Authors

Core Team

Summary

This proposal is intended to execute our current claim on $FLOOR, originating from the 500 ETH loan NFTX has provided to bootstrap FloorDAO’s fair launch.

While this claim costs the DAO approximately 29 $ETH, $FLOOR worth approximately ~2.3 times the ETH spent will be returned to the treasury, a total of 28900 FLOOR at the time of writing.

Additionally, we will work together with FloorDAO to utilize these FLOOR tokens by staking them on their platform, giving the NFTX DAO token holders a way to proxy vote on FloorDAO proposals.

Rationale

FloorDAO has proven to be the first successful “NFT Market Making DAOs”, becoming notorious for their floor-sweeping votes and supporting web3 native collections such as Milady. The DAO attracts the brightest minds in NFTfi, working together with multiple NFTfi projects to create a healthy and vibrant NFT liquidity landscape.

With a rise in popularity we’re seeing as of late within the NFT marketplaces vertical (Blur versus Opensea), it’s critical for market-making entities such as FloorDAO to succeed to keep the liquidity landscape in check (i.e. no monopolies form).

Claiming our share of FLOOR and becoming more active as NFTX in FloorDAOs’ governance process lets us have a say on where FloorDAO allocates its capital, while financially strengthening our own DAOs’ treasury balance through diversification.

Effect

Opportunity

• FloorDAO governance gets strengthened by attracting the entire NFTX userbase as proxy voters
• NFTX DAO members and the NFTX core team get more engaged with NFTfi-wide decision-making, automatically giving us a larger scope of the industry as a whole.
• Engagement with FloorDAO governance might bring unsuspected partnerships between NFTX and other NFTfi liquidity protocols

Risk

• FloorDAO is not an NFTX-exclusive DAO, so some votes may be about direct competitors to NFTX.

Specifications

Executing our claim will require us to spend ~29 ETH on the pFloor claim site, unlocking ~28900 $FLOOR. These tokens have to be staked for the NFTX DAO to acquire voting power.

Funding request - Yes - Implementation Requires Funding

In order to unlock our FLOOR position, we have to pay ~29 ETH. If this proposal passes, we will use the ETH that was generated from our LP positions on Uniswap V3 since switching from Sushi.

Communication

• Discord: NFTX
• Twitter: FloorDAO

Quorum

• Minimum Quorum: More than 10% of circulating, non-treasury NFTX must participate for a proposal to Pass.
• For changes to the NFTX contract, more than 70% of voting tokens must vote FOR for the XIP to pass.