XIP4: Expansion Punk Buyback and NFTx Staking

Description

The DAO will purchased 3 ETH worth of Expansion Punks from the Open Sea floor. 1 ETH a day on a given weekday or weekend for a three week period (as an example, three Saturdays in a row) for xPunks priced at or below 0.12 ETH. The xPunks purchased will be staked in the single stake vault at NFTX to generate yield.

Category: Treasury

Status: New

Motivation

For at least a one month period the only proposals submited in DAO Discussion that got serious discussion were focused on buying back xpunks. To honor that discussion and the time committment of the community and to provide a good test for DAO voting process, I believe this idea should be placed to a vote. I also believe the staking rewards from NFTX provide a means of sustainability to the project and/or provide the potential for outreach to underserved communities. I don't want to cloud this proposal with additional execution elements, but in the future the staking rewards from NFTX (XPUNK token) could be used to provide scholarships (gifting of xPunks) if that is voted on.

Personal Bias: I hold a large number of xpunks (100+), but I don't intend to sell any of them into these buybacks. I hold a majority of the current NFTX XPUNK staking pools. This proposal will decrease my yield and provides no obvious benefit to me as the vault provides no fees to existing holders when someone does single staking as proposed. It could increase awareness and use of the valuts which is only personal benefit I can see.

Key Terms / Background (optional)

NFTX vault: https://nftx.io/vault/0x1a84cb84603d045efc7c09c03c4a179145094927/info/ Discussion of our NFTX valut on Twitter Spaces: https://twitter.com/i/spaces/1MYxNnAjVEOxw?s=20 Open Sea Expansion Punk listings: https://opensea.io/collection/expansionpunks Floor: Lowest costs xPunks available

Details

This is all being done onchain which our existing leadership has shown a preference for. It could be done with our MSW wallet or an alternative MSW wallet for security purposes. There are no ongoing personel or maintence costs.

Timeline

If passed, the 1 ETH purchase would be made every seventh day (Example, three Saturdays). The staking could be done on the day of the last purchase.

Cost

3.5 ETH. 3 ETH plus pressumed gas costs