FIP#66 - Experiment with Delegate.xyz ahead of the Forgotten Runiverse Land Sale

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Summary:

This proposal is for FloorDAO to utilize Delegate.xyz to “rent out” 20 Forgotten Runes: Wizards Cult NFTs from the Floor treasury ahead of the upcoming Runiverse land sale. This is a simple yet entirely nascent strategy for Floor, and further accelerates the DAO’s goal of being a liquidity provider for major NFT collections. Floor will earn about 1 ETH if the proposal is successful and the delegation succeeds.

Motivation:

The motivation behind this proposal is to capitalize on potential interested parties during the Runiverse land sale, using it as an opportunity to experiment with Delegate.xyz and its new Delegation Marketplace.

Proposal:

I propose that the Floor treasury lists 20 Forgotten Runes Wizards Cult NFTs on Delegate.xyz. The parameters would be as follows:

  • 20 Forgotten Runes Wizards NFTs randomly picked from the FloorDAO NFTX Pool
  • Expiration: December 15, 2023
  • Listing Price: 0.05
  • Duration: 20 Days
  • Price Per Day: 0.0025

If all Wizard NFTs are rented, roughly 1 ETH would flow to the Floor treasury for the 20 day duration. At that rate, the Delegate.xyz Floor experiment would have earned the treasury more ETH yield for a lower cost than pairing with ETH in NFTX.

Risk:

Potential risks include smart contract risk and potential impermanent loss.

2 Likes
2

I expect Floor will start adding more and more gaming assets to its treasury especially as we expand to L2 where rental volumes for these items will start blowing up. Also helping to establish delegate.xyz’s interface as the de facto renting standard and testing/experimenting with the yield on a relatively low risk basis makes a lot of sense to me!

Very much in favor!

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3
  • Approve, send to Snapshot
  • Reject, do not send to Snapshot
  • Reject, amend
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