The K21 ERC-20 token represents partial ownership of the vault collection. The token has a hard cap of 21 million. Roughly half of the token supply was issued to purchase artworks and support social causes. Just over 21% of the tokens will be widely distributed to the community through various mechanisms including mining programs and high initial K21 / ETH ratio locked liquidity pools.
K21 is not a governance token but it does carry the right to vote against a buyout of the entire vault through a bid function in a dedicated smart contract. Read more about the buyout below.
Token holders will be able to veto the bid with a 21% consensus. If they don’t, each token holder will receive a pro-rata share of the proceeds and the 21 NFTs will be released to the successful bidder.
For a detailed overview of the K21 token allocation and vesting schedule please refer to our launch post on Medium.