Acquire multiple 1x1 lands in the Sandbox

MGH Proposal #3

SUMMARY

To acquire three 1x1 lands in the Sandbox metaverse

BACKGROUND

The MGH DAO is seriously committed to supporting the development of the metaverse. Therefore, we are constantly looking for new opportunities in different virtual worlds to find lands that will be suitable for our community members to unleash their imagination and participate in the creation of a new paradigm.

MOTIVATION

Given the novelty of the space we are in, there are not many valuation models available to determine the fair price of an NFT. This can lead to market inefficiencies that harm the development of the metaverse (bubble behavior). For this reason, we are really committed to reduce the market noise, add transparency to the pricing of virtual real estate and in the long term increase the accessibility to the NFT market.

SPECIFICATION

This proposal aims to acquire three 1x1 lands that have been identified as undervalued by the pricing algorithm. Voters will be able to select one or multiple lands. At the end of the voting period, the three best voted lands will be purchased. If by the end of the voting period any of the lands have been purchased, the next best voted land will be chosen.

VOTING PERIOD

24 hours

VOTING MECHANISM

Quadratic voting This voting mechanism is used to measure the intensity of people's preferences in collective decisions. Participants can allocate their total voting power in the different lands but the "cost" of allocating more than one vote for a specific land is quadratic and not linear.

The Quadratic Voting formula is: Cost to the voter = ( Number of votes)^2

Example: If you want to allocate one vote to land 1 it will cost you 1 vote. However, if you want to allocate 2 votes, it will cost you 4 votes from your voting power. Allocating 3 votes to a single land will cost you 9, 4 will cost you 16 and so on.

Happy voting!

Land 1: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/162106

Coordinates: (-74,193) Highest Offer: 0.4 Proposed Offer: 0.71

Land 2: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/116126

Coordinates: (50,80) Buy Price: 0.514

Land 3: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/72129

Coordinates: (117,-28) Buy Price: 0.6

Land 4: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/10658

Coordinates: (-154,-178) Buy Price: 0.78

Land 5: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/24742

Coordinates: (58,-144) Buy Price: 1

Land 6: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/46132

Coordinates: (-176,-91) Buy Price: 0.69

Land 7: https://opensea.io/assets/0x50f5474724e0ee42d9a4e711ccfb275809fd6d4a/83882

Coordinates: (38,1) Buy Price: 1.3 Proposed Offer: 0.78

CONCLUSION This proposal aims to expand MGH’s exposure to the Sandbox Ecosystem. Considering the big upside potential of virtual real estate and metaverse related assets, it is the right moment to acquire lands. This will allow the MGH DAO to foster, together with its community, the development of the metaverse.