Payout Analysis — Co-Founder Contribution & Fair Compensation

Premise: All figures regarding Anyma's revenue and enterprise value in this document are estimates based on publicly available sources. They require independent verification through proper legal discovery or the statutory accounting rights available under German law (Section 32d UrhG). This analysis is not legal or financial advice.

I. The Relationship

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.

II. Financial Investment

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.

III. Contract Status

First Contract (February 2023 — February 2025)

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.

Contract expired February 2025. No new contract has been delivered. Over 13 months later, neither De Vecchi nor his lawyer have received any draft — despite terms being agreed.

New Contract Terms (Agreed February 2025 — Never Formalized)

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

Legal Significance

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.

IV. Revenue Estimates

ESTIMATES All figures below require independent verification through the annual accounting De Vecchi is legally entitled to under Section 32d UrhG but has never received.
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

V. Enterprise Value

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.

VI. Valuation

Layer 1 — Documented Costs (no dispute possible)
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.

Layer 2 — Co-Founder Buyout (enterprise value share)
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
Layer 3 — Ongoing Royalties (copyright cannot be transferred)

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

VII. Recommended Baseline

Lump Sum: $15-30M

Represents approximately 15-20% of estimated enterprise value — conservative given a documented 50-50 agreement and co-founder status.

Plus Ongoing Terms:

Plus Layer 1 Costs: $906K-1.06M

Settled separately or folded into the lump sum.

VIII. Why This Range Is Defensible

From below — the floor is set by:

From above — the range is restrained by:

IX. German Law Protections

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

X. Comparable Transactions

Gorillaz

Jamie Hewlett (visual co-creator) + Damon Albarn (music)

Permanent 50-50 co-ownership. The visual identity IS the brand. Closest comparable to ANYMA.

Deadmau5

Joel Zimmerman (self-created character + music)

Sold catalog + label for $55M in 2025. 15-year history vs. Anyma's shorter but hotter trajectory.

Daft Punk

Tony Gardner (helmet designer, contractor)

One-time fee (~$65K per helmet). Work-for-hire model. This is the outcome Milleri is engineering.

The pattern: De Vecchi is the Jamie Hewlett of Anyma, not the Tony Gardner. The progressive credit erasure — co-founder (2021) to not mentioned (2026) — and exclusion from new creative work is an attempt to rewrite the relationship from co-creator to contractor, after the fact. The evidence does not support this rewriting.

XI. Active IP Dilution Strategy

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.

The objective is transparent: create "new" IP without De Vecchi's direct involvement, so that future work can be attributed to studios rather than to the co-founder — despite it being derivative of his original vision.

Why this does not reduce the claim

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.

XII. Immediate Next Step

Formally demand the annual accounting under Section 32d UrhG.
Actual revenue figures replace the estimates on this page and transform this analysis from educated projection into enforceable claim. De Vecchi has a statutory right to this information. It has never been provided.

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