The GoldenNFT Project
We are offering a collection of 5555 NFTs for individual sale. Among these works are the 16 originals that can be seen here on the site. The remaining 5539 works are collectibles that our script has made based on the originals. The sale of the individual works takes place covertly - anyone who buys an NFT does not know beforehand which one it is. Exactly 24 hours after the sale, you will find out which work you have bought. Then you can keep it or sell it on OpenSea. The price per NFT is 0.05 ETH (Ethereum).
The 20th of October is the beginning of an experiment that has never been done before. We are selling digital artworks (NFTs) that can do more than increase their value: the entire proceeds from the sale of the works will be used to buy Golden Visas to the EU for people fleeing poverty and violence.
We are short-circuiting abstract and conflicting movements to improve the real lives of individuals in need. Every day, people are making their way to the EU. Those who have no money are arrested at the external borders and detained in camps; those who are rich can easily buy their residence permit with a Golden Visa.
With the first sale of our collection we buy a Golden Visa for a family from Afghanistan. All proceeds go towards the purchase of the Golden Visas, and the artists have donated their works. From each resale of the works we receive 10%, which we also use completely for the purchase of the next Golden Visas.
GoldenNFT is a project of Peng, in cooperation with 16 internationally renowned artists: Nora al Badri, Sibylle Berg, !Mediengruppe Bitnik, Liat Gravyer, Nadine Kolodziey, Felix Kosok, Gretta Louw, Rui Major, Volker Behrend Peters, Tayyebeh Rasouli, reFOCUS medialab, Jill Senft, UBERMORGEN, Nushin Yazdani, Yes Men and Laura Zalenga.
"If we sell GoldenNFTs, we buy golden Visa to leave the EU border camps."
To give you an example
If we manage to sell NFTs worth 628,453 Euros, a first family of five from Afghanistan will be able to start the visa process in Portugal. The first family is that of Milad E., a photographer, filmmaker and citizen journalist from ReFOCUS Media Labs on Lesbos in Greece. He has contributed to numerous international projects and worked for BBC and AlJazeera, among others.
There are many reasons why we do this. One, because it is possible: there is a lot of money floating around in the NFT art bubble – and there is a way to trade this money for EU Visas. Second, because people in the camps urgently need to leave the inhuman situation they have been forced to live in. Third, because we want to show the blunt inequality of our system: the capitalist nation states.
Yes, we guide you through it and keep it as simple as possible. There are four steps to obtain a Golden NFT:
First of all, you need the cryptocurrency Ethereum. To do this, you create an account with a crypto exchange. A clear crypto exchange is the US company Coinbase, registration including video identification with ID card takes a few minutes, you can then buy Ethereum by direct debit or credit card. Alternatively, you can buy Ethereum at the German trading platform Bitcoin.de by bank transfer directly from other people.
Next, you need your own wallet from Metamask. This is a virtual wallet for your Ethereum that runs as an extension in your browser. There are step-by-step instructions here. Now transfer your freshly purchased ETH from where you bought it to the receiving address that your Metamask wallet shows you.
Visit our site goldenNFT.art with the browser on which you have set up your Metamask wallet. Follow the instructions and link your Metamask Wallet to our site to pay for your Golden NFT. A few minutes later, you will see in your Metamask wallet that you have your first NFT.
You can view the contents of your NFT on OpenSea. To do this, visit OpenSea with the browser on which you have set up your Metamask wallet. Follow the instructions, link your Metamask wallet and you can see your digital art collection, expand it and sell it again. As long as the Golden NFTs have not yet been revealed, you will see a placeholder here; as soon as the draw has been made to determine who receives which Golden NFT, your unique piece will automatically be visible.
Now you're golden.
The Peng Collective gets no money out of this project. All the money we pursue will be used to finance the Golden Visa process, i.e. real estate, local agencies and lawyers, the visa application costs, the NFT platform fees, gas fees to create the NFT, etc..Or wait, did you mean the smart contracts conditions? Every time the NFT is resold, 10% will go to the original fund to buy the next Golden Visa.
We go all in, yes. Except we, as Peng, do not get any money out of it, so maybe we misunderstood the concept of profit making, but yes: we create an NFT product and cooperate with an agency that helps us buying real estate and golden visa. There might be less deals that are much more capitalist.
This is our estimate right now. We want to be super correct and transparent here, so we work with an international law firm. Depending on the best model we find, we might have to add some 30-40% national taxes. So it could be a total of 448.895 € or maybe of even 628.453 €.
Real estate investment
Property 250.000 €
Works Contract 30.000 €
Real Estate Agency 10.000 €
Tax 16.250,00 €
Stamp duty 2.000,00 €
Deed and registration 1.075,00 €
Works VAT (23%) 6.900 €
Applications 2665 €
Card issuances 53255 €
Legal & Citizenship fees 11750 €
International Tax Lawyer & Accountant 15000 €
Welcome money to Europe 40-50.000 €
Total 448895 €
Plus Taxes 40% 179558 €
Total: 628453 €
But we may also have miscalculated - these are all estimates and will have to be checked against reality. We will publish the final figures here.
