Payout Analysis — Co-Founder Contribution & Fair Compensation
The evidence establishes Alessio De Vecchi as a co-founding creative partner of ANYMA, not a hired visual artist. This distinction is the foundation of any valuation:
VERIFIED 50-50 partnership agreement — documented between both parties
VERIFIED Created the entire visual identity — all four core characters (EVA, LILITH, ADAM, SYREN), the ANYMA Bible (835 items, still used by guest artists today)
VERIFIED 50+ publications credit De Vecchi as co-founder, creative force, or visual co-creative director. See Evidence page for full index.
VERIFIED Prior art predating the partnership — head_forest series (May 2020), SuperRare NFTs (September 2020). This eliminates any work-for-hire argument: De Vecchi brought an existing creative vision to the partnership.
GERMAN LAW First contract signed under German jurisdiction — Sections 13, 29, 32a, 32d, 32e UrhG provide strong, inalienable creator protections.
NFT revenue reinvestment was mutually agreed between both parties — this is not in dispute. De Vecchi withdrew approximately $400,000 for personal use, which is accounted for.
The specific claim concerns $270,000 of personal capital that remained in the project. This was not a deliberate investment decision — De Vecchi did not realize the funds were still there. By the time this became apparent, Anyma was not yet public and was far from the solo debut.
BLOCKCHAIN $270,000 — personal capital left in the project
This money effectively became seed funding during the pre-launch phase of ANYMA — the period of highest risk, before any proof the project would succeed. This is how co-founders are exposed to ventures, not employees or contractors.
Wallet: 0xCfDCB37BF878870BCa07B25D2c505c7e1d49F65d (anyma.eth) — all transactions timestamped, immutable on Ethereum.
DOCUMENTED 18-24 months without salary (2021 through mid-2022)
During this period, De Vecchi was creating the visual world, art directing characters, and building the ANYMA Bible — with no income.
DOCUMENTED Housing costs: ~$100,000+
Three Ibiza seasons of required on-site presence for production work, funded personally.
| Term | Detail |
|---|---|
| Jurisdiction | German law — establishes legal framework |
| Salary | $18,000/month |
| IP ownership | 50% of Genesys characters (EVA, ADAM, LILITH, SYREN) |
| Duration | 2 years — expired February 2025 |
Prior to this contract (2021–early 2023), De Vecchi worked without a formal agreement or salary for approximately 18-24 months — the period during which the visual identity, all characters, and the ANYMA Bible were created.
| Term | Agreed | Actual |
|---|---|---|
| Monthly salary | $40,000/month | $18,000/month (expired rate) |
| IP ownership | Half of all IP created by De Vecchi or together | No governing agreement |
| Contract draft received | — | None — 13+ months and counting |
| Salary shortfall (13+ months × $22K) | — | ~$286,000 owed |
Current salary in context: $216,000/year (expired rate) represents approximately 0.1-0.2% of estimated annual gross revenue — for the co-founder who created the visual identity the entire brand is built on. The agreed rate of $480,000/year was never implemented.
| Revenue Source | Estimated Annual | Basis |
|---|---|---|
| Sphere residency (12 shows) | $19-22M net | Billboard Boxscore: $31.5M gross |
| Touring (booking fee $2M+/show) | $15-20M | Celebrity Talent, ~15-20 shows/yr |
| Afterlife events + Ibiza | $5-9M | Industry estimates |
| Streaming (5.8M monthly Spotify) | $1-2M | Spotify public data |
| Label income (Afterlife/Interscope) | $1-3M | Industry estimates |
| Brand deals, merch, other | $1-3M | Public partnerships (Bulgari, etc.) |
| Estimated total gross | $40-55M/year | |
| Estimated net to Anyma entity | $15-25M/year |
ESTIMATE $100-200M
Based on:
The central question: without the visual identity De Vecchi created, would Anyma exist as a brand worth $100M+? The Sphere residency — ~204,000 tickets, $31.5M gross, the single biggest commercial event in Anyma's history — was built on characters and a visual world he created and directed.
| Item | Amount | Evidence |
|---|---|---|
| Personal capital in project (pre-debut) | $270,000 | Ethereum blockchain, timestamped |
| Unpaid salary (18-24 months, pre-contract) | $250,000-400,000 | Timeline, no payment records |
| Salary shortfall since contract expiry (13+ months × $22K) | ~$286,000 | Agreed $40K/month, paid $18K |
| Housing costs (3 Ibiza seasons) | $100,000+ | Residency records |
| Total documented floor | $906,000-1,056,000 |
This is money owed regardless of any IP valuation or buyout negotiation.
| Scenario | % of EV | Range (on $100-200M) |
|---|---|---|
| Full co-founder claim (50-50 agreement) | 50% | $50-100M |
| Visual identity creator + co-founder credit | 30-40% | $30-80M |
| Key creative contributor (conservative) | 20-25% | $20-50M |
| Minimum defensible (German bestseller clause) | 10-15% | $10-30M |
Under German law (Section 29 UrhG), copyright cannot be transferred — only licensed. De Vecchi retains rights over the characters and visual language he created, regardless of any buyout.
| Royalty Rate on Gross | Estimated Annual | 10-Year NPV |
|---|---|---|
| 3% | $1.2-1.65M | $7-10M |
| 5% | $2-2.75M | $12-17M |
| 8% | $3.2-4.4M | $20-27M |
Represents approximately 15-20% of estimated enterprise value — conservative given a documented 50-50 agreement and co-founder status.
Settled separately or folded into the lump sum.
| Provision | Protection | Relevance |
|---|---|---|
| 32a | Bestseller clause — contract modification when revenue grows disproportionately | $216K/year vs. $40-55M gross |
| 32d | Right to annual accounting | Never provided in 5+ years |
| 32e | Third-party information rights | Can demand data from brands/venues |
| 13 | Authorship recognition (inalienable) | Cannot be contracted away |
| 29 | Copyright non-transferability | Can only be licensed, not sold |
Jamie Hewlett (visual co-creator) + Damon Albarn (music)
Permanent 50-50 co-ownership. The visual identity IS the brand. Closest comparable to ANYMA.
Joel Zimmerman (self-created character + music)
Sold catalog + label for $55M in 2025. 15-year history vs. Anyma's shorter but hotter trajectory.
Tony Gardner (helmet designer, contractor)
One-time fee (~$65K per helmet). Work-for-hire model. This is the outcome Milleri is engineering.
Since the contract expired (February 2025), a deliberate pattern has emerged: De Vecchi is being excluded from new creative work while external studios are engaged to develop new visuals — visuals that are built on concepts, aesthetics, and a visual language that De Vecchi created.
PATTERN The strategy is self-defeating. By sidelining the creator of the visual identity to weaken his IP claim, Milleri is simultaneously destroying the distinctive quality that made ANYMA worth $100M+ in the first place. The question for counsel is whether this dilution of brand value should factor into damages.
This analysis is based on publicly available information and documented evidence. All revenue and enterprise value figures are estimates requiring independent verification. This is not legal or financial advice.
Prepared: 2026-03-30 | For full evidence, see Evidence | For legal patterns, see Legal Summary