Frank Miller Presents x Spice DAO


Frank Miller (the most influential graphic novelist of the past 20 years and creator of 300 and Sin City) and Dan DiDio (Editor and Publisher of DC Comics for 18 years, home of Batman and Superman) have started a boutique publishing company called Frank Miller Presents. FMP will own new IP created by Frank Miller and his collaborators. Spice DAO has the unique opportunity to become Frank Miller Presents’ exclusive Web3 partner.

FMP is seeking up to $1M to finance a five year plan to publish new and existing IP in print and digital formats. Upon becoming FMP’s exclusive Web3 partner Spice DAO will advance between $250K-$1M of future NFT sales. The DAO Treasury will recoup the loan by collecting $250K-$1M in sales from the first project. The DAO Treasury will also collect a 20-50% commission on every NFT sale. Projected sales of the first project are: Phase 1. $3M and Phase 2. $3M = $6M total sales in 2022.

A weakness of the DeFi/NFT/DAO ecosystem has been the lack of established brands participating in the space. Anon devs have contributed greatly to building the metaverse but this has lead to a minority of incidents of exploits, fraud and rug pulls which result in a lack of confidence in the market. A partnership between established IRL creators (and it does not get more influential than Frank & Dan) and a well-managed DAO is guaranteed to deliver Web3 products that the community can put their full faith and credit in.

Frank Miller Presents “Ancient Enemies” created by Dan DiDio with art by Danilo Beyruth featuring The Geek created by Frank Miller with original art by himself. Spice DAO will be the exclusive Web3 partner of FMP and will deliver at minimum one multi-phase NFT project per year. Recommended model is a two-phase project that sustains interest over the course of 8-12 weeks.

Phase 1 - PFP

An NFT strategy that prioritizes accessibility will lead to long-term success in the space. The most relatable kind of NFT is the PFP, or Profile Picture. Every social media account has an avatar attached to it and the most popular use of NFTs today is to capitalize on that digital real estate.

The established business model of selling NFT PFPs has been 10,000 at a mint price of 0.08 ETH or 0.1 ETH. If the price of ETH is $3K then 10K x 0.1 ETH ($300) = $3M. The images are generated using a proprietary computer algorithm that assembles a set of individual art assets made by Frank Miller and Danilo Beyruth to create 10K unique NFTs.

The primary market is only the beginning of the revenue the creator generates from the project. In 2021 there were an average of 30,000 buyers who purchased and traded every PFP project. Now it is a full-time job to keep track of every project and daily trading volumes. The PFP model is so appealing because the community that participates in these projects know that there are 9,999 other people they can sell their NFT to for more than they bought it. Trading PFPs based on rarity traits (5%/10%/85% is the standard breakdown for rarity allocation) is how the true volume of sales is created. The secondary market trading pool is where the majority of NFT market activity takes place due to price appreciation. The creator earns a 10% commission every time the NFT is traded on the secondary market in perpetuity.

In advance of the primary sale launch date various privileges are given to grant first access to minting the 10K PFPs, the benefit being that an early buyer will pay the least amount for what could 10X in value on the secondary market. Purchases at launch are a blind mint meaning the buyer does not know what image or rarity level they will get. Allowlists, contests, giveaways and more marketing strategies are used to promote the project pre-release while also growing a community based around speculation akin to a lottery draw.

Phase 2 - Mint Pass + Physical Comic Book

Sustaining the audience’s attention is the next challenge after successfully selling out the first set of 10K NFTs on the primary market. Secondary market activity is propelled by attention and steady increase of the floor price (the floor price is the minimum amount an individual will sell their NFT for). Community engagement on social media is a key factor in maintaining excitement.

To maintain momentum and establish community loyalty a second NFT can be sold exclusively to current PFP owners. 10,000 x 0.1 ETH ($300) = $3M. Owners of the NFT PFPs will have the exclusive right to purchase a Mint Pass, which is one NFT that represents one physical comic book. The appeal of the Mint Pass will be based on its utility: it can redeem a special edition of the physical comic book which the owner will receive by snail mail. The Mint Pass can be bought and sold on a secondary market before being redeemed (which can include a 10% royalty on all secondary sales). The special edition of the comic book will only be available to Mint Pass owners. The physical comic book can have a mass market version which is sold to IRL retailers via Diamond Comic Distributors.

Multiple editions of the physical comic book can be produced at different rarity levels for Mint Pass holders. For example, variant covers: 5% featuring an alternate cover by Frank Miller; 10% by a guest artist; 85% the regular cover by Frank Miller. This would create a speculative market based on the different rarities.

