Liquidate the DAO's MAYC position entirely

With Yuga’s inclusion of denylist contracts that enforce the trading of their new mint passes within the walled garden of OpenSea, it seems more and more likely that Apes and Mutants themselves will follow in time.

FloorDAO is based on permissionless structures that bridge NFTs and DeFi: NFTfi. This is showing quite clearly to be the antithesis of VC-backed Yuga and their relentless value extraction.

I propose that since we are already selling the MAYC based on BurstingBagel’s strategy being voted through, we simply never buy them back and hold a new collection vote with the ETH proceeds from the MAYC sales.

Good riddance, apes.

Remove MAYC from FloorDAO Treasury
  • Yes
  • No

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I actually don’t think we’ll see the existing collections following suit, but I agree with the sentiment of removing MAYC from the balance sheet in favour of higher yield options with a more Web3 ethos.

Why not the existing collections?

This was a pure monetary decision from Yuga Labs. Any new collection that don’t follow the centralised demands on OpenSea (ClosedSea?) from now on will no longer be able to include creator fees for buys/sells on the the OpenSea platform.

The mint passes were always going to generate a tonne of volume, so it was a decision to either be decentralised and forgo millions of dollars in royalty payments, or block OpenSea competitors and earn the money.

Any projects that were launched before this requirement are grandfathered in and will continue to earn fees, thus I don’t see these getting updated (although if they do they will force those trades to occur through centralised areas so maybe you’re onto something).

The sea is salty, and so am I.