Motivation:

As the new form of governance for NFTEarth has been enacted via xNFTE positions (staked NFTE), the DAO can begin the weekly processing of voting on which collections to incentivize / boost for trading based on overall voting power of user addresses.

Much like DeFi protocols such as Convex, Curve, and Balancer have on-going votes based on the users locked governance power, NFTEarth aims to bring a similar mechanism to the non-fungible world through its innovative staking design in order to allow the long-term stakeholders the control as to where incentives will flow. The team envisions a weekly vote held to determine which collections should be incentivized with NFTE and other token rewards via wrapper contracts on the marketplace as well as through the staking mechanism for xNFTE.

Learn more about xNFTE from the published Medium aricle: https://medium.com/@nftearth/supercharge-your-future-xnfte-innovation-from-nftearth-becomes-first-nft-protocol-to-offer-real-88c4028d5a41

Proposal:

This first proposal is to test the functionality of Snapshot voting and ensure xNFTE vote power is being correctly portrayed on Snapshot. Proposal to add NFTE as a reward token to the Revenue Sharing Vault, making it the 2nd claimable token in addition to WETH.

Specification:

Configure NFTE as a token to be received in the FeeDistributor Vault for stakers to earn, such that stakers (holders of xNFTE on Arbitrum - contract address - 0xE57bd15448C3b2D1dBAD598775DD2F36F93EBf90 - will be able to direct NFT trading incentives through their vote power, and additionally add NFTE to be claimable from the Revenue Sharing Vault. The default revenue share token will remain as WETH, but adding NFTE as an option for additional rewards can serve as another incentive to create a larger base of stakers.

The NFTEarth DAO Multisig on Arbitrum 0xC24223341415Bc8CaB0ffA5C2A6200d835fB1FF5 will interact with the FeeDistributor contract and call enableTokenClaiming and set the value to true for the NFTE token address 0x51B902f19a56F0c8E409a34a215AD2673EDF3284

This will enable NFTE to be deposited as additional incentives to the Revenue Sharing Vault, and claimable by stakers on a pro-rata basis in addition to any other tokens that are claimable (currently just WETH).