Context

Weakness in the NFT market has driven a decline in the price of $PRINTS due to its high correlation with the asset class and the desire of some members for immediate liquidity. Many DAO members believe that this decline in price is not representative of the value of the underlying assets.

As a result, we are afforded an opportunity to utilize ETH from the DAO’s treasury to repurchase PRINTS tokens from the market at an attractive valuation while also providing liquidity for individuals who may be looking to monetize their positions.

Proposal

Allocate up to 150 ETH from the DAO’s treasury (~23% of our total ETH holdings as of 15 January 2022) to trial a PRINTS buyback program:

1. 150 ETH will be transferred from the Fingerprints Treasury to the Finance Vault for the sole purpose of the buyback.
2. Any ETH not used within 8 weeks from transfer will be returned to the Treasury and the buyback program will cease.
3. The Finance Vault Signers are authorized to experiment with various options for enacting the buyback, including (but not limited to) a specific price range Uniswap v3 pool or OTC deals.
4. The Finance Vault Signers may vary the repurchase pricing based on market conditions, but the maximum price paid will be 0.0025ETH / PRINT.
5. The Marketing Team will work with the Finance Committee to publicize the initiative (either publicly or just within Discord).
6. $PRINTS tokens purchased under this program will be transferred from the Finance Vault to the Fingerprints Treasury with the intention that they are used to fund the future operations of the DAO.

Closing Remarks

We should execute this proposal quickly, while market conditions are favorable. Successful execution of this proposal could be a template for future token repurchases.