Do you want to see this move to a BIP?
Discussions-to: Refer ‘NFT-Shopping’ in discord, and type below.
Created: 11 October 2021
Implementation: Proposal to be discussed for 3 days, then proceed to BIP vote if supported.
BIP-003 approved investment in NFT through two functions: 1) NFT expert flippers and 2) Community led initiative ( referred to from here on out as the Bear NFT Flipping Committee). This proposal is to provide operational guidance / permission to the second initiative to help implement the strategy from BIP-003 and provide the Bear NFT Flipping Committee with a mechanism to enable action.
A Bear NFT Flipping Committee will be formed to bring a formal structure to the pilot flipping program that has proved effective. This proposal is to provide operational support and enable that committee to be formalized with effective guidance.
The Bear NFT Flipping Committee has made some great buys, but there is a lack of clarity on how / when to flip, and when / what to repurchase. This proposal aims to provide guidance to those leading this committee.
The Bear NFT Flipping Committee should be led by @defijesus with 2 other trusted bears as support (referred to here on out as APEX Flip Leads). Each of those three Apex Flip Leads will lead the community NFT flipping and should have authority in the event of an inconsistency within the Bear NFT Flipping Committee. This may be the vote on ‘what’ is bought or around the price of selling, if there cannot be agreement between Bears. Having 3 members will enable a clear decision.
The following are some suggestions from the community that have been pulled from the Discord server. They are placed here as a documented record of potential ideas, but not as requirements of the to-be-formed Flipping Committee:
- The committee will be responsible for coordinating buys, filtering suggestions, and organizing group votes for investment moves related to the Flipping Committee
- They will manage the eventual sales of honeypot owned assets
- Announce scheduled buying sessions. For example, this could look like a one-hour session where all are invited to give input and vote on purchases or sales. This would be a formalized version of the pilot session that took place.
- They should set emergency sell parameters. These would be a failsafe if there are significant drops in prices. For example, an emergency sale could be triggered to save the honeypot from larger losses without the initiation of a scheduled session.
- Organize a weekly check in to discuss what to buy, what to sell, what to hold. This could be a pure share of information that Bears could use for their own personal investments.
The reasons for this proposal are :
- The current NFT flipping pilot that is running is handcuffed by lack of operational processes to achieve the goal of growing the Honeypot. The main reason for this proposal is to give formal structure to NFT flipping within the Buzzed Bears Hideout.
- Empowering additional ways to grow the Honeypot.
- Engaging the community to work together towards a common goal
This is an operational guidance proposal, to enable decisions to be made within the Bear NFT Flipping Committee, as governed by the Apex Flip Leads. The bears who request to be part of the Bear NFT Flipping Committee can elect to vote (not required) on the NFT flipping ideas suggested in an informal way within the committee itself, whether by thumbs up/down, or as determined by the APEX Flip Leads to give best effectiveness to the outcome. The Apex Flip Lead(s) will have the final decision to act on behalf of the committee the best interests of bears having regard to community voting.
The Hideout has run a very successful pilot which resulted in the extremely successful purchase of CrypToadz at a low price. This pilot flipping session not only yielded profits for the honeypot, but it created a spike in engagement among the community members.
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