About the DAO
Restaurants must agree to terms below to receive donation proceeds as well as ViciNFT Terms of Use.
ViciNFT will mint all NFTs used in the campaign and distribute all funds from the Restaurant Relief Fund (RRF).
ViciNFT will screen all restaurant nominations for accuracy before distributing donation proceeds.
ViciNFT holds the right to disqualify any nominated restaurant if it does not meet requirements in the terms of service. Funds that would be allocated to disqualified restaurants will still be placed in the RRF.
The top 10 qualified nominated and winning restaurants will be listed on the restaurantrelief.io website and may be promoted on ViciNFT social media and related accounts.
Restaurants may voluntarily opt out by contacting support@vicinft.com. If a restaurant opts out, donation proceeds for those NFTs will remain in the Restaurant Relief Fund until the next DAO vote.
Nominations or votes containing language deemed to harass, abuse or harm anyone will be disqualified, and NFT donation proceeds will go into the Restaurant Relief Fund.
Restaurant Relief campaign end date is Dec 31, 2024 at which time the DAO will vote on a final winning restaurant(s) with the remaining donation proceeds.
Voting
Each Restaurant Relief NFT purchased enables a DAO vote by an NFT owner.
Restaurant Relief DAO voting dates are determined when Restaurant Relief Fund reaches $500,000. The DAO will then have seven days to submit a vote on which two qualified nominated restaurants they think most deserve assistance.
Upcoming DAO voting date windows will be viewable on DAO members dynamic NFT’s.
To vote, DAO members (NFT owners) will have to visit the voting site, authenticate using their wallet and RR NFTs, and then submit the vote.
Restaurant Eligibility
Open to privately held restaurants only. Donation proceeds for national or chain restaurants with more than 5 locations will go into the Restaurant Relief Fund to provide financial relief to those determined by the NFT holding community.
Campaign is limited to restaurants location within the United States of America.
Restaurants must receive at least 100 nominations to be eligible to receive donation proceeds.
If a restaurant does not receive at least 100 nominations by the end of the campaign, donation proceeds from those NFTs will remain in the Restaurant Relief Fund (RRF) for DAO distribution vote.
Restaurant Relief Fund (RRF)
80% of net proceeds from RR NFTs sales and resales go into a Restaurant Relief Fund controlled by the DAO.
20% of net proceeds from RR NFTs sales and resales go to ViciNFT for implementation and support.
RRF Distribution terms:
Restaurant Nominations. For every 100 nominations, eligible restaurants will receive $5,000 from the RRF.
DAO Vote. When the RRF reaches $500,000, the DAO will vote on which two restaurants will each receive $250,000.
Resales. 80% of net proceeds from RR NFTs sales and resales go into a Restaurant Relief Fund controlled by the DAO.
Eligible restaurants will get paid directly via (wire, check, or bank transfer) within seven days of the DAO vote.
Proceeds from sales and resales paid for with crypto currencies will be, as per recipient restaurant’s choice, either paid with crypto currency, or in US dollars, based on crypto currency to dollar conversion rate that existed on a public crypto exchange (such as Coinbase, for instance) at some time during 7 days prior to the day of paying the recipient. ViciNFT does not guarantee and will not attempt to use the conversion rate that would be the most beneficial to recipients.
Net proceeds are defined as gross proceeds minus blockchain fees, public NFT marketplace fees (such as fees imposed by Opnesea.io), payment processors fees (including, but not limited to credit card fees), and taxes where applicable.
A restaurant can only win once.
Any donation proceeds not collected by a winning restaurant will stay in the Restaurant Relief Fund to provide financial relief to those determined by the DAO.