Lock/Freeze the Bgan Metadata at 31.01.2023

Lock the Bgan Metadata at 31.01.2023

Hello, this is 888mooncat.

As per popular community demand and recent active discussions, here is the Proposal to lock the Bgan metadata.

This is needed for 3 main reasons: Investability, Security, and Financiation of our collection.

1. Investability: several community members are pushing Bgans hard to NFT investment DAOs like GrailDAO and FlamingoDAO. One thing which comes when DAOs like that are doing their due diligence is that they check our Snapshot, which now shows a large number of Proposals to change traits of Bgans. Large investors need stability and locked metadata, and it is apparent to them that Bgans are still not in that phase.

Example 1: Imagine that FlamingoDAO pays significant premiums to acquire 10 Zombies, and presents them in their Gallery in the “Zombie Section” with other Zombies from different collections, just to find out 2 weeks later that someone from Bgan community made a Proposal to change trait qualification of Zombies, that Proposal has passed, changing FlamingoDAO’s Zombies to another type.

Example 2: The same case, but there will be 200 new Zombies created, as the new classification will change the Zombie type, making FlamingoDAO’s Zombies less rare.

This is just one scenario, there are dozens of others, which can be not favorable for investors. As we are trying to attract more capital to Bgan collection, so we need to provide stability for investors, which locked metadata provides.

2. Security: at the moment, as metadata are still being updated, they are hosted locally on the website (hopefully there are some good backups, but..). For the durability of the collection, we need to get them on the chain, which can be done only after metadata is locked.

3. Financiation: some of our members work hard to make financiation for Bgans happen. One example of a recent initiative is Strangehodl’s JPEG information, where basically he and other people will support us, once we reach some floor threshold for certain categories of Bgans. This will enable us to BORROW against our Bgans, which will further reduce selling pressure, this raising prices, thus benefiting Bgan holders, which should be in my opinion the main aim of the DAO, together with preserving the integrity and art of Bgan collection.

To achieve this, again metadata needs to be locked, as this is a technical prerequisite in most protocols.

For example: imagine the situation the market says that Zombies have 20 ETH floor in the future. Someone will lock their Zombie in JPEG protocol, and borrow money against it, so JPEG protocol needs to make sure that it is still a Zombie during the loan interval, which can be made only with locked metadata.

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In above, the case was made for locking of the medatada. But we all know that unlocked metadata are also a lot of fun for members. People who spend lot of time to check of “discrepancies” can make a Proposals, and if those Proposals pass, they can get valuable pieces into their collections. So this rewards active members, financially.

Also, improving metadata in above way functions as a improvement of discoverability of Bgan collection, which is also beneficial for us.

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So how to join both of these worlds? In my opinion, we should lock metadata, but it is still not “that urgent”. We are working to get to floor levels needed for financiation protocols, but it will most likely take another few months to see some of the hypes (like Hyped or Hoodies) to get to those levels. It can happen sooner or later, no one can predict. So we still have time to play with metadata.

I suggest we close our metadata on 31.01.2023. It is still 6 months, so everyone who is active and is interested to improve their collection, has plenty of time to do so.

We should also utilise this as a Twitter marketing, where our Twitter team should be regularly posting a information, that time window for metadata changes is limited and will close in future. This might boost the market activity, as people who did not pay attention so far will be motivated to pay attention to metadata of their holdings, and we should thus see large activity on secondary market and protocols like NFTX, which again will boost the total engagement for our collection.

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Summary of this Proposal:

1. If you are for this Proposal, you direct DAO to REPLACE all statements in Trait Constitution which currently states to the general effect that each trait has to be voted to be frozen, and then once all traits have been frozen a final vote to freeze everything and finalize must pass,

with a simple Statement: “All traits/metadata will be automatically FROZEN at 31.01.2023 and no updates of traits/metadata will be possible after this date”

2. If you are for this Proposal, you direct DAO to CLOSE/FREEZE all Metadata (in meaning no further updates are possible and Metadata are ready to be transported as such immutably on-chain) at 31.01.2023.

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If you like Summary of this Proposal, vote “Lock Metadata” If you do not like Summary of this Proposal, vote “Do nothing”

Thank you for reading this long Proposal:) -888mooncat