Common Wealth Announces the Launch of the World's First Free VC Fund
Press Release
8 February 2024 [Lisbon, Portugal]: Common Wealth, the powerful, all-in-one platform for early-stage Web3 investments, today announces the launch of a world-first initiative: a Free “earn-to-own'' VC Fund. This launch represents a completely novel fusion of community-driven Web3 principles with the sophistication of venture capital investment. The initiative will see Common Wealth’s first fund opening up the venture capital sector to the masses, ensuring that the power of early-stage access in Web3 is now in the hands of the community it serves.
The Free VC Fund is designed to elevate the spirit of Web3 at a time when the retail crypto community is mobilising against unfair launch practices. By providing access at the same stage as VCs and other privileged groups, Common Wealth aims to level the playing field in the sector. Leveraging its strong backing by key opinion leaders with a collective social reach of over 12 million, Common Wealth is set to shock the industry with a host of world firsts - the first-ever totally free, no management fees, always liquid, and fully on-chain Venture Fund.
The Free VC Fund comprises an estimated $2.4 million worth of allocations across 15 of the most promising unlaunched projects in Web3 (including Common Wealth!), to be made available to early supporters through an interactive and engaging gamification system.
The starring projects, referred by the All Street Oracles, and that will make up the Free Fund are as follows; Analog, Asymmetry, BLOCKLORDS, Chirp, Cookie3, Diamond Swap, DYOR Exchange, FairSide, Mangata Finance, Mavryk, Nibiru, Nyan Heroes, OP Games, and Rabbet.
The Free Fund will be fully airdropped as “Slices” (fund NFTs) to the winners of a 3 week campaign, starting in around 2 weeks time. Each Free Fund Slice will appear in their wallets as completely non-fungible and immutable proof of ownership, which can be split, transferred, traded at the discretion of the holder. This feature-set is another first and further cementing the innovation behind this new decentralised infrastructure.
The campaign prizes are:
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Top 10 recipients receive $10,000 slices each.
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The next 50 recipients receive $5,000 slices each.
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The next 1,000 recipients receive $1,000 slices each.
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Runner-ups share ~$1 million in $WLTH tokens.
The Common Wealth Genesis 1 & 2 NFT holders and Beta Testers will receive additional rewards, granting them a competitive edge as a thank-you for their pivotal role in the platform’s beta phase.
Participation is free and open to everyone* to complete specific off-chain and on-chain tasks related to each project in the fund. Progress will be tracked with a Leaderboard, and notably, every verified participant who has completed the minimum tasks will be rewarded.
The custom mechanics will see participants complete various missions, organised into 5 Quests across different social channels. Each project features five Quests, one for each major social media platform, with each Quest comprising three or more Missions. Completion of these Missions earns participants XP points, with bonus rewards for finishing all Missions within a Quest. The ultimate incentive is reserved for those who complete all Quests for a project, offering them a significant XP boost. Automated and manual verifications will provide legitimacy and ensure the transparency and accountability central to Web3.
The Free VC Fund initiative will begin on Wednesday, February 21st, 2024, and will span three weeks, ending with a verification phase**. A total of 1,060 winners will see the prizes air-dropped to their wallets when the app goes live on zkSync ERA mainnet before 8th April 2024. The winners of the $WLTH airdrop will receive their full airdrop at TGE (week commencing 8th April 2024).
Post-launch, the Free Fund will function similarly to all others coming to the Common Wealth app, where a permissionless system will run the investment processes and provide the owners of the slices with their proceeds until the fund is fully vested. Throughout the fund lifecycle, the app will continue to reward education and engagement across the Common Wealth ecosystem.
About Common Wealth
Common Wealth is a powerful, all-in-one platform for early-stage Web3 investments — providing an all-access pass for retail investors to take control of their financial future. It aims to disrupt, scale and optimise the traditional venture capital investment model using Web3 principles and blockchain technology.
By opening up access to the 99%, Common Wealth incentivises better standards of investment and investor education with crowd-sourced wisdom and scalable due diligence.
Follow Common Wealth: https://twitter.com/joincommonwlth
Website: https://joincommonwealth.xyz/
Telegram: https://t.me/commonwealth_chat
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* Participation in the Common Wealth promotion requires a registered profile and completion of at least 3 missions per project for leaderboard eligibility. Proof of mission completion may be requested, and all entries are subject to verification by the team. Only the highest XP scores can win, with entrants eligible for a single prize across all tiers. Tier 1 and 2 winners are excluded from the TGE airdrop. In the event of score ties, algorithmic tie-breakers will be applied. Judges' decisions are final. Geographical restrictions may apply.
** Common Wealth reserves the right to extend the campaign at its discretion.