Everything you need to know about the Akyllers Legal structure
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Our legal has been handled by Akylles and Lexyom Law
With NFTs becoming increasingly mainstream and brilliant contracts becoming the norm for interactions between individuals and businesses, we started the Akyllers structure with Legal.
OVERVIEW
We built Akyllers as a Web3 startup, not an NFT project. NFTs are a fantastic tool for creating new business models; however, NFTs are far from being a finality. These tokens are technical instruments that can have different functionalities that lead up to the execution of a particular business model, consequently providing added value to users, holders, and, or customers., you want to call them. We call them members.
We, therefore, used NFTs to create three layers of advantages for holders:
- Exclusive access to content, perks, services, products, and experiences provided by Akyllers [ A sort of loyalty and access card]. Refer to the AKYLLERS MANIFESTO
- Ownership of exclusive commercial IP rights over the NFT drawing shared ownership of the overall Akyllers IP to be commercialized as a collection in collaborations, activations, and commercial deals.
- A unique access key acting as a retroactive promissory note leads to a special SWAP deal, in which a part of the NFT is exchanged as an in-kind contribution for shares in the company that owns the Akyllers NFT.
STEP 1: CORPORATE STRUCTURE
The first step was registering the company as a Delaware company in February 2022, under Akalabs, Inc. You can find the complete due diligence on this link:https://drive.google.com/drive/folders/1BzoQJA2rcqvLGGSUQQlDLk57C5bT4BY0?usp=sharing…
Akylles also advises on a cofounder agreement should you not be registering your company directly. A co-founder agreement is also a solution.
STEP 2: TRADEMARK AND IP ASSIGNMENT
The second step was registering our trademark using the most efficient structure, increasing our six months priority use legal rights. We started by getting our domain name and social accounts and provably using the word to showcase that we were the first to use it. Once we did that, we registered our trademark and created IP assignment agreements between the founders and the entity. As the name describes it, founders agree to transfer all the intellectual property they produce in favor of the company to centralize intellectual property in one place. This IP assignment should include the art to provide commercial use of IP to the holders. Had we decided to hire an artist, we would have had to ensure all art is fully transferred to the project and, therefore, the holders.
STEP 3: OPERATIONAL AGREEMENTS
The 3rd step is operational agreements. We do deals with everyone we work with. We ask prospective employees and service providers to fill out a form that includes details about them and have them sign an agreement specific to service providers in Web3. We used Lexyom’s contracts to do this.
We completed operational agreements with all our service providers, community manager, moderators, designers, collaborators, and even influencers. Some refused to work on a contract, so we did not work with them. You can find part of our agreements on google drive; some other arrangements have to remain private for confidentiality concerning certain service providers.
Finally, we agreed with our excellent developers to develop our ERC 1155A.
STEP 4: TERMS OF SALE
We completed our Terms of sale. These terms lay down the conditions in which the deal of our NFT will happen. All conditions of sale can be found on this link: https://www.akyllers.com/legal.
STEP 5: COMMERCIAL IP
After agreeing with our artist POPSITE on the art, we make sure to acquire full rights to it, so we can transfer it back to our holders via our Terms of Sale and the NFT Licensing agreement we set up.
STEP 6: A-SWAP
This is the Pinnacle of legal work. We started by building our unique ERC 1155A to support a 1 to 1 NFT transfer. We ensured we could transfer one instrument alongside it, which is the option to swap into shares. Once we announce the launch of brumation or, in lay terms, “Staking,” Instruments will be transferred, and holders will be asked to decide whether they would like to execute that option or keep it connected to your original NFT. We will explain further in a separate blog. So to sum it up, when you buy the NFT, you buy three things: An access card, the option or promissory note, and the art.
STEP 7: DAO
Akyllers is planning to create three main DAOs. The first is the main DAO that will invest in startups and businesses. The second DAO is the Drakin DAO that will connect holders of the Drakin Akyllers to support and scale the community and work as a launchpad for holders. The third DAO is the creators’ DAO will help artists and creators.
STEP 8: AUDIT & WALLET
Funds will be stored in our official accounts and Akyllers.eth wallet.
STEP 9: CORPORATE STRUCTURE
Akalabs, Inc is managing the Akyllers collection. Once established, we will spin Akyllers into a separate entity where management will hold a stake under Akalabs, Inc. Moving forward, we will have spin-offs for each business segment under Akyllers, Inc as well: This would include the educational platform, the Art management, the game, the clothing and apparel line, and the advisory firm that will help with the commercialization. It will start as business segments and then be separated to ease corporate governance.
STEP 10: CORPORATE GOVERNANCE
Holders are being provided with an investor experience. All holders can attend a general assembly [Agora] to make significant decisions. Those elected will be able to participate in board meetings as observers. You guys will get hands-on investor experience while management and founders scale the project.
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