Allocate up to 9 ETH for Otherdeed for Otherside NFT purchases

Request

• Allocate up to 9 ETH for the purchase of at least two (2) Otherdeed for Otherside NFTs
• If not already created, create a WizardDAO Hot Wallet to facilitate the purchase and transfer 9 ETH to the WizardDAO Hot Wallet
• Following the purchase, transfer remaining ETH and the Otherdeed(s) to the Treasury multisig (0xfd4617981Dfdf01A8A098Bf2906d4B55Af801d20)

Thesis

• Yuga Labs ("Yuga") has a history (albeit limited in duration) of executing in the NFT space (BAYC, MACY, BAKC, Ape Coin) .
• Yuga received institutional validation in a $450M capital raise led by Andreessen Horowitz to build out the Otherside.
• The Otherdeed for Otherside generated an additional $561M in capital for Yuga Labs in the first 24 hours from initial mint and secondary sale royalty revenues.
• Bottom Line: Yuga has a track record of execution for its holders, institutional support from capital partners, and a war chest of capital to make the Otherside a success (including ongoing 5% royalties on Otherdeed sales). We should get exposure to that potential upside.

Risk Factors

• Capital Allocation: A 9 ETH allocation for an Otherdeed for Otherside NFT would commit ~6% of the liquid treasury. At the current minting pace (~0.125 ETH per Wizard, 0.375 ETH per day), the treasury would be replenished in ~24 days.
• Execution Risk: The purchase would subject us to execution risk by Yuga. If they announce delays or adverse changes, Otherdeed prices would likely fall and may not recover.
• Ape Chain: Yuga alluded to the creation of an Ape Coin Layer 1 blockchain to accommodate high throughput and low transaction fees. Otherdeed prices may be adversely impacted if and when details of Ape Chain are announced.