Honorariums
Each PCOArt Collection has its own Creator Circle.
With each Stewardship Inauguration, an Honorarium (based on the highest bid) is distributed to the Creator Circle according to its internal logic and configuration.
The first Creator Circle structure launched on PCOArt is a simple "distribution table." The Artist (or component admin) assigns non-tradable units in the table to the recipient addresses of their choice. These units represent a proportional claim on future Honorariums.
Sample Creator Circle Distribution Table
- Alice is granted 3 units and will receive 30% of each subsequent Honorarium
- Bob is granted 2 units (ie 20%)
- Charlie is granted 5 units (ie 50%)
An Honorarium of 1 ETH would be distributed as .3 ETH, .2 ETH, & .5 ETH, respectively.
If the Artist subsequently adds Dan to the Creator Circle with 10 units. Dan would not have a claim to any of the previous Honorariums but would receive 50% going forward (based on holding 10/20 total units).
Closing a Stewardship Inauguration will automatically distribute its corresponding Honorarium to the Creator Circle, but members must take action to fully access and withdraw their funds.
After being added to a Creator Circle, a member should "accept" their units in the distribution table. This opt-in transaction allows all previous and subsequent Honorariums to automatically flow to the member's wallet balance. The transaction can be completed any time and doesn't need to be repeated as Creator Circle units are updated.
Members with approved units will see their balance of ETHx (a wrapped version of ETH used for functional & security purposes) instantly credited after each Stewardship Inauguration closing. Members can send, spend, and hold ETHx just like any other standard token (actually there's more functionality embedded). They can also withdraw all or part of this balance to the "native" ETH token for off-ramping or trading.
See the Claiming Honorariums page for step-by-step transaction help for Creator Circle members.