Save the Pearls

Overview:

Currently, there are 25 unminted Pearls (current supply of 689 subtracted from the total supply of 714). These Pearls can be rescued on May 25th, 2023 18:29:43 GMT+0000 by the Pearl Club DAO. These 25 Pearls upon rescue would immediately be taken into Pearl Club DAO Treasury custody.

The Plan:

As the Pearl Club collection is currently #1 in volume on Arbitrum on almost all time frames, and overall is performing extremely well- upon receipt of the 25 Pearls to the Pearl Club DAO multisig, the DAO would begin selling the Pearls on OpenSea one at a time 10% below the current floor price.

At the current floor (1.41 ETH), the first rescued Pearl would be sold for 1.27 ETH ($2357.35). If all 25 Pearls were sold at the same floor price, this would net the Pearl Club DAO Treasury 31.75 ETH, currently valued at $58,933.72. This would bring the Pearl Club DAO Treasury from $24,756 or 13.33 ETH to a total estimated $83,676.59, or 45.08 ETH.

The Pearls would be listed individually- the second would not be listed until the first is sold, then the third shall not be listed until the second is sold, etc. The listing price will always be 10% below the current floor, regardless of what the current floor price is.

Reasoning

These 25 Pearls represent an excellent opportunity for the PCDAO to exponentially increase its Treasury holdings, which by extension creates more value for the Pearl Club DAO itself long term.

Secondarily, offering a slight discount on these Pearls against the floor price offers a unique renewed opportunity for end users wishing to join our club a greater incentive to do so. With the central goal of the PCDAO being to expand & accumulate, PIP-002 accomplishes both tasks.

To current holders, with the current performance on OpenSea of the PCNFTs, it is my opinion that this 10% discount should not affect the floor price much, if at all.

Edgecase:

If all 25 Pearls were not sold as of the Tapioca LBP, the Pearl Club DAO would exercise the aoTAP call options entitled to the remaining rescued Pearls, receive the TAP from this redemption, and lock it, increasing total twTAP holdings (and there by increasing Pearl Club DAO Rewards to the Pearl Club NFT holders). Further plans with these Pearls would be decided at that time.