$FLOOT - Fund Raising Strategies

This is a proposal on how to proceed going forward to acquire more ETH and be able to purchase more Loots for $FLOOT owners.

For more information on $FLOOT, see this post.

Summary of Current Sale

As of this post, we raised 140 ETH via Familiars, allowing to buy about 16 Loots at current floor prices. The sale was meant to last until next Thursday, at which points Loots would be purchased. However, it would be great to allow the sale to run longer so the collective can acquire more Loots. Here we propose 3 approaches we could take going forward.

Option 1: Indefinite Sale with Continuous Loot Acquisition

Instead of halting the sale of Familiars on September 23rd, we could make the sale last forever and we would do the following:

  1. Buy whatever Loots we can and open the $FLOOTs fractionalized Vault with these Loots (e.g. 16 Loots). This would generate 1 Billion $FLOOTs.
  2. We would put the $FLOOT in a contract where each familiar can redeem 110k $FLOOT each
  3. People will be able to mint new familiars (e.g. at 0.2 ETH) in order to be able to unlock more $FLOOT
  4. As more people mint familiars, the collective gets more ETH to buy Loots and add them to the existing vault.


  • Continuous sale and less slippage on the market to acquire Loots
  • Participation is easy for any newcomer wanting to unlock more $FLOOT
  • High cap of how many Loots the vault can theoretically hold (e.g. 200)


  • We may need to regularly adjust the minting cost upward to make sure new participants don’t get a better deal than earlier participants
  • Caps the amount of ETH the collective could raise to something like 1600 ETH or so, unlike Option 3.
  • Purchasing strategy is more complex since it’s spread over a longer period of time

Option 2: End Sale and Allow Loot Owners to Deposit Loots

Unlike Option 1, we could end the Familiar minting as initially designed and prevent further minting of familiars. However, people could unlock more $FLOOTs by depositing Loots in the vault:

  1. Minting of Familiars is halted forever
  2. Buy whatever Loots we can and open the $FLOOT fractionalized Vault with these Loots (e.g. 16 Loots). This would generate 1 Billion $FLOOTs.
  3. We choose a goal of how many loots we want in the vault (e.g. 250)
  4. We lock the $FLOOT in a contract such that 16/250 is sent to Familiar owners.
  5. The remaining 234/250 $FLOOT is reserved for Loot owners that want to deposit their Loot in the vault. Depositing a Loot in the vault would allow them to claim 1/250 $FLOOT locked.


  • No need to purchase Loot on the market, people will do it themselves
  • No need to manage the contribution cost since it’s denominated in Loot and not ETH (unlike Option 1)
  • Much higher cap of how many Loots the vault can theoretically hold (could be 500 even)


  • Only loot owners can now bring new Loots to the vault, unlike Option 1.
  • Loot owners may not be willing to part with their loot.

Option 3:

We go as initially planned and halt the sale next week. Steps would be as followed:

  1. Minting of Familiars is halted forever
  2. Buy whatever Loots we can and open the $FLOOT fractionalized Vault with these Loots (e.g. 16 Loots). This would generate 1 Billion $FLOOTs.
  3. Familiar owners can claim their respective share of $FLOOT based on how many familiar was minted


  1. Simple execution


  1. Vault may be much smaller than it could be and hence FLOOT market share as well


We personally like option 1 and 2 the best, since the project could have higher number of contributors and owners and the Vault could hold a much larger number of Loots. Option 2 is simpler to manage, but option 1 leads to more people being able to participate, not just Loot owners. There is a concern with Option 2 that not many Loot owners will want to part with their assets, whereas Option 1 would welcome contribution by both owners and non-owners, acting as new money in the Loot ecosystem.


I like option 1 but concerned about manual adjustments if ETH or LOOT floor prices move quickly. Option 2 seems the most reasonable but agree that LOOT owners having to deposit may not be the most extensible solution.


I like option #2. I think its the only way to truly establish $FLOOT as an index on floor loots.

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I like option 1 since it allows more people to participate. I can see actually kicking it off would raise awareness and give the project legitimacy.

Alternatively, we could follow through with option 2 with one tweak: end it but not before doing a strong marketing push to non-ogLoot holders with a strict deadline/countdown. I honestly think this is something most non-ogLoot holders would kill for but either don’t know about it or don’t trust it.



I like the Option 2,
But with some changes:

  1. Minting of Familiars is halted forever.

  2. Buy whatever LOOTS we can and open the $FLOOT fractionalized Vault with these LOOTS (e.g. 78 LOOTS or others number just choosed this to have a easy percentage). This would generate 7.8 Millions $FLOOTs (Loots Total supply x100, x1000, x1M…).

  3. NO GOAL of how many loots we want in the vault.

  4. We lock the $FLOOT in a contract such that 7.8/7800 (Lock/TotalSupply) = 0.1% sent to Familiar owners.

  5. The remaining 7792/7800 $FLOOT is reserved for LOOT owners that want to deposit their LOOT in the vault BUT Deposing a LOOT in the vault After the initial distribution would only allow them to claim 0.1% (percentage of initial Lock/TotalSupply) OF $FLOOT LOCKED.

