NFT.com GKs: The Fate of the Keys

Tl;dr: To settle the remaining Genesis Key NFTs in treasury, which of the following actions would you prefer NFT.com take?

#1. Burn keys 5001-10,000, remaining given to the DAO. #2. Leave all keys in treasury, for the DAO to decide on later. #3. Airdrop keys 1:1 to existing holders, leftover keys given to the DAO. #5. Add 1 Profile mint to ALL keys, burn keys 5001-10,000, remaining keys given to DAO.

*Note: Option 4, the self claim keys option was removed due to a number of factors

Join the discussion live in the Genesis Key Club! discord.gg/nftdotcom

Description: NFT.com currently holds over 6,000 Genesis Key NFTs in Treasury. Currently, this concentration of Genesis Keys overshadows the existing keys by 135%. As we move towards the formation of a DAO, a decision must be made as to the fate of these Genesis Keys.

The purpose of this proposal is to enable the community to decide on what happens with these remaining Genesis Key NFTs.

Timing: Vote Open: May 15th, 2023 at 2pm EDT Vote Close: May 26th, 2023 at 5pm EDT.

Options: The following presents the 4 options, as well as a brief summary of the Pro’s and Con’s of each. . —

OPTION #1 - Burn 5,000 keys

Summary: Burn keys 5001-10,000, remaining given to the DAO.

Pros:

• Simplicity
• Quick implementation
• Less keys in circulation makes being part of the GKC a more exclusive experience
• Remaining est-1300 keys would be given to the DAO to utilize.
• Reduces the amount of 'free forever' Profiles.

Cons:

• Deviation from standard supply (reduced number of potential members)
• Supply may not be ideal in a healthy market environment
• Potential loss of royalties
• Trait rarity shuffling

OPTION #2 - Leave all keys in treasury

Summary: Leave all keys in treasury, for DAO to decide on later.

Pros:

• Flexibility to utilize the keys for something at a future date.
• Potential use by the DAO in the future to boost NFT.com via marketing/partnerships/etc.
• It allows us to defer the decision and leaves the option open to burn later.

Cons:

• Missed opportunity for a big decision moment while the community is aligned.
• Large additional supply of keys looming over the project (roughly 135% of current keys in circulation)

OPTION #3 - Airdrop keys 1:1 to holders

Summary: Airdrop keys 1:1 to existing holders, leftover keys given to DAO.

Pros:

• Preserves 10k potential circulation
• Rewards existing holders
• Preserves more of the art
• Preserves the existing rarity rankings
• Keys can land naturally on the market in a way that holders control themselves

Cons:

• Medium complexity of execution
• High gas fees
• Potential dumping at floor price
• Rarity & randomness complaints

OPTION #5 - Burn 5,000 keys, +1 Profile mint

Summary: Add 1 Profile mint to ALL keys, burn keys 5001-10,000, remaining keys given to the DAO.

Pros:

• Burn keys 5001 to 10,000. Reduction to total Genesis Key supply.
• Refilling profiles is a low gas option for NFT.com & Community.
• Breathes life into existing keys with no mints left.

Cons:

• Dilution of forever profiles
• Trait rarity shuffling

— Voting: This proposal will allow Genesis Key holders to vote on their preferred step forward. 1 Genesis Key, 1 Vote.

Thank you for voting!