- Experiment with $NFTX token utility
- Start with “project curation”, with weekly votes for which projects get featured on the homepage
In a web3 world, we need to treat token utility and economics as first-class citizens. A project’s token is a schelling point for all general perception of a project’s quality, adoption, and other narratives. By ignoring its token, a project is at best under-utilizing a key resource and at worst actively sabotaging its own adoption.
It’s understandable that the team wanted to initially focus on growth, so plans for 1) revenue sharing and 2) LP farming were scrapped in favor of focusing resources on developing the platform. But now that the vaults, LP staking, single-sided staking (soon), and buy/sell zaps have been shipped, it is high time for the token to get some TLC.
The direction of NFTX, as I currently understand, is towards a general marketplace as well as a curation DAO for an owned collection. Thus an easy and simple utility to start with could be for $NFTX vote signaling on projects, initially for featuring on the homepage, but later for many other use cases such as acquiring pieces for the DAO. Snapshot can be used for gasless voting for all NFTX as well as NFT sushi LP. Examples for vote signaling include Curve gauge weights and Tokemak reactor projects.
- Re-introduces $NFTX back into public perception which will help drive attention and usage
- Engages stakeholders in active participation of platform feature and evolution
- Reduces pool liquidity; but, balanced by $sushi onsen incentives
- Reduces resources for product features development