As artists complete their works and mint their NFTs, they will transfer them to the K21 Safe.
This is a Gnosis safe with a 2/3 signature set up, which is subject to change. The K21 Safe will act as temporary storage for the artworks while Kanon completes the development of the K21 Vault Contract and the K21 Buyout Contract.
On completion of these contracts, Kanon will transfer the 21 artworks into the K21 Vault. The K21 Vault Contract will be a close-end vault. Once the last artwork is contributed, it will be sealed. Kanon will irrevocably assign the control of the K21 Vault to the K21 Buyout Contract.
Any potential purchaser can contribute funds equivalent to $21 million into the Buyout Contract and trigger an auction.
Token holders will be able to veto the bid with a 21% consensus. Should token holders veto the offer, the trigger price of $21 million will be increased by 7%. If they don't, K21 token holders will receive a pro-rata share of the proceeds and the 21 NFTs will be released to the successful bidder.
Kanon expects to complete development and audit of these contracts in the next 90 days.
Please note that some of the details above might change during the development process.