General Intro
JPEG’d Dao has raised $72m in it’s donation event and could use a small portion of those funds to commission an NFT artist (from dev team or from outside) in order to generate a PFP project. Depending on how sick the art is, this would increase marketability and prestige unto the JPEG brand. OS’s Tx fee’s can go to the JPEG’d DAO and potentially benefit the DAO treasury assuming a strong community exists within JPEG’s ranks (of which i have no doubts).
JPEG cards are gud and all but we also need an effortless way to spread influenza into the CT community. The irony of a JPEG DAO with no JPEG PFP would be be tragic as the cost to the treasury should be somewhat negligible when considering the upside of soft-benefits we would acquire through PFP influenza.
The PFP project could be a DAO collaborative effort where token holders can facilitate the architectural decisions i.e. animol vs hooman, cartoon vs historic art theme, funny/memey vs srs hentai
Proposal
Authorize the JPEG’d DAO to pay NFT artist(s) to create a PFP project exclusive to JPEG DAO members. “X” amount of $JPEG must be locked into a contract in order to swap for 1 PFP token. If the PFP token is sold on secondary markets such as on OS, then the PFP token can still be used to swap for the locked JPEGs after locking period is over. This gives the PFP token a supported floor price via JPEG, and a premium creme price on top via secondary markets. This also allows small arb oppurtunities of the PFP token via swappable $JPEG via the DAO or $ETH via OS from which all fee tx goes to DAO.
All the meanwhile, as long as there are PFP tokens out in circulation and DAO maintains locked $JPEG, then the DAO can take the locked $JPEG and farm it via single sided stake yielding to grow the treasury faster. Locking period can be commensurate with whichever time period the staked yield-to-gas breakeven ratio benefits the DAO.
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Worst case scenario, if this flops then the DAO owns a bunch of fringe useless PFP tokens and nobody locks up the JPEG. Treasury takes a nearly negligible hit from dev/artist sunk costs.
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Best case scenario, enough JPEG is deposited, people rock the PFP token, spread influenza, and the DAO reaches an inflection point of break even once JPEG single sided stake farm yield exceeds artists expenditure cost and is freerolling the rest of the way.
NOTE: In this model, the DAO carries the risk of a failed project. i.e. nobody wants the PFP project. JPEG holders do not carry risk other than locked funds and missed opp costs. Additionally your risk as JPEG koin holder is shared amongst your fellow comrades in that your treasury takes a small hit in the event that this leads to no where and ratwell or dgenfren runs off with the funds
Community Considerations and Further Input Required
Non-exhaustive list but most important item that needs community input:
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Collection size: Match JPEG Card Collection Size. GIGAOMEGA bullish for a desirable PFP project.
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Style - personally i love dgenfrens historically inspired style. Imagine your baroque-esque/Italian renaissance stylized PFP project, maybe with NPC face but he rockin the frilly pants and feather hat. Then have maybe 5-20 1/1’s where you take CLASSIC well known arts like mona lisa, the vitruvian man, the last supper, and simply slap the pepe on it. DAO sets the required $JPEG staking price for the 1/1s via vote each time a 1/1 ever becomes available. Remember - the DAO does not keep the $JPEG, they simply keep it for a locked period of time to be able to farm yield from it.
I am taking the time period from the Renaissance period in particular as it is a widely accepted time period of flourishing art and best era for what we all understand to be THE era of art (for one reason or another). JPEG represents the beginnings of our own renaissance period where defi meets art.
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Minting has to be worked out to the benefit of no one but the DAO first and foremost, then $JPEG and JPEG Card holders.
The key for the DAO is that because the DAO is taking on the risk of a failed project (project will mint the collection and then whore it out for $JPEG later, then the locked $JPEG MUST remained locked in DAO coffers for a time period where JPEG yield can farm back the price of the minted art. If ratwell does this work pro bono, then good on him and the DAO can just simply farm yield for as long as its greedy ass wants.
Then for token holders The only fair way would be to either gatelock mint rights via owning JPEG cards, and then poorgate minting by setting a fair $JPEG entry price. This gives a nice boost in utility to the cards and gets our JPEG koins locked and rare.
