Background: A year ago, it was beneficial for us to offer our collection on well-known NFT marketplaces like OpenSea for exposure. However, with Blur's entrance, the NFT market transformed and creator royalties have now come under scrutiny, especially following the experiment by X2Y2, which involved slashing creator royalty fees to 0%. Data from hildobby's Dune dashboards (https://dune.com/hildobby/NFTs, https://dune.com/hildobby/nft-fees) confirm this shift. Now, major NFT marketplaces are not enforcing creator royalties anymore. Consequently, Virtue stakers are earning less from Idol NFT trade commissions on secondary marketplaces.
Proposal: Deny all contracts except our own marketplace for Idol trades. To achieve this, VirtueDAO multisig signers will change the following two parameters of the IDOL smart contract
This is also known as the „Deny-By-Default-Principle“ in IT security.
Additionally, we will focus on increased social media presence in order to make the Idols collection more visible again.