FIP#69 - Sell PUNK Holdings & Fund a December Floor War

FIP#69 (nice) Summary

This proposal works to direct FloorDAO to sell 0.74 PUNK stored in the floordao.eth wallet. Once sold, the proceeds will be used to integrate a new collection into FloorDAO’s treasury through a Floor War. This would mark the first collections addition since the addition of the Remilio Babies collection nearly a year ago.

Proposal

Floor will execute the sale of 0.74 PUNK following the approval of this proposal. The final revenue will depend on the PUNK’s market value at the transaction time on leading marketplace where PUNK is traded.

Purpose:

Floor has had this 0.74 PUNK in the DAO wallet for some time now, and it is neither inventory or liquidity staked on NFTX. Without a formal proposal for a different strategy, this PUNK will remain idle unless sold. The sale’s proceeds will be dedicated to funding the acquisition of a new collection in the form of a Floor War as was done in the past, thus diversifying the treasury and opening further avenues for marketing and treasury growth.

Potential Risk:

The primary risk is the case of appreciation in PUNK’s value after Floor liquidates the asset, possibly leading to missed profit opportunities. While it would be unfortunate to miss out on potential profits, this risk is mitigated by the benefits of adding a new collection to the Floor Treasury.

Motivation

Floor has not added a new collection since adding Redacted Remilio Babies nearly a year ago. Floor Wars are one of Floor’s greatest marketing tools, and the DAO has missed out on the opportunity to grow with new members as a result of just a few collections additions in 2023. Expanding the collection variety is crucial for the growth of the DAO. As such, this proposal is in line with Floor’s long term goal of growing the Treasury and DAO while supplying liquidity to new collections.