Summary
The 10ETH reserve for the final genesis period mint should be removed.
Rationale
Botto’s first ever BIP introduced a minimum bid price of 10ETH for all Genesis Period mints, seeking to protect and enhance longer term value of Botto artworks on the market. While we have remained faithful to the reserve throughout a bear market, it is proposed we remove it for the final genesis piece.
By removing the reserve, it opens up the doors for strong supporters of Botto to place a bid on the last ever genesis artwork that Botto will create.
The DAO has expressed its intention of exploring a dynamic reserve post-genesis, where testing the waters without a reserve price could also provide insight as to where we would start a revised, dynamic reserve for the second period.
This change will affect the final genesis period mint and any 1/1 mints thereafter until adjusted through another BIP. A subsequent BIP is expected before the second period of Botto begins.
Advantages
- It will allow anyone who is interested in Botto to participate in bidding on the last ever Genesis Mint
- Early bidders can send a positive buy signal that attracts more bidders and can ultimately lead to a higher sale price.
- The DAO gains a better understanding of what to expect post-genesis
- Helps establish a baseline to work with for dynamic reserve discussions
- Potential expansion of Botto’s collector base
Proposal Specification
Mint the final genesis artwork and create its auction without reserve on SuperRare
Budget
N/A
Criteria of Success
- Quantity bidders
- Bidding frequency
- Final auction price
Disadvantages
- Reversal of BIP-01 may be seen in a negative light by the market
- Removing the reserve may not have significant impact on bidding frequency and/or final auction outcome
This proposal has a ~3 day discussion time, with the BIP moving to snapshot by Saturday 8 October 2022, 14:00UTC.
