There are many derivatives that can be claimed from collected LOOT. Here are the proposals how to handle LOOT derivatives
Do nothing, if there is a buyout in the future, the buyer will be able to claim them all
Find all derivatives that have reasonable value, claim them and lock together with LOOT. Specific thresholds for claiming to be discussed on the forum.
Find all derivatives that have reasonable value, claim them and auction off on Opensea with no reserve price. Specific thresholds for claiming to be discussed on the forum. Such auction could bring the project some publicity.
Derivatives are not a big deal and prices change rapidly. Currently Genesis Mana seems to have a lot of value. Leave it for PhABC’s discretion to claim and sell derivatives. Derivatives that seem to be overpriced can be sold, others can be claimed and locked with LOOT. This gives FLOOT the agility to respond to market prices rapidly, but requires trust. It is expected that PhABC will take feedback from the forum into consideration.
You can find out more about familiars and FLOOT here:
I support options 3 and/or 4. Option 1 will likely result in value being extracted from our community by sophisticated arbitragers, similar to what we saw with AGLD (bots buying bags with unminted AGLD, minting AGLD, dumping bags). Option 2 seems to contradict the nature of loot which isn’t HODL, it’s PLAY.
Options 2 and 3 will not only allow for more of these derivatives to enter circulation and increase gameplay for those derivatives (i.e Genesis Mana) but it’ll also create more buying power for Familiaris/Floot.
Personally, I am a strong proponent of the option proposed by Nicabar that recognizes derivatives as a long-term and continuous supply of value that we should design our community around. With this in mind, simply minting valuable derivatives isn’t sufficient because if/when another highly valuable derivative launches, we’ll be exposed to arbitragers extracting value from our bags.
Nicabar intends to create a proposal on loot-talk but the synopsis is:
Any member of the Familiar community can initiate an auction for an unminted Floot bag, with the starting price always being mint + X%
The auction has a time limit (i.e 24 hours) during which time everyone else in the Familiar community can bid
The highest bidder gets the mint and the funds go to Familiar treasury which are used to buy more floor loots
This outsources the problem of what to mint to the Familiars community in a way that ensures everything we mint with Floot bags will be profitable and have an immediate buyer. It also adds another valuable layer to holding a Familiar, in that it becomes an access token to a private derivatives auction house.
I recognize this may be a more challenging model to implement but it is more complimentary to the loot ecosystem and enables our community to benefit from the endless stream of value stemming from people building on loot.
I think the option to write a contract which would allow anyone to claim derivatives requires a lot of resources and would only work for a limited amount of time before locking LOOT in a vault.
The only really valuable derivative currently is Genesis Mana.
I think my proposal is missing 2 viable options:
auction off Genesis Mana, decide about the other derivatives later
claim derivatives, keep them for the DAO and lock LOOT in the vault without the derivatives
How about the revised proposal options with the 2 above added?:
Do nothing, if there is a buyout in the future, the buyer will be able to claim them all
Find all derivatives that have reasonable value, claim them and lock together with LOOT. Specific thresholds for claiming to be discussed on the forum.
Find all derivatives that have reasonable value, claim them and auction off on Opensea with no reserve price. Specific thresholds for claiming to be discussed on the forum. Such auction could bring the project some publicity.
Derivatives are not a big deal and prices change rapidly. Currently Genesis Mana seems to have a lot of value. Leave it for PhABC’s discretion to claim and sell derivatives. Derivatives that seem to be overpriced can be sold, others can be claimed and locked with LOOT. This gives FLOOT the agility to respond to market prices rapidly, but requires trust. It is expected that PhABC will take feedback from the forum into consideration.
auction off Genesis Mana, decide about the other derivatives later
claim derivatives, keep them for the DAO and lock LOOT in the vault without the derivatives