NPics Funding Proposal [DAO Treasury]

Summary

This proposal is for seeking BendDAO’s investment in the seed round financing of NPics, which proposed deeper cooperation with BendDAO in building the NFT Liquidity Infrastructures as both programs progressed.

BACKGROUND

NPics is the first NFT leveraged trading platform for Web3. As a pioneer of the front-release NFT liquidity tool, we’ve dedicated to and built a fully functioning and user-friendly NFT marketplace. The NFT one-click down payment purchase on NPics is implemented through the NBP protocol, which allows automatic routing of available listings and financial services as the users click loved NFTs to buy.

As the core section of NBP protocol, NPics reckon that BendDAO is the optimal Banker among the current NFT lending protocols for mortgage service and risk management.

1. Through NPics Marketplace, users can automatically stake the purchased NFT to BendDAO once they accept the terms of BNPL service.
2. NBP protocol will also sync BendDAO as NFT holders’ ture ownership(any claimable airdrops and rewards) by minting a transferable and approvable NEO-NFT, the related BoundNFT will be held by the separate NBP protocol as a debt NFT which provide the vault functionality.
3. NBP reserves all Bend rewards to NEO-NFT holders which can be claimed anytime. The unclaimable Bend token will be dropped to owners’ addresses once they repay all debt.

MISSION & VALUES ALIGNMENT

As one of the core closing loops in NPics Downpayment business, BendDAO makes great business sense. Whether it is the NFT lending or the expansion of BEND token holders to help BendDAO ecological development, NPics will be able to provide strong support for BendDAO's ecological development.

SCOPE OF WORK

As members of the BendDAO community, NPicswe drafted this proposal in a sincere hope that the BendDAO Treasury will invest in the seed round of NPics in the form of BEND tokens equivalent to a minimum of 20,000 USDT.

1. As one of the Investors in NPics seed round, the potential incentives for BendDAO community will also be well-considered.
2. BendDAO will be set as the whitelisted of the lending protocols router (the selected logic is the one with available funds more than 1000E which provided the lowest DP amount and the highest APY);
3. The unclaimed BEND reward of non-performing assets in NBP protocol that have not been claimed will be mortgaged as veBEND;
4. NFT listings on BendDAO will be directly displayed NPics " Second-luxury NFT market (without royalty fee)".
5. On the devs side, NPics will regularly synchronize development plans with BendDAO team; On the marketing side, co-brands exposure and participate in BendDAO’s community routines and governance;

SPECIFICATION

Forum Discussion: https://governance.benddao.xyz/t/proposal-for-applying-investment-on-npics-from-the-benddao-treasury/71

FINANCIAL IMPLICATIONS

1. Fundraising information:

• Seed round: 8% of total distribution, valuation of US$12 million; 12% of total investment is released after a three-month lock-up, then 11% unlocked quarterly for 8 quarters.
• Strategic round: 14% of total distribution, vesting over 24 months.

2. This proposal aims to raise a minimum of 20,000 USDT equivalents in the form of BEND tokens in seed round. The fund will be used for team operations of NPics and subsequent marketing on NPics and partners.

SUCCESS METRICS OR KPIS

BendDAO Treasury invests in NPics’ seed round with a minimum of 20,000 USDT equivalents in the form of BEND tokens.

NEXT STEPS

Receive funding in the form of BEND tokens from the BendDAO Treasury.

BACKGROUND

Website: https://npics.xyz Twitter: https://twitter.com/NPicsNFT Github: https://github.com/NPics

All BEND stakers are members of BendDAO. Quorum: 24M veBEND (10% of the total supply) Pass Rate: 80% The voting will last for 7 days.