K21 K21Price $ 0.029

About Kanon

Kanon builds protocols for the art of the next 100 years.

Aligning the incentives of artists and investors to bring pivotal works on-chain, Kanon recasts patronage, philanthropy, curation, and custodianship in novel arrangements for mutual benefit at the contract level.

Kanon is composed of leading experts from multiple disciplines, ranging from curators with decades-long museum experience to successful crypto entrepreneurs, blockchain engineers, full-stack developers, designers, lawyers, and MarCom experts.

K21 is the first project of Kanon.

The K21 Token

There will only ever be 21 million K21 tokens, each representing partial ownership of the vault collection.

K21 is not a governance token but it does carry the right to vote against a buyout of the entire vault through a bid function in a dedicated smart contract.

Token holders will be able to veto the bid with a 21% consensus. If they don’t, each token holder will receive a pro-rata share of the proceeds and the 21 NFTs will be released to the successful bidder.

Initial Token distribution of K21

• Art Purchase - 40.3%
• Collaborators - 15%
• Locked Liquidity - 11.9%
• Mining & Community - 9.5%
• Cash Reserves - 8.3%
• Prepaid Art Royalty - 6.3%
• Artist Causes - 4.8%
• Marketing - 3.9%

Vesting

Artists, collaborators, and private and institutional purchasers are all subject to a 90-day linear vesting schedule, with 10% of their token allocation vesting on launch.

Private and institutional purchasers will receive ETH <> K21 Uniswap LP tokens (LP tokens) which will be set at an initial USD equivalent price of 12.4c per K21 token, the same price offered to private and institutional purchasers. These LP tokens are locked for 12 months, after which they will vest linearly over 12 months. This LP token structure guarantees liquidity equivalent to approximately 12% of the initial supply.

Tokens destined for philanthropic causes, selected by each of the artists, will be fully liquid at launch. Tokens reserved for mining and community incentives will also be fully liquid at launch.

• Purchasers - 10.3m tokens - 49.2% of supply - vesting: 10% liquid, 90% linear vest over 90 days
• ETH LP Purchasers - 2.5m tokens - 11.9% of supply - vesting: 12 month unlock, 12-month linear vest after unlock
• Artists - 1.3m tokens - 6.3% of supply - vesting: 10% liquid, 90% linear vest over 90 days
• Artist Causes - 1m tokens - 4.8%of supply - vesting: fully liquid
• Mining & Community - 2m tokens - 9.5% of supply - vesting: fully liquid
• Collaborators - 3.2m tokens - 15% of supply - vesting: 10% liquid, 90% linear vest over 90 days
• Marketing - 0.7m tokens - 3.3% of supply - vesting: 10% liquid, 90% linear vest over 90 days