Abstract
We have 9 Algobots and 2 Framergences in the Treasury, using floor prices the combined value is 12.7 eth (at the time of writing this).
We should sell these pieces and buy Squiggles with the proceeds.
Motivation
We strongly believe in the long term value of Squiggles as the project #0 of Art Blocks, the platform that revolutionized on-chain generative art. We believe that we will be more successful if we have a single focus on the Chromie Squiggle.
But we have in our treasury a small amount of other pieces of generative art, specifically 9 Algobots and 2 Framergences.
The value of those pieces has decreased substantially (e.g. Algobots were trading consistently around 10 eth 8 months ago and now they are trading below 1 eth).
We expect the NFT market to consolidate and the value accrue to a few blue-chip collections (similar to the trad art market), hence we should sell those pieces now and buy more Squiggles with the proceeds.
Specification
To sell these pieces, we should transfer them from the main Treasury wallet (multisig) to the acquisitions wallet (single sig hardware wallet controlled by Nifty).
Nifty will list the assets progressively on OpenSea and LooksRare, never more than 2 at a time (per collection) and around floor prices to avoid crushing the floor.
The proceeds will be used to buy more Squiggles in line with the current strategy from the Acquisition Squad.
