[BIP-009] Bear NFT Flipping Committee
Status: Passed
Author: n00bleLAND & CryptoChicca
Discussions-to: Refer ‘NFT-Shopping’ in discord, and NFT Flipping Committee Formation
Created: October 25, 2021
Implementation: Proposal to be implemented immediately following support.
Buzzed Summary
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.
Abstract
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.
Motivation
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.
Specification Overview
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 the 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 Bear NFT Flipping Committee:
The committee will be responsible for coordinating buys, filtering suggestions, and organizing group votes for investment moves related to the Bear NFT 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.
Establish situational based rules which might include: a) Minimum/maximum time of holding: This prevents selling before pricing may be fully established or holding too long. Min/max determined prior to purchase and disregards emergency sell parameters. b) Target sale price. Once target hit, can either sell immediately or wait to sell until the market begins rolling over (likely above but no less than target). Such targets and planned actions determined prior to purchase, may or may not be subject to min/max time parameters. c) Voting procedure to decide if an asset that was designed for a short-term flip becomes a long term hold (potential blue chip)
Such strategic elements cannot be disclosed broadly as they can be copied or gamed. I believe purchase/sell strategy can and should be disclosed upon position exit, with proof/validation of adhering to strategy. Basically a neutral (non-apex) party within the community that can validate strategy was adhered to without disclosing broadly, akin to a judge.
Community at large can pitch ideas, vote on purchases and elements of strategy. Finalization and execution of strategy may be guided but not dictated by community
The Bear NFT Flipping Committee be known as “Bearly Liquid”
To repeat: the above are SUGGESTIONS and the actual procedures will be decided by the Apex Flip Leads once they have been elected.
Rationale
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
Technical Specification
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 keeping in mind the best interests of bears and the popular community sentiment.
The following is the process for the initial election of the APEX Flip Leaders:
Create a dedicated Discord channel for the Bear NFT Flipping Committee a) This will be will be dedicated to the governance of the Bear NFT Flipping Committee and will serve a different purpose from the #buzzed-nft-shopping channel.
Within this new channel, nominate either yourself or another Bear to be put onto the ballot for the role of APEX Flip Lead. Tag @n00bleLAND and @CryptoChicca when making your nominations.
@n00bleLAND and @CryptoChicca will compile the list of everyone nominated.
All nominations will be voted on in a formal Snapshot.
Top 2 vote winners will become the first APEX Flip Leads alongside @defijesus.
Test Cases
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.
Copyright
Copyright and related rights waived via CC0.
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