Summary

This proposal is to renew ChopChop (aka 0xChop) position on the NFTX core team, leading in operations, marketing & communication, for a further 12 months. This helps free up the rest of the Core team to focus more on product and development.

Rationale

Over the past 12 months Chop has continued to be instrumental in driving NFTX to become the leading liquidity provider in the NFT space. Chop has continued to manage the DAO’s operations and contributed to key decision-making around the direction of the DAO and product as NFTX has evolved.

Chop has been key to driving the growth of the team, including the full-time hire of Toes as Business Development Lead and Apoorv as Lead Protocol Developer.

Effects

Opportunity

ChopChop has already proven to be a valuable contributor, delivering on new treasury strategies, hiring the new Protocol Lead, and continuing to grow the NFTX presence in the NFT and DeFi marketplace.

Maintaining continuity in a well-drilled team is paramount to the successful development of the product and expansion of the NFTX moat; Chop is a key part of that process.

Risk

A risk is that the competitive package would be incorrectly re-sized due to a part of the package being allocated in NFTX. Previously the NFTX allocation has been defined at the beginning of the contract with the potential of gains/losses depending on the token price. To negate this, the same approach now used for the rest of the Core team is recommended, paying the NFTX equivalent USDC amount at the beginning of each quarter based on the current spot price.

Another risk is if this is not approved the disruption to the team would slow the development of the product and provide competitors with an opportunity to take control of more of the market.

Specifications

Renewing ChopChop’s contract will continue to involve him being responsible for:

• Strategy
• Operations
• Treasury
• Communications/Marketing

Funding Request

Yes - Implementation requires funding

In order to extend ChopChop as a core team member for another 12 months, we’d like to offer him the following competitive annual package, for which funds are required from the DAO treasury:

The package is paid with a 75-to-25% ratio in USDC/NFTX, as defined below:

• 126000 USDC 12-months vesting schedule using Sablier.
• NFTX (Worth 42000 USDC) paid quarterly, calculated at spot price each quarter.

These funds are to be paid upfront after the vote passes and Chop commits full-time and begins streaming at the end of the current streams. Extension of his position after 12 months at NFTX will require a new proposal.

Quorum and Governance Notes

• 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.