Introducing the $FRO token and fractional RubenFro ownership

I’ve decided to fractionalize my RubenFro piece “Forgotten Memories of Hanoi” using fractional.art. I know there are a lot of people who would love to own a 1/1 from Ruben so I figured rather than selfishly hoard this historic piece, I’d share my ownership with the HEN community.

How fractional ownership works

• Fractional.art creates “vaults” that act as escrow for NFTs and holds them inside a smart contract
• They then issue tokens for each vault which can be bought and sold via exchanges
• Each vault has a buyout price which an individual buyer can meet to initiate an auction
• At the end of that auction, whoever bids the highest amount takes the art, then holders can exchange tokens for the portion of eth they’re owed from the sale

Tokenomics

• I’ve issued 2,000,000 shares of the $FRO token, that’s all the will ever exist
• In the initial offering, 80,000 $FRO tokens equals 1 ethereum token (25eth = 2,000,000 total supply)
• I’ve set the buyout of the piece at 50eth (token holders can vote to change the buyout amount)
• I’ve sent 240,000 of the tokens to UltraDAO who is the liquidity provider (most of which is now locked in the Uniswap pool)
• I’ve sent 200,000 to Ruben to account for the 10% royalties he would receive as part of any sale via Foundation or Opensea

RubenFro Unofficial Fan Club

• For any $FRO holder who buys within the first 25% of the token offering, I will be shipping out limited edition RubenFro unofficial fan club merch to each of you
• I’d love to see if we can get a special Discord channel unlocked for $FRO holders as well (perhaps @RubenFro can help me with that)
• As $FRO holders, we could also create a simple DAO for the fan club (with simple voting via snapshot.org) with the purpose of creating more visibility for Ruben’s art or starting other potential initiatives

Why fractionalize?

• Access: Many people love specific artists but cannot afford their art, this allows them to own their most valuable works.
• Visibility: Fractional as a platform has seen tremendous adoption and success. Just last week, a piece sold for 500eth, which represents a massive win for artists and fractional art buyers. HEN artists have struggled to get this kind of visibility.
• Future-focused: Fractional ownership is the future of crypto art. By participating in this future, we all can help put Ruben’s work in front of collectors who invest in artists experimenting with this new future.

Why not use Tezos?

• Because I don’t own any Ruben 1/1s on Tezos
• Because I don’t know how to fractionalize on Tezos
• Because we want to draw attention to Ruben’s work for big collectors who may not be familiar with him or Tezos NFTs

The link for this piece on Fractional is below which is where you can buy tokens. All you have to do is click the “Fractions” tab and swap $ETH for $FRO and you’re in!

RubenFro Fractional Vault