In my opinion NFTX basically has 3 products at the moment which excite our “users.”
Trading/holding fund tokens + Analyzing metrics
Creating/managing funds
Participating in DAO
Number 1 is the most obvious use-case that we will be focusing on to start. This includes bootstrapping funds and encouraging trading and holding as well as people regularly coming to our site to view real time metrics.
Number 2 is, in my opinion, our most important use-case in terms of staving off potential forks and competitors. We want to make the onboarding process for fund creators as low friction as possible, as well as subsidize gas costs for any funds we believe are legitimate. If possible I would like to focus most of my time on this use-case as it likely invovles the greatest technical understanding of our smart contracts, their limitations, and necessary improvements.
Number 3 is not really a product use-case, but I believe one of the main reasons for NFTX’s popularity is that people see potential for a fast-moving, open-org looking to build DeFi-esque infra for NFTs. So, I would like to see us leverage this and treat the NFTX governance use-case as a third product use-case. This means us having a clean UI dedicated to treasury management, roadmaps, usage metrics, etc. and aiming to become a role-model open-org for other projects and developers in the ecosystem.
Also, I’ve had a steady eye on another project called BarnBridge. They are releasing their DAO soon. I’ve been taking call notes for them and by the sounds of it they are cooking up a really interesting and unique way to present a DAO and its UI/UX they said will be a change for the industry. So it will be neat to see how they do that. Mind you, BarnBridge has put its main focus on giving a lot of protocol power to the holders of their BOND tokens. So that could also be a neat little fit with NFTX.
yeah lending would most likely increase TVL and create a better value proposition as a byproduct.
I would also add a number 4. Treasury. As things stand, buying NFTX is also buying into it’s treasury which atm is pretty diversified in NFTs.
I agree with you here and would say the most important here would be to constantly analyze metrics and refine based on that data.
This would basically create a community moat of liquidity. Idk if subsidizing gas costs is something we can standardize since we don’t know how much gas will cost in the future. We would have to have requirements in place to make sure we only subsidize for things that will be a net value add. I think this is also very important, to me, Uniswap grew so much because of accessibility to trading AND pool creation. This is the advantage they had over any CEX, they could always list new things and be first with pretty much 0 cost. Having accessible fund creation would be something similar.
I don’t think it’s anymore than basic self-incentivization but taking into account that not all participants share the same skills, information or perspectives.
My personal goal regarding governance is also to be a role model DAO. I think have accessibility to governance, having the feeling of ones voice being effective, and being transparent are all great ways to achieve this. I am currently working on proposals to create standard operating procedures within the DAO so decisions can be based more on data and predetermined standards. This should help us optimize, make sure that governance is objective as opposed to subjective and effectively allow us to take longer term decisions with less risk.
Treasury management imo should be a top priority as it is what the DAO runs on. Good treasury management will also help us take longer term decisions as there would be managed risk. Pay core contributors competitive rates to attract top talent. Take advantage of the market as opposed to being taken advantage of by the market.
You make good points and I agree that having a system has a lot of benefits. If you don’t mind I will also play devil’s advocate and list some reasons why it may be better to not draw too much attention to the treasury (compared to other products)
If we are successful at getting NFTX into the top 100, then our treasury will most likely pale in comparison to our mcap and could actually hold back our valuation if people focus on it too much.
Decent treasury management is achieved with very little effort (e.g. just hold ETH and D3 token when we make one). Complex treasury management is very opinionated.
The more control the core team has of the treasury the more quickly we can react to new NFT releases (for example). Of course, everything has to be transparent, and can be vetoed by token holders—but creating a norm where core team makes most of the treasury decisions would help us move faster.
100% agreed treasury shouldn’t be a focus I just meant that it should still be part of the product vision and not be ignored, as you said simple steps can be taken for competent treasury management.
100% agreed I have nothing to add to this
ETH/d3 LP, ETH, ETH used for lending, many variables can be taken into consideration to optimize the treasury, the basic positions held is something that shouldn’t be complex, but what we do with those positions might be. If we have ETH that is sitting around when it could be used more effectively, I think that’s an “easy” fix to increase revenue.
Yeah what I had in mind was part of the treasury that is defi centered with a more traditional management, and then part of the treasury that is more like an NFT gallery that is curated by tastemakers. Those two positions would work together to manage the treasury, they would be part of the core team and treasury decisions should be delegated to them. This is also why I want systems so there is less trust needed in regards to those team members.