Venture capital between $250K-$1M - April 2022
Ancient Enemies NFT Project Phase 1 (DAO earns 20%-50%) - May or June 2022
Ancient Enemies NFT Project Phase 2 (DAO earns 20%-50%) - November 2022

Frank Miller is an award-winning comic book writer, novelist, inker, screenwriter, film director, and producer best known for Daredevil, The Dark Knight Returns, Sin City, and 300, among others. He also created the Netflix original limited series Cursed starring Katherine Langford.

Known for his intense, hard-boiled storytelling and gritty noir aesthetic, Frank Miller is one of the most influential and awarded creators in comics, graphic novels, and film. The co-director of Sin City (based on his graphic novel) and an executive producer of 300 (based on his graphic novel series), his projects have been nominated for the Palme d’Or and have won the Harvey and Eisner Awards, including those for Best Writer/Artist, Best Graphic Novel Reprint, Best Cartoonist, Best Cover Artist, Best Limited Series, and Best Short Story. In 2015, Miller was inducted into the Will Eisner Award Hall of Fame for his lifetime contribution to the industry. He is also the creator of Daredevil’s assassin-for-hire, Elektra.

Miller’s notable projects include: The Dark Knight Returns; Batman: The Dark Knight Strikes Again; Batman: The Dark Knight: Master Race; Batman: Year One; the award-winning Martha Washington miniseries Give Me Liberty; and Hard Boiled. Most recently, Miller completed writing and illustrating Xerxes: The Fall of the House of Darius and the Rise of Alexander, the highly anticipated five-issue companion epic to his award-winning series 300.

Twitter: @FrankMillerInk

Dan DiDio is an American comic book writer, editor and executive. From 2010 to 2020 DiDio was co-publisher of DC Comics (home of Batman and Superman) alongside Jim Lee. Prior to this DiDio was the Senior Vice President — Executive Editor, DC Universe, for DC Comics, having been promoted to that position in October 2002 after having joined the company in January 2002 as DC Universe Vice President — Editorial.

Previous to DC Comics, DiDio was a writer and producer at the animation studio Mainframe Entertainment, working on ReBoot among other shows.


Danilo Beyruth is a Brazilian comic book artist. He has worked on Marvel Comics’ Ghost Rider, Deadpool v. Gambit and The Unbelievable Gwenpool. He created the concept art for the film Motorrad directed by Vicente Amorim.

Twitter: @danilobeyruth


1 Like

Spice DAO as a venture capital firm? Sounds awesome. I’ve been a huge fan of Frank Miller and Sin City for many years.

If we’re a venture capital DAO now, why not browse our options a little? There are thousands of burgeoning companies, startups, and other businesses across the world where a million dollars could be put to great use. We could start a trustless Defi NFT protocol with that kind of money & resources. We could even become an entrepreneurial incubator.

Well okay sure, we can focus on the comic book PFP NFTs. (Even if the NFT craze is a speculative bubble, we should be fine)

some healthy skepticism:
I’m not well versed regarding the legality of a DAO forming a partnership with a company. Will this be arranged through the DAO’s legal entity? The lack of a clear legal framework regarding crypto requires that extra due diligence is done while setting all this up. Ideally, legal contracts should be in place so FMP is held accountable to honor the deal and recoup the loan.

When I look to invest in a company or project, I consider how invested the people behind it are. What is FMP putting into this? The amount they’re investing should be indicative of both their confidence and dedication. If FMP is projecting $3M in sales, then why wouldn’t they just use internal capital? Was the recent $800,000 NFT sale not enough to bankroll this project?

I’d love to hear the reasoning and see a timeline of projected costs for the development of this new IP. Full transparency for DAO members to see the financial plan.

reflecting on Spice DAO’s mission
Why get pulled in a bunch of different directions? When organizational resources are stretched too thin, it causes strain. $250k - $1M is a huge range. That range could contribute towards the DAO’s mission of establishing its original IP and supporting community projects. A goal that is not only ambitious but is culturally innovative.

Web3 is filled with scrappy startups that virally explode. We’ve already got the ball rolling, so why not keep doing our own thing? Do we need the extra money?

concluding thoughts
But yeah, I get it. This is pretty cool. It’s hard to pass up an opportunity like this.

Here’s a radical idea: Give every $SPICE holder a percentage of the NFT sales profit after loan payback. Do something like this and you have my vote. Immediate and accessible value creation for the community.

Tbh- I wanted to play devil’s advocate here. This plan is super intriguing. Great proposal write-up!