Removing the #nesell gag on SMRTR (Vote 2)

Summary

A recent soft-vote in the NFTreasure Discord server has indicated that a portion of the community is interested in removing the #nosell ban on $SMRTR and moving to free market dynamics.

The general sentiment is that as we approach a public launch of the NFTreasure Phase 1 product and protocol, we will have more and more new eyeballs on both the $SMRTR and $TRESR tokens. It could be beneficial if the prices of each token were accurately portraying true market sentiment.

Otherwise, as we deploy our $40,000 launch marketing budget, we could get into a situation where we have an all-new group of people upset about wallet reputation.

Abstract

Remove the #nosell gag/ban on $SMRTR and move to free market dynamics for all assets within the NFTreasure ecosystem moving forward if this vote is confirmed YES by community.

Motivation

We truly have some of the most diamond-handed community members in crypto and we will continue to honor their willingness to do what is best for the protocol by enforcing the #nosell ban and disqualifying anyone who acted against it in the past.

Moving forward, we are putting it to a community vote, once more, to decide if it is time to remove all wallet reputation for $SMRTR and $SMRTR-AVAX-LP and open up true free market dynamics for NFTreasure and its associated assets.

The benefit of removing the ban as soon as possible is that we start to see a true free market representation of the SMRTR price and we work out some of that early volatility BEFORE launch day.

It also potentially gives people an opportunity to scoop up a temporarily cheaper SMRTR (although if trading is allowed we could see more volume moving the price up as well. Any discussion about price is completely speculative, however, and we won’t know until it happens).

Keeping the SMRTR #nosell ban in place means we don’t know what will happen when it is lifted and we will have a lot more new people watching the price as we get closer to a launch date. If there is a price drop, it could be better to absorb that now before too many new entrants are in the project.

Lifting the #nosell ban also gives us a confined snapshot period to monitor for past wallets requiring disqualification and prevents the resource drain of having to monitor a moving target (i.e. it's easier to monitor July 11th to this vote's end date and disqualify any remaining wallets than to have to constantly update our DQ list each week).

Next Steps

If we remove the #nosell gag (a YES vote), we would use a snapshot from the block and the time this vote is confirmed to the blockchain (end of voting period when vote is confirmed as official) to determine eligibility for receiving a Founder's Key and founder's allocation of $TRESR.

*If you sell $SMRTR before this vote is confirmed, you will be disqualified from Diamond Tier status regardless of how the community votes

If we do NOT remove the $SMRTR #nosell gag (a NO vote), we would continue to monitor wallet reputation until the launch and official minting of the first Founder's Key NFT on the official Avalanche blockchain mainnet.

The way it would work is this:

1. We hold this vote (yes/no) on whether we lift the #nosell ban
2. The timestamp of this vote ending would become our new #nosell snapshot for enforcing past sell disqualifications
3. Anyone who sold before that timestamp would be disqualified from minting a Diamond Founder's Key and from receiving their Founder's $TRESR allocation
4. Anyone who followed the rules up to that timestamp would receive their Diamond Key mint & $TRESR allocation as outlined in our whitepaper
5. Any sells happening from ANY wallet AFTER the timestamp would no longer be penalized (meaning: if a Diamond sold AFTER the timestamp, they would still get their free mint + allocation and could trade SMRTR according to their free market sentiment, moving forward from this vote)
6. A YES vote means that anyone can sell $SMRTR without penalty moving forward

Pros for removing the #nosell gag upon confirmation of vote:

• Each wallet is free to make whatever decisions make most sense for their investment strategy and timeline
• Wallet reputation will be complete with no further wallet restrictions
• We will potentially build additional volume for the $SMRTR token due to new incentive for trading token volatility
• If there are massive shifts in SMRTR-AVAX-LP liquidity, each wallet can determine how to deal with the volatility that causes
• We will get a true representation of token and LP value

Cons for removing the #nosell gag upon confirmation of vote:

• The $SMRTR token could become increasingly more volatile
• There is a chance of a massive sell-off
• Those who have dollar cost averaged in at current prices may be upset if there is a large downturn in token price
• Just talking about the potential to remove #nosell could cause people to preemptively start selling and then if the community votes to KEEP the #nosell gag in place, all those wallets who sold will lose their Founder's Key and founder's allocation of $TRESR

The NFTreasure Phase 1 launch is getting closer to having an accurate release date. We now have 100% coverage with automated testing on our smart contracts and are actively seeking out quotes from auditing firms to audit our code. This accelerates our ability to make optimizations, implement feedback, and create greater security measures.

The NFTreasure official launch date will be based on a few factors:

1. Success of our beta test and ongoing community feedback
2. How quickly we're able to get our code audited (we are currently accepting quotes from various firms now)
3. Overall market conditions (we will launch when the market is most conducive to do so)
4. Success of filling our whitelist with wallets from our ongoing ad campaign

As a community-driven project, we could use your help testing our current beta product which is live and fully functional on the Fuji Testnet.

Fill out this Beta Tester form to gain access: https://docs.google.com/forms/d/e/1FAIpQLSe2F_juKZyQCF0dL1EGmaC0U-UbQdizFhwzVMOwygn2rw55GA/viewform

Read the community-approved whitepaper, here: https://paper.nftreasure.com/

You can be a major contributor to helping us expedite timelines by providing meaningful feedback.

We will give plenty of notice when an official launch date is announced. Just set notifications for the #announcements channel in our new Discord server: https://discord.gg/dax8AtWaTX

Or on our official Twitter: https://twitter.com/0xNFTreasure

Voting

Our community should now decide how we wish to proceed with wallet reputation.

• Do we REMOVE the #nosell gag on $SMRTR?

1. Yes - Remove #nosell gag on $SMRTR after confirmation of this vote
2. No - Keep #nosell gag on $SMRTR until the official NFTreasure Founder's Key mint & launch

This vote will have a 24-hour warm-up period, followed by 96 hours of voting.