# BIP #7 Bluechip NFT Eligibility Requirements v2

Summary

The bluechip NFT eligibility requirements are designed to measure the performance of the NFT collection, which is also a form of risk assessment aiming to contribute to higher risk standards on BendDAO.

The development of the NFT market is still nascent. More bluechip NFTs will continue to emerge as the market keeps booming. The bluechip NFT eligibility requirements will likely change if the surrounding market dictates so. And some collections might be reviewed case by case. All approved special cases will be added as amendments to the eligibility requirements.

Currently, BAYC, CryptoPunks, MAYC, Azuki, Clone X, Doodles and Space Doodles are supported as collateral on BendDAO.

Proposal

Based on the discussion of BIP #4, the 30-day average floor price, circulation of NFTs and random minting are added as key metrics for bluechip NFT. This proposal is to set up the bluechip NFT eligibility requirements through governance. When an NFT collection meets these requirements, it will likely be considered a potential bluechip NFT. And the DAO members can propose adding new bluechip NFTs as collateral on BendDAO.

The following are the suggested eligibility requirements.

1. The floor price and the 30-day average floor price are over a certain amount of ETH;
2. The market cap is bigger than Floor Price * 10,000;
3. The number of items is bigger than 5,000;
4. The circulation of NFTs is more than 50% of the total items;
5. The number of owners is bigger than 1,000;
6. The all-time Trading Volume on OpenSea is more than a certain volume of ETH (related collections Space Doodles);
7. The collection has been deployed for more than a certain number of days;
8. Random NFT minting when reveal.

Amendments to existing requirements

1. For an official wrapped collection, its metrics can be referred to the original collection. For example, Space Doodles collection is supported as collateral, but the trading volume doesn’t meet 50K ETH. Since Space Doodles are wrapped Doodles which is considered part of Doodles as well. Snapshot: https://snapshot.org/#/benddao.eth/proposal/0xd541d40a9072573ef718287d95d6bd5d5bb5a269a135e5c23d68769884fdf824.

NFT Collection	Floor Price	30d Avg. Floor Price	All-time Trading Volume on OpenSea	Deployed
BAYC	99.99 ETH	114.25 ETH	506K ETH	365+ days
CryptoPunks	52.5 ETH	58.78 ETH	894K ETH	1000+ days
MAYC	19.99 ETH	26.88 ETH	336K ETH	180+ days
Doodles	13.95 ETH	16.28 ETH	106K ETH	180+ days
Clone X	14.49	15.69 ETH	178K ETH	120+ days
Azuki	13.99 ETH	19.96 ETH	187K ETH	90+ days
====	====	====	====
Risk Level 1	10 ETH	10 ETH	50K ETH	30 days
Risk Level 2	15 ETH	15 ETH	80K ETH	90 days
Risk Level 3	20 ETH	20 ETH	100K ETH	180 days

Specification

All BEND stakers are members of BendDAO. Voting Quorum: 33.5M veBEND. The voting will last for 7 days.