BIP-09 - New Incentives for Bidding on Botto 1/1s

Summary

This proposal introduces two new incentives for bidding on Botto 1/1s:

1. Winning bidders (collectors) receive the $BOTTO equivalent of 15% of the auction sale price Note: this only applies to Botto's 1/1 auctions subsequent to the passing of this proposal, not to prior auctions For example, if a collector spends 10 ETH on a Botto 1/1, they would receive 1.5 ETH worth of $BOTTO.

2. The runner-up (2nd highest bidder) receives the $BOTTO equivalent of 10% of the final sale proceeds For example, if Bidder X meets the 10 ETH reserve but is subsequently outbid and the final sale price is 12 ETH, Bidder X receives 1.02 ETH (12 * .85% * .1) worth of $BOTTO. Note: 85% is the artist's cut on primary sales on SuperRare.

Both clauses 1) and 2) are based on the price of $BOTTO in ETH terms at the close of the SuperRare auction in question.

These incentives will be implemented for a pilot period of three months (12 auctions). By default, they will expire after this time, unless Botto DAO decides to renew them.

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Click here for full details and discussion.

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