$FLOOT claimable for 1 LOOT will continuously decreasing.

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Option 1 seems the best for realistically getting more floor loots in a vault, I like option 2 but I’m probably not going to toss one of my bags in the vault. Maybe others feel different :man_shrugging:

Question about Option 1, could there be some increase of mint price based on time? Does it make sense to do this in batches like round one .2 round two .4 round three .6 etc… not sure how many rounds

I think that option#1 is much better than other options.


I like options 1 and 2 more than option 3.

Option 1 is more in the spirit of the project. 0.2 ETH deposits. Clear and easy for newcomers.

While option 2 has very good execution, it would be complicated and hard to understand for newcomers. Newcomers would be suspicious that they are maybe being taken advantage of in some way.

Option 3 cuts the potential for this project to fly in the future.

— edited out oftopic about the purchase execution—

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Imo we should have a separate discussion thread on which strategy to use to acquire Loot, which is somewhat independent of the fundraising. Note that with Option 2 we don’t need to purchase Loots other than with the ETH that was raised with Familiars.

Would be great if you could kickstart it and paste the strategies you discussed already.


Is there any reason we couldn’t do both 1 and 2?

Continue familiar minting (with DAO voting to change price parameters if/when deemed necessary) but also allow people to fractionalize directly in exchange for FLOOT if they want?

For pricing those LOOT deposits we could offer them (current floor price of LOOT)/0.2)) * 110,000 worth of FLOOT, or maybe they can enter a price in FLOOT which we could vote to accept or reject.

If no one opts to fractionalize we can think try and think of incentives to encourage them to do so and/or just discontinue the option, but I think it’s worth exploring.


Reading the replies above, the thought of actually doing both 1 and 2 in parallel is becoming appealing. At the very least, we could write a contract that accepts both familiars AND loot and unlocks a different amount of FLOOT for each approach.

With this, the worst case scenario is that we see option 1 is not working well and we can halt the minting of familiars and solely rely on 2. Could also make the minting of familiars a good amount higher than floor price of loot to be safer.

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One thing to note is not to set a price ceiling. It needs to be capped at a certain amount of FLOOT. If people could continuously claim a familiar for 0.2 and get 110,000 FLOOT, then FLOOT will never rise above 0.2.

I prefer option 1. I think it would open the door to a great UI as well, and best fulfill the initial vision behind FLOOT to open the door to more people, while also rewarding early adopters in the case LOOT floor goes up.

An issue with 2) is also that people supplying their LOOT will most likely do so in a goal to sell it through FLOOT distribution, which could have a high impact on slippage given only 16/250 would have been distributed beforehand.

I had a period of time where I thought that from the market perspective, depositing LOOT for FLOOT would be incredibly efficient.

But then it adds to complexity. Changes the project a lot. Makes it harder to understand.

If nobody objects, many floor loot purchases can go through Alpha NFT Buy Wall, a tool that looks like it has been created for this project. My concerns were with Opensea trading fees but on Alpha Buy Wall there are no fees (just gas). Having purchases spread in time and low ball purchase price ad PhABC’s discretion, Alpha Buy Wall would function exactly as Option 2. Do you want to deposit LOOT for FLOOT? Go to AlphaBuyWall, get ETH and mint Familiars with that.

I think Option 1 is the winner. For now. We can always change our minds afterwards :slight_smile:

@felixrosenstein good point about the ceiling

It would be perfect if we got LOOT at 5-7 ETH and the price gradually keeps climbing from there. In that case there will always be incentive to mint Familiars at 0.2ETH because the value of 110k $FLOOT will keep rising. If the price starts going down from the purchase price, there will be diminishing incentive to turn 0.2 ETH into 110k $FLOOT.
Maybe we should first start making offers, see how things go and then think about adjustments in line with what Felix says. Maybe in 1 month it would make sense for a familiar to be redeemable for 100k FLOOT instead of 110k? But the market needs to be on our side to do that (we need to buy cheap and make gains)

Snapshot proposal has been created!

Please note that the option 3 in the OG post is NOT the same as the one on Snapshot.



Hi Philippe, to answer your question from Discord:

  • We have minted only 10% of max number of familiars but I believe there is potential to mint 100% - maybe in a few months, but still, I think it’s there. I could mint more if we snipe some cheap LOOT.

With Option 2, 800 familiars will ever exist and I think it would make familiars too exclusive to ever take off. Let’s say, a game project includes ~8000 LOOT, ~8000 Characters, ~8000 Hymns and thinks whether to add Familiars. If there are only 800 in existence, so why go through integration if there is so little?

With Option 3, there is still less than 8000 familiars. Say that the the project will mint Familiars with LOOT, and the vote might change to option 3 :slight_smile:

People complain about gas, but it’s cheap over weekends and off peak periods; thanks to Garry Gensler, it will probably go down further.

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Thanks for the rationale, that’s a great perspective! We did considering minting familiars for people depositing Loots, but it was a bit complicated due to how the familiars smart contract was designed. There are ways, but they aren’t very fun to implement. The easiest route would be to do a V3, but I really want to avoid doing this.