Since the first draft of the Budhihal Base NFT Whitepaper, we have significantly expanded and refined the model to align with VARA requirements and to strengthen governance, compliance, and transparency.
The project has evolved from a basic NFT-for-coaching concept into a structured, epoch-based issuance with treasury management, redemption governance, and a full compliance documentation suite.
Attached/linked: Budhihal Base NFT Whitepaper & Compliance Documents (Notion)
| Category | Original Whitepaper | Updated Version |
|---|---|---|
| Token Release | 10,000 NFTs released at once | Epoch-based unlocks: 50% at launch (2025), 25% in 2028/CS, 25% in 2032/CT; controlled release flexibility |
| Redemption | Burn-on-use; NFT destroyed after redemption | Mark-as-redeemed model – NFT retains artwork & legacy collectible value after redemption |
| Redemption Capacity | Not defined | Time-based model: ~667 hours/year; roll-over if demand > slots; substitute coaches allowed |
| Treasury Management | Simple proceeds allocation | Treasury Management Policy + Transaction & Recordkeeping Policy + multi-sig custody |
| Budgeting | 60% training, 15% stipend, 15% education, 10% compliance | Revised: Education reallocated → now 60% training, 15% stipend, 25% compliance & operations (incl. VARA filings, audits, insurance, redemption logistics) |
| Risks | Athlete, market, regulatory | Expanded: time-based redemption risk, treasury release risk, compliance costs, cybersecurity, environmental |
| Reporting | None specified | Full framework: Quarterly Treasury Reports, Quarterly Marketing/Community Reports, Annual Impact Reports, Redemption Reports (2035–2050), Legacy Engagement Reports |
| Policies | Not included | Comprehensive set: AML/KYC, Sanctions Screening, Data Protection, Complaints, Conflicts, Custody, Cybersecurity, Redemption Policy, etc. |
| Distributor Engagement | Generic mention of marketplaces | Formal agreements drafted: Distribution Agreement (skeleton), Buyer T&Cs (Marketplace Listing Terms), Distributor Responsibility Statement |
| Annexes & Supporting | None | Press & Media Annex, Community Engagement Annex, Environmental Impact Statement, Insurance Policy Statement |
| Compliance Calendar | Not defined | Master Reporting Calendar (2025–2050) aligned with VARA disclosure standards |
This makes the Budhihal Base NFT Collection essentially “VARA submission-ready”, with only external approvals and filings outstanding.