Broken History or Breaking History?
1976 Olympic Gold Medal auctioned off in 100 Million Pieces
In recent times, we have seen shared ownership of real-world assets in practice in fine art and collectibles, from a Van Gogh to Hermes bags, to real estate, and trading cards. We have witnessed the establishment of a new asset class: fine art and memorabilia.
In the case of fine art, where pieces sell for nine figures in some cases, or consistently if we’re talking about the late artist Frank Stella, these pieces would only be accessible to billionaires before the introduction of fractional investment.
Fractional investments are portions of an entire investment that allow investors to purchase stock, real estate, or another asset based on a dollar amount they select rather than the price of a whole share or whole asset.
With the introduction of decentralized financing, also known as DeFi, we have seen pioneers and innovators increase accessibility to new financial opportunities and strategies that, until recent times, were gated to accredited investors, banks, and other financial institutions.
DeFi has made it easier than ever to invest and trade in a frictionless environment into various types of asset classes, not just assets native to the crypto space. We have seen redeemable real-world assets wrapped and traded on the blockchain, from a Rolex to a piece of real estate.
We have seen success in the acquisition and/or auctioning of real-world assets on-chain with fractional ownership or just collaborative ownership via a DAO (Decentralized Autonomous Organization). A DAO that has achieved this with repeated success like no other in the space is PleasrDAO. They have become well known in the space for their acquisition of Emily Yang’s (aka. pplpleasr’s) NFT for 310 ETH, which inspired the DAO’s formation. They then took the acquisition of Edward Snowden’s “Stay Free” NFT for $5.5 million, Wu-Tang Clan’s $4 million album, to name a few, at auction.
What does fractional collectibles have to do with PleasrDAO or the 1976 Olympic Gold Medal?
In the summer of 2021, PleasrDAO announced they would fractionalize the iconic Doge art piece of Kabosu, which they acquired from the original owner who minted the rights into an NFT on June 2021. It was sold at auction and acquired by PleasrDAO for a record-breaking price of 1696 ETH ($5.5 million at the time).
The fractionalization of the asset was not the first of its kind, but it has ultimately proven to be an example of successful fractional ownership of an asset class onchain. PleasrDAO auctioned 20% of the supply that the NFT was fractionalized into. Since then, the fractionalized asset that trades under the ticker $DOG has traded over $100 million in marketcap (20x its original marketcap).
Caitlyn Jenner will be making history in Web3 again with the first fractionalized auction of sports memorabilia with the auctioning of 20% of her 1976 Olympic Gold Medal, which one could argue is the staple medal of the Olympics given it was hard earned in the Decathlon track and field event.
Given the decathlon event wasn’t introduced into the Olympics until 1912, the sheer rarity of the Gold Medal is undisputed, where there will only have been 28 Gold Medals won after the Olympics in Paris has come to an end and Caitlyn Jenner is making it possible for anyone to own a piece of incredibly rare sports memorabilia and the first one onchain at that.
How does fractionalization of the Gold Medal work and how will the auction take place?
On a high level, the rights to the ownership of the real-world asset (the Gold Medal) are minted on-chain with a 1-of-1 ERC-721 token, which is a non-fungible token. This token will contain metadata that includes the legal proof of ownership of the real-world asset, with the custodian being Caitlyn Jenner, signed and sealed by Caitlyn herself.
The ERC-721 contract containing the rights to the 1976 Gold Medal is then stored in a token vault, which is an extension of the ERC-20 standard allowing someone to fully redeem the rights to the medal if they own and burn all of the fragments (token supply). The token vault makes the medal fungible and allows for the fractionalization of the medal into 100 million pieces/tokens. For the first time ever, it will be possible for anyone to own a piece of Olympic history.
The auction will take place on Caitlyn Jenner’s bespoke platform, developed by her own team. This platform, also the first of its kind, will host a fractionalized auction. While we have seen examples like the auction of The Doge NFT on fractional.art, Caitlyn’s competent team of pioneers is pushing the boundaries of what is possible in Web3, with their own decentralized application built on top of its own auction smart contract.
How will the 1976 Olympic Decathlon Gold Medal be auctioned off?
The 1976 Olympic Decathlon Gold Medal, a historic symbol of athletic excellence, will be auctioned through a state-of-the-art fair launch raise system. This pioneering initiative leverages the latest in blockchain technology, with specific ERC20 tokens tied to the provable on-chain asset being sold in a fully decentralized manner. This approach underscores our unwavering commitment to innovation within the web3 ecosystem and its dynamic culture.
