PIP-03: Launch NFT Auctions

Abstract The JPEG'd DAO on occasion purchases NFTs liquidated in order to ensure solvency of all debt issued. This proposal aims to launch an auction process for NFTs owned by the DAO.

Proposal Launch an auction process for NFTs owned by the DAO. The auction will begin at an ETH amount determined by the multisig for each NFT auctioned. The auction will last for 24 hours and be paid in ETH.

Users will bid in ETH for any NFT they wish to purchase. Proceeds go to the DAO and are liquidated to PUSd to underwrite more debt.

To be eligible to bid you must stake 5m JPEG (~approx $5k) or 1 JPEG Card.

5 punks are to be retained by the DAO and the remaining are sent for auction. The punks retained by the DAO are determined at the discretion of the multisig.