MetaBid

Proposal to create and deploy MetaBid.

Background

The DAO is committed to adding new, innovative, value-creating, revenue-generating products with similar characteristics to MetaQuiz – namely fun and rewarding with the native ability for NFT owners to spend staked METFI that is recycled and burned.

Recycling METFI helps ensure sustainable METFI Multiplier Rewards while burning METFI ensures increasingly less METFI supply.

Motivation

Create a product that anyone in the world can engage with without needing to purchase a Shrimp (or higher) NFT, increasing the likelihood of mass adoption of the MetFi protocol.

What is MetaBid?

MetaBid is an auction platform that allows participants to purchase digital and physical products at a fraction of their retail price. For example, a user may be able to buy 1 x Bitcoin for a few USDT.

How It Works

Registering for MetaBid is as simple as connecting a DeFi wallet to the platform, or being gifted BIDs from an existing MetFier.

BIDs are off-chain tokens that can only be used for bidding on auction items in MetaBid.

BIDs can be purchased from the MetFi platform in a similar way to any other NFT or product.

The user does not need an active NFT to buy BIDs and participate in MetaBid – they simply need to purchase 10 BIDs for 10 USDT and a Plankton NFT will be minted for new users in the background (that they can later upgrade) – see proposal 43.

Unused BIDs are non-transferable and expire after 6 months.

1 BID costs 1 USDT.

Similar to MetaQuiz there will be volume discounts for purchasing BIDs in bulk and staked METFI can be used to buy BIDs exactly as you do now when buying MetaQuiz tickets.

At its core there will be two (2) auction formats:

1. Regular Auction
2. Reverse Auction

In regular auctions, each BID increases the price while in reverse auctions, each BID decreases the price. In both cases, the user that placed the last bid is the winner. If the product is physical the winner will pay for shipping and handling (delivery) of the item, digital products will be delivered instantly.

Supercharge Your NFT

To be eligible to earn MetaBid Rewards (from BID purchases) and Supercharge Rewards a user must be a qualified MetFier (see proposal 45) and own a ‘Supercharged’ NFT.

Supercharged NFTs are a one-time purchasing event and your NFT supercharge powers last forever – your powers are automatically assigned to your highest NFT so when you upgrade your NFT from say a Dolphin to a Shark the supercharge powers are bound to the Shark.

Supercharged NFTs cost 1,000 USDT (one-time) and come with 100 BIDs.

Supercharge Rewards

When a user in any of your matrices supercharges their NFT for 1,000 USDT this is how those funds are handled by smart contracts:

• 100 USDT is assigned to each of the 10 matrices and equally distributed 10 levels up, same as MetFier Rewards i.e. 100 x 10 = 1,000.

• if you do not own an NFT 10 Humpback when you supercharge your NFT the smart contracts will identify where your NFTs would be placed in each higher matrix if you upgraded to Humpback at that precise moment in time and equally distribute Supercharge Rewards to all eligible NFTs in those higher matrices.

N.B: you will not have a position in those higher matrices until you upgrade to a higher NFT – this design feature was added to ensure that the maximum number of rewards will be distributed to as many MetFiers as possible when a Supercharged NFT is purchased.

• like MetFier Rewards you will only receive Supercharge Rewards on Supercharge NFTs that are in your 3 x 10 matrix e.g. if you are an NFT 6 Shark you can earn on up to 6 matrices.

• Matching and Fast Start Rewards apply to Supercharge Rewards.

MetaBid Rewards

MetaBid Rewards are earned when BIDs are purchased in any of your matrices.

MetaBid Rewards have the same structure as MetaQuiz Rewards whereby 50% of the proceeds from BID purchases are assigned to distribute member rewards while the other 50% goes to the MetaBid Pool to cover the cost of the auction items.

MetaBid Rewards are always based on the highest NFT/matrix that purchased the BIDs so if you have a e.g. NFT 6 Shark in your matrix 1 you will not receive MetaBid Rewards for that purchase as all rewards will be distributed to matrix 6.

Vote Discussion

Join the discussion on this proposal in the MetFi DAO Discord and head over to the #vote-discussion channel.

Proposal

If the community approves this proposal with a FOR vote – the MetaBid auction platform will be developed and deployed.

Please vote FOR to approve this proposal or AGAINST to block this proposal.