You might be right. And this is the political dilemma of this performance. We want to show how this system works – and if it works out, our colleagues and their family get a house and a Golden Visa. To make this happen, we play the game: we use the dirtiest technology and team up with people who usually don't care about social justice. It feels really strange, but we hope to be able to do one thing right: short-circuit capitalism and nation states and get people human rights.
No. We work closely with our co-artists who live or lived in the camp. This is a joint project and we take decisions together. So first of all, the people who get visa are human beings. They are artists, journalists, electricians. The political circumstances made them refugees, but if this project works out fine, they wont't be anymore: they will be investors to the European Market.
No. They were all so kind to do this without payment but just donated their pieces to this project. As Peng however, we raised some money and could pay our staff and the co-artists on Lesbos during the development of the project.
We definitely know that this is a problem and we chose these families mainly because we worked with them, so the collaboration came naturally. But of course, people from any place should be free to move, as it is written in the declaration of human rights. As for now, only goods, money and information move freely in capitalism, but we hope that humans will be free one day as well, independent from where they where born.
There are many different ways to buy Golden Visa in the EU. At the moment, countries like Portugal, Greece, Cyprus and Malta offer Golden Visa programs for different prices. Usually, you have to invest into the country. Over 90% of those investments are in real estate. This raises the GDP of the country but isn't helping the population – in Lisbon, for exampel, people have to move to the periphery of the city because too many houses are bought and emptied in respect to the Golden Visa program.
Since we don't want to leave them alone when they arrive in Europe, we have calculated €40,000 or €50,000 as "welcome money" for them to settle in Europe. After that, it is up to them what they want to do. The house is theirs and they can rent it out once it is finished. They can start from scratch and live in Europe.
Then we get more collaborators and investors. We have connections with many more people who are stuck at the borders of Europe or are trying to get here. But as we can't run this program forever, the money that continues to come in from the resales will either be given to someone who wants to take over the programme – or we will donate it to Stiftungsfonds Seenotrettung, Cabuwazi circus project on Lesbos, refocus Medialab and the women's shelter Novo Olhar in Portugal.
Yes, sure. Here is the link for supporters.
What is gas?
To be successful, every transaction on the Ethereum network must be validated by a third party. These third parties are called miners, they validate your transaction in exchange for a payment. This payment is the transaction fee (TX fee). This fee is calculated from the amount of gas needed for the transaction (gas limit) and the current gas price.
How is the transaction fee (TX fee) that I have to pay calculated at the end?
Two factors determine the fee (TX fee) you have to pay. The first factor is that transactions on the Ethereum network can vary in complexity. If you send ETH to a friend, it's a simple transaction. When you buy an NFT from us, it's based on a more complex smart contract. The smart contract consists of several computing operations. Each computation operation costs a fee (gas). The more complex a Smart Contract is, the more computing operations it contains, the more gas units it costs to execute the Smart Contract. The amount of estimated gas units per execution is the gas limit. The second factor is the load on the network. The more people execute transactions, the more expensive it becomes. This is the gas price. The maximum gas price determines the maximum you are willing to pay to validate your transaction.
Why is this so expensive?
It's because of the load on the network. Metamask calculates a maximum gas price based on the complexity of our smart contract and the network load, which should validate the transaction in a few minutes. Metamask sets this very generously. In general, it ends up costing less. Unfortunately, no one can predict exactly how much it will cost. The only thing that is certain is that your gas limit is the maximum amount. It can't get more expensive. Most of the time it gets cheaper.
I still don't understand...
Think of it like a party. The gas limit is the number of cases of beer you buy at the liquor store. The gas price is the price per crate of beer. Now you know what you would have to pay if everything was drunk. Most of the time there is some left over, which goes back to the liquor store and you only pay for what was actually drunk -> this is your TX-Fee. If you order too little beer in advance and there are too many guests, you have a problem -> the transaction fails.
Metamask shows me a maximum gas price of several thousand euros!!!!
If the maximum gas price is that high, it's usually because you don't have enough ETH in your wallet to complete the transaction. This leads to an error that displays an absurdly high maximum gas price, among other things.
How can I calculate my transaction fee?
You can monitor the current gas price at https://etherscan.io/gastracker. Executing our smart contract costs slightly more than an "uniswap swap", the cost of which you can find on the site. This is not a prediction of the future, but it gives you an idea of the current costs.
Who gets this fee?
The gas you pay goes entirely to the miners. That is, to those who validate your transaction. We don't get any of it.
But Metamask says you guys set the gas price...
That's only half true. Metamask calculates a maximum gas price based on the complexity of our smart contract and the load on the network, which should validate the transaction in a few minutes. We have no influence on this amount. It is indeed also calculated by the complexity of our smart contract, but the current utilisation of the Ethereum network has the real influence.
Should I change the gas limit in Metamask myself?
If you know what you're doing, sure. But then you probably wouldn't be reading this text. If you have little experience, leave the settings as they are. Because a too low gas limit can cause your transaction to fail after hours or days. Then you don't get an NFT and still pay a fee.