say on a specific day we net 200 wax and if we have CAIT pegged to WAX at say 25-1. So on that day, we mint 5000 CAIT. CAIT tokens would be then sold at a rate to the general market and the rest happens naturally as time goes on. It's not a fixed supply token and CAIT can always be swapped back to WAX held in reserve to back CAIT. Meaning CAIT will have a minimum value of the WAX it can be exchanged for. Does that make sense?

A certain percentage of our net profits would be held in reserve for the project to purchase more art and other assets on the network. CAIT holders would then get a direct vote in any major decision we make outside of day-to-day actions. The idea is to make it a Community owned and operated Art investing fund. And the coin represents your participation and therefore net profits in the ecosystem. The backing of the coin ultimately gives investors confidence that they want the token backed at a certain rate. This rate could also be increased or decreased by vote. We would hope to make the entirety of the community happy with their value they are receiving and because it is a backed token with active management to some extent, there will be the need to as a community find levels at which the true stakeholders control their destiny. My role is to ensure that all of those possible issues in governance and the actual day-to-day running of the buying and selling of nfts/assets is not just random and has some purpose.

That is why we want to premint some tokens backed to Wax at a fixed rate before we go public with this because I want the people invested in it from the very beginning to have some say in how this operates. And because we are starting with a fraction of the money that we will ultimately need to come up with for this project to be successful on the scale that I believe it can be, we want a fair and equal system but we also want to have some recognition in voting power at least initially. Otherwise, I could imagine the entire thing turning into a slightly more sophisticated version of “Twitch plays” and while there may be fun had on a site like that, that is not really the goal of this project.

The goal of this project is to promote artists in a way that has never really been possible before through the serious monetization of art as assets in a digital world. There is no time like the present to get fully invested in digital tokenization of assets at any level and this one just specifically tugged at my heart, because although I would not consider myself an artist, I have a love for art and creation. My talent on the artistic level is I can write pretty persuasive arguments for almost anything and I can make some music here and there. But I know that there are artists out there 10000% better than myself and I feel like it's been long enough that people have had to deal with the motif of the “starving artists”. Are there too many artists in the world? NO! So it's not for lack of demand that these talented folks have to struggle to survive. It's for the financial incentives that have forever been placed in the wrong direction in our society. If we want people to care about art and artists again on a truly visceral level one of the best ways to do that is to show them how they can both make money themselves but also help these specific artists also make a semi-successful career to a life that is thriving because they now have people who monetarily believe in their art.

That’s powerful.

I think its an argument that should be made a lot more often. As a global society, we have spent far too long deciding who our enemies are and not seeing each other for the humanity that we all share. And one of the best ways to bring that back is through art, whether its through the Japanese proliferation of the western world for art inspired on or in Japanese cultures, less than 2 generations after the worst crime against humanity in history, the bombing of Hiroshima and Nagasaki. It shows that people and cultures can change and see each other for their differences, yet still love and create their own version through their artistic expressions of each other. It's an important lesson to see how people can get along after something unforgivable is done.

As heartless as this next part is going to sound, it's what makes the entire rest of this matter. We can now easily and powerfully monetize and incentivize art collection for the first time in several hundred years. When was the last time in history that there was such a desire universally for more physical art forms? Probably the advent of photography opened this possibility up to most people. NFTs and the technology behind it are what are going to be the next evolution in both casual collecting and serious investing.

RPlanet’s staking pool has as of writing this over $4.5 Million USD in staked NFTs on Atomic Hub. That is insane. But it's just the start. We plan on utilizing their staking function to process a majority of our total earnings around to the community holding CAIT in the future. We are looking for more exciting methods to increase our overall returns which is why I see this more as of an art management “company” than an actually traded coin. But more as a stakeholder token.

Like could holders trade them amongst themselves to get a greater voting share or return percentage? Sure. But it's not meant to be a means of exchange token like bitcoin or gold. It is meant as governance, staking token to show ownership in the collective profits of the project. People can buy CAIT with Wax, we back a percentage of that purchase into CAIT and a percentage goes to increasing our total holdings or making up for losses in other places. These numbers at this point are all up for discussion but the general systems are there.

So my question for you is this. Are you ready to join me? Can you help us make this dream a reality?

Micah Dewey
C.ollective
A.rtistic
I.nvesting
T.oken

#CAIT $CAIT

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Collective Artistic Investment Token $CAIT
Collective Artistic Investment Token $CAIT

CAIT on WAX We're a community giving back to another community in a materially significant way. Micah’s Personal Wax Address : kj2ay.wam CAIT Staking/Market Wallet : a2dr2.wam Cait Token Reserve: caittokenres CAIT Wax Reserve: caittokenwax CAIT Airdrops Acct: caitairdrops

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