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Hello Clubbers! We are here to share some exciting news about Clubs! In the last release newsletter, we focused on monetization (ticketing), community interactions (posts), and payment support (Crossmint and Club’s Payments). However, this time the developer team, led by Aggre, made a true homerun with this release cycle’s features.
Since 2014, the DEV Protocol team, inspired by Mayumi’s vision, has been building Web 3-based solutions to create a decentralized economy for creators. Today, that vision is taking shape. It is not surprising that creators were economically undervalued, making only a tenth of the revenue of a gaming company. Nevertheless, with the Withdrawal function, you will say “Sayonara” to hidden fees of platforms and expensive financial settlements and “Irasshaimase” to a decentralized economy.
To get to the point, the withdrawal feature is under the “Funds” section on the landing page of your Club, and it will allow creators to cash out their fiat and crypto received through Clubs. To start, you will have to connect your wallet, in case you have not done it before, and complete the eKYC process, which takes 3 to 5 minutes (Safety first, always!). Once the two last steps are completed, the page will display the amount of withdrawable amounts available. That’s it! No additional operations or complex steps. It is too simple! Also, for every transaction, creators will need to pay a gas fee for the network’s usage, and there will be a cap on the amount to be withdrawn depending on the wallet’s network.
Here is the complete guide to diving into the Withdrawal function!
As the founder team is not only ahead in time (14 hours from EST to JST) but also in plans for future developments, the next features on the roadmap for withdrawals are: Display the cap amount per network connected, add a multi-currency converter to display a single balance on the preferred currency or crypto, send the available amounts to any DeFi pools, among many others.
As you may remember, the eKYC was a feature introduced to complement the withdrawal flow. It was conceived by the founder team, along with the governance directors, to signal the Clubs’ safety. Here is a complete explanation for those who do not remember the KYC.
Today, we are doing the official launch of the Clubs KYC, which will make supporters feel more willing to contribute to a specific Club as they will know that the creator behind the DAO went through a security measure. Using the service provided by a third party, the product team developed a process that makes everything less complex. Users only need to upload a photo of their passport, driver’s license, or ID card and take a selfie (Yes, you are reading well, just two steps). After submitting both requirements, you only need to rest a couple of minutes to let the magic happen, as the validation process happens immediately. Once the system completes it, you are ready to enjoy the funds your Club collected!
For more information about the functioning of Clubs KYC, please consult its guide here.
This functionality is part of the web3 governance policy, a novel approach that the governance team is working on, and will add a layer of protection for creators. The policy was developed to protect the vision we value most: “Enable a decentralized economy for creators”.
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By doing this section, it was shocking the number of articles on the web stating startups must take user-centric approaches to build successful products. From HBR to Forbes, the authors discussed flexibility in the product is desirable among heterogeneous societies. In the case of Clubs, using the same principle, we are empowering creators with collections to make life easier for their supporters to contribute to their projects.
Until now, a regular Club has worked on a membership-based model. Similar to Patreon, creators get paid by their supporters, who set an amount every month. However, As Clubs’ developers like to break the “status quo”, Clubs Shop offers a range of possibilities that are only limited by the imagination of creators. For the moment, there are time-limited memberships (special for specific periods of the year like the spooky season or to deliver a shot of rush for a high-demand perk) and quantity-limit memberships (excellent for physical products with stock).
Clubs Shop is an optional plug-in, meaning that it can installed and used at discretion. Also, another benefit of it is that the feature has a draft functionality, which helps creators build prospect collections or visualize past ones. This is only the tip of the iceberg for the Clubs Shop plug-in! More news will come!
The DEV Protocol team
