I would like to propose a $PFP (profile picture) Pie.
As many have noted, most recently @Cass (here), the NFT space is large and broadening quickly. $PLAY is a great product, and has performed extremely well with its focus on metaverse gaming. The inclusion of small amounts of PFP coins $PUNK and $MASK was, I think, an early indication of interest in a now-large PFP space that is emerging as its own sector, with markedly different dynamics than gaming projects.
As we discuss rebalancing $PLAY and establishing a more formal prospectus for it, I think it as good time to consider removing $PUNK and $MASK, and adding them to a new pie focused on the PFP sector to give investors greater optionality and more diversified exposure to investment-grade PFP NFTs.
Acceptance Criteria for Asset Inclusion
- The underlying project is a collection of Ethereum NFTs featuring generative character art designed to serve as avatars or profile pictures on social media.
- The PFP project has at least 5,000 items in the collection.
- The PFP project has at least 2,000 unique owners.
- We can gain exposure to the project through an ERC20 token that represents ownership of NFTs from the project.
- The ERC20 is backed by at least 10
- The ERC20 is fractionable to allow purchases of various sizes and allocations.
- The ERC20 has liquidity on DEXes of either >=$0.5M or >=10% of the token’s circulating supply.
- The ERC20 experiences <=1% slippage when purchased with 10 ETH times its determined pie allocation (if 10% of the pie, 1 ETH).
- The ERC20 has existed for at least 60 days.
- The ERC20 and its underlying NFT projects have each been audited.
Potential Assets (allocations TBD)
Note these assets meet several of the above criteria but have not been fully validated yet.
In practice (though not by rule), this is a collection of NTFX indices. They were willing to engage in a partnership for the original $PLAY launch, and this $PFP proposal features their products more prominently. We should discuss more consistent cross-promotion with them, including featuring $PFP for sale on the NTFX website.
PieDAO is in no way prohibited from including non-NTFX assets in this pie if we find assets that meet the established criteria and vote to include them.
This proposal comes at a time when NFT sale volumes are skyrocketing on Opensea and diversified NFT exposure is difficult or cost-prohibitive.