As mentioned in LIP-0: Burn the keys to the Loot contract, there are 200 owner bags which have yet to be minted. Since it looks like the proposal might pass, I think it’d be good to start thinking about things that can be done with the bags. Let’s collect thoughts here and if LIP-0 passes I’ll follow up with a proposal on Monday.
Ideas I’ve seen mentioned so far:
Burn the bags
Do not mint the bags prior to burning keys
Caps supply at 7,800 permanently
Hold the bags in a treasury
Mint the 200 bags
Place them into a neutral multi-sig that acts on behalf of community votes
Establish a light proposal and voting framework (“mini DAO”) to allow the bags to be used for different reasons
Randomized lottery
Mint the 200 bags
Randomly drop them to existing Loot holders
There are likely some other ideas as well.
At the moment I’m most in favor of holding the bags in a neutral treasury, although this is not a strong preference. Although this might sound a lot like “governance”, it really isn’t. What it does establish is a process specifically for voting on what to do with the bags over time. For example, like previous proposals the bags could be used to proactively or retroactively reward builders in the ecosystem.
But it feels like there are a few important differences:
It’s not an ongoing supply
It would not be “official” in any way, it just controls some bags
Incentives are fairly aligned
For now, I would say let’s discuss the merit of the ideas themselves at a high level, along with any new ideas that anyone has. We don’t need to get too caught up in the details (e.g. who would be on a theoretical multisig, how a lottery would be implemented on a technical level). If any idea is looking like it is passing the sentiment check, this can be a bit more formalized.
One more important detail: I’m leaving for my honeymoon on Tuesday () and will be away for most of the month.
Since there are some final manual processes involved in any outcome (burning the keys or not, minting the bags or not), any action we take regarding LIP-0 and this possible followup would not actually be executed until the beginning of October. Still, I consider the outcome of the things that the community decides on over the next few days to be binding.
Bags in treasury feels like a balanced idea that allows for optionality in the future. As an example, would allow you / the community to seed certain early projects with one or many loot bags that can be used as rewards, etc.
Agreed, it could be a good compromise. To be clear I think as outlined it would be community maintained and driven. The multi-sig is more of a security / neutrality feature and would exist only to execute (when necessary) on behalf of community votes.
Makes sense. If the incentives are right, it could encourage new builders to put together proposals for new NFTs / projs for feedback and community driven “loot bag grants” before building and shipping. Could boost signal and reduce noise.
I agree to keep the bags in the treasury and I have an additional perspective. These loots can be collaterals for minting of future ‘currency’ if required. One decision at a time.
Mint 200 and fractionalize to supply of More Loot (mLoot). Each mLoot holder will receive an airdrop of a fractionalized share. Helps to bridge the gap of disparity between Loot and mLoot holders. All sorts of cool ideas would come to mind of what can be done with the fractionalized share.
Mint 200 and announce that the 200 will be airdopped to More Loot holders on a certain date, in return people will mint more mLoot for a chance to receive original loot. Again, helps to bridge the gap of disparity between Loot and mLoot holders.
Personally think that burning the bags or a randomized lottery would be a mistake. Would rather see Dom getting a number of them (as proposed in LIP 0), and the rest being used as a treasury.
The only negative that comes from this is that we’re going to see opportunistic attempts to siphon that treasury (as has been the case with other treasuries) but I think that’s a price worth paying.
I personally think burning the bags or a randomized lottery to Loot holders is the best method forward.
We already burned the keys to avoid “official” backing and governance. To think that this new treasury and multisig won’t have significant influence over a project’s direction via funding is naive. The Treasury would once again be picking winners amongst derivatives. If we burned our chances of having a Loot Treasury with OpenSea Royalties, then it makes no sense to have a Loot Treasury with 200 Loot bags.
Burn them or airdrop them to loot holders and be done with it.
Bags should be given out as grants. We need to get even more awesome builders on board. Since Loot Bags went up in price so fast many talented game devs are sidelined. Helps with testing as well when the team has at least one bag
I’d vote for bags in a treasury to fund future development, while making clear that this isn’t “governance” and that anyone can do what they want. This will become one of several Loot DAOs that will probably arise. The treasury also be used to fund other Loot DAOs that get going that are doing good work.
Burning them basically just makes the existing bags more rare and has a rich get richer effect. Randomly dropping them to existing holders does the same.
While we’re here, would ask that everyone participate in the vote for LIP-1: Loot Improvement Proposals - Establish Framework and Guidelines - #40 by Hierux, which establishes a framework that might be necessary for a potential LIP-2 for this bag question, and could also act as an example framework for other DAOs that might come together around Loot in the future.
I wish there was an option for Dom to claim all of the owner bags personally and then burn the keys.
The way I see it, the code has always been clear that those bags are reserved for Dom. On top of that, Dom personally owning more bags bodes well for Loot in general as it keeps incentives tightly aligned. If he chooses to, Dom can personally donate those bags to different treasuries / multi-sigs as he sees fit. But I don’t think the community should get to vote on what Dom does with his own Loot bags.
So, strong advocate here for: Dom claims all of the owner bags personally, then renounces ownership of the contract. Please like this post if you support the same.
I would vote for @dom to keep the bags and sell into the market as he sees fit. Creators should get rewarded for their creation and it will keep @dom’s incentives aligned with the community’s.
) and will be away for most of the month.
