Brief Authors: quickrider, NiftyFifty
Project lead: NiftyFifty
Creative approval: N/A
We propose authorizing the Acquisitions Squad to purchase Squiggles up to a total of $500k through December 31st, 2022. This includes purchasing via the open market in any platform (OpenSea, LooksRare, Archipelago, NFTX, etc.), making collection offers and/or OTC.
The Acquisitions Squad will have discretion over the most effective ways to acquire, which types, and at which prices. When this authorization expires, the Acquisitions Squad will send all funds (and NFTs if any) back to the Treasury.
One of the main strategic goals of SquiggleDAO is to build the biggest and best collection of Chromie Squiggles, but since June 2022 the Acquisitions budget has been on hold to be cautious in a period of uncertainty.
Being conservative, we have a run rate of around 3 years with the funds already in the Treasury and that is not including us generating any revenue or exploring other financing options.
Given the current market volatility, there might be owners selling at distressed prices and further decreases in ETH might make the prices attractive (in USD terms). Having the funds available is key to react quickly when an opportunity presents itself.
- We have the funds available to acquire Squiggles at attractive prices
- We make collection offers at a price that the Acquisitions Squad deems appropriate
- Funds are transferred to the Treasury multi-sig wallet
- The Acquisitions Squad can request funds or instruct the Treasury to purchase directly from the Treasury multi-sig
- The Acquisitions Squad will have discretion over the most effective ways to acquire, which types, and at which prices
- Once this authorization expires (date specified in the “Abstract”), both the Acquisitions Squad and the Treasury will send all funds (and NFTs if any) back to the main vault (SquiggleDAO.eth)
Project will be launched according to the specifications above, at the timing and discretion of the operators.
$500k (though some or all of these funds could return back to the treasury depending on the Acquisitions activity).