The fair launch is scheduled to commence on Thursday, August 8th at 11:00 AM EST and will conclude on Thursday, August 15th at 11:00 AM EST. During this period, participants will have the unique opportunity to acquire fractional ownership of the iconic Gold Medal through a transparent and equitable process directly on Base (an Ethereum Layer2).
To ensure the utmost security and integrity, all contributed funds and the tokens to be distributed will be securely held in the on-chain raise contract. This smart contract will autonomously manage the distribution of tokens upon the finalization of the raise, thereby eliminating any potential for manual interference and ensuring a seamless and trustworthy transaction process.
Prospective contributors will be able to engage with the presale contract via our custom-developed decentralized application (dApp). This bespoke dApp, designed with user experience in mind, will serve as the front-end interface, providing a streamlined and intuitive platform for interaction. It reflects our dedication to delivering cutting-edge solutions that empower users and enhance accessibility.
In orchestrating this auction, we aim to set a new standard for decentralized fundraising and asset tokenization. By utilizing blockchain technology to fractionalize and distribute ownership of the 1976 Olympic Decathlon Gold Medal, we are opening up new avenues for investment and participation in historic assets, democratizing access, and fostering a more inclusive financial ecosystem.
What exactly will the tokenomics for the medal look like?
The tokenomics for the fractionalized tokens are structured as follows:
- 55% — Custodian
- 25% Community/Project Treasury
- 20% — Presale Raise
The Custodian — Caitlyn Jenner
The custodian of the fractionalized tokens is Caitlyn Jenner, the renowned athlete who won the 1976 Olympic Decathlon Gold Medal. As the custodian, Caitlyn Jenner will hold 55% of the tokens. This allocation acknowledges her historic achievement and her role in preserving the legacy of the Gold Medal. Her involvement ensures that the authenticity and provenance of the asset remain intact and that the project has a strong foundation of trust and credibility.
Project Treasury -
The Community/Project Treasury will receive 25% of the tokens. These funds are dedicated to the growth and development of the project. They will be used for various purposes, including:
- Marketing: Promoting the project to attract a broader audience and increase participation.
- Development: Enhancing the platform and developing new features to improve user experience and functionality.
- Community Engagement: Building and nurturing a vibrant community around the project to foster collaboration and innovation.
- Operational Costs: Covering administrative and operational expenses to ensure the smooth running of the project
Presale Raise -
The remaining 20% of the tokens are allocated for the presale raise. These tokens will be distributed to contributors who participate in the fair launch presale. The presale is designed to be fully decentralized, providing an equitable opportunity for participants to acquire fractional ownership of the Gold Medal. The funds raised during the presale will support the initial launch and further development of the project, ensuring that it has the necessary resources to succeed and grow.
What about $JENNER and other pioneering projects that are peddling the innovative front of RWA, and Fractionalization?
We are excited to reward the believers, supporters, and early adopters of both Caitlyn Jenner and the real-world asset (RWA) tokenization space. To show our appreciation, we will be airdropping tokens to the following communities:
- 1% (1,000,000 tokens) will be airdropped to $JENNER holders, Caitlyn Jenner’s personal Ethereum token, celebrating her legacy and ongoing contributions.
- 0.5% (500,000 tokens) will be airdropped to $DOG holders, recognizing their innovative efforts in the field of fractionalization.
- 0.5% (500,000 tokens) will be airdropped to $PEOPLE holders, supporting their pioneering work in the same domain.
These airdrops are designed to reward and engage communities that are driving innovation and adopting new financial models in the blockchain space.
Summary
Fractional ownership has transformed access to high-value assets like fine art and collectibles, making them available to a broader audience. Caitlyn Jenner is leading the next innovation with the fractionalized auction of her 1976 Olympic Gold Medal.
The medal will be divided into 100 million pieces and auctioned from August 8th to August 15th, 2024, using a custom-developed platform. The process involves minting a 1-of-1 ERC-721 token that represents ownership of the medal.
Tokenomics include:
- 55% to Caitlyn Jenner
- 25% to the Community/Project Treasury
- 20% to the Presale Raise
Airdrops will reward:
- 1% to $JENNER holders
- 0.5% each to $DOG and $PEOPLE holders
This project sets a new standard for accessibility and participation in historic asset ownership.
Related Links
Website — https://www.brucejennerolympicgold.com/
Twitter — https://x.com/1976medal
Telegram — https://x.com/1976medal
Custodian — https://x.com/Caitlyn_Jenner
