@brtmoments | @xxdao_xyz (fka Bright Opps) | onchain | https://teapaw.org/t.co/yrXJJiGUeD
Joined September 2019
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The main issue in the FWA game as it’s currently constructed is the ETH backing - NFT value mismatch. To fix this, there needs to be an incentive mechanism to keep NFT values in line with their FWAV (fake world asset value). This can be completed two ways:
1) punish the mismatched value depositor
2) reward the market / ecosystem for keeping the value aligned
The cleanest way to do this is to accomplish both. Have depositors properly back their FWA, have ecosystem participants fix any discrepancy.
Proposed solution:
Auction Trigger for FWA:
The ecosystem can kick off an auction for an asset in the machine - there is a trigger, ie holding a minimum amount of FWA, burning FWA, etc. Perhaps at first the auctions can only be triggered on the top tier of ETH backed assets to fix major mismatch problems, and it requires a material amount of FWA burn. Another incentive to do this could be that the wallet which triggers the auction gets a fee of the excess ETH backing.
Auction is conducted onchain through the protocol, duration TBD.
-Auction winner gets the NFT
-The depositor gets paid the amount the NFT sells for
**THE ETH BACKING FIX: The difference between the ETH backing and the final auction sale value is distributed to the protocol. Splits TBD, but it can go to a combination of (i) inventory depositors, (ii) FWA holders, (iii) auction winner (or alternatively the auction winner just gets awarded additional FWA)**
This punishes people who are overcollaterailizing NFTs, and rewards the market for keeping the pricing aligned
Pulls for an asset are still live during the auction. If the item gets hit in a regular pull, the bidder gets refunded, the FWA burn is reversed, and the settlement proceeds as normal
Bidding and keeping the pricing aligned manually will be impossible if it is rolled out to every asset, so agents will do it for the arbitrageurs.
To trigger auctions, a burn of FWA is required, and the amount required is determined by the current FWA asset tier
Wdyt $FWA world and @rhynotic? Could this be implemented within the current system as a v2?
It’s even more confusing that the price is quoted only in USD. You don’t see the ETH listed price until you hit buy, and then it’s finally default displayed as the larger #….
Pulled a nice diptych from the Amplitudes of Canvas randomizer today. @harvey_rayner always releasing solid work
Needed some @fingacode and found this nth culture triptych that was minted IRL in London, November 2022
It was a historic time collecting and working with many of the @artblocks_io artists that helped create the AB500
artblocks.io/artists
Incomplete Control floor has flipped Fidenza
@GrailersDAO @tylerxhobbs @artblocks_io @brtmoments @sssluke1 IC#90 print
Incomplete Control #90 by @tylerxhobbs on the wall. Owned by @GrailersDAO… but lucky enough to win the print in raffle.
Fidenza was a perfect expression of what code can be…. ICs are an exploration of what code actually is.
The flywheel is starting to work in…. ETH?
@sharplink goes up, sell shares ATM, buys ETH
ETH goes up, SBET goes up
🔄🔄🔄
Looking forward to minting DDUST by @dotjiwa. On the big screen @heft_gallery last week
It’s been interesting to watch. A few more data points
BTC market cap $2,120 B
Visa market cap $682 B
Mastercard market cap $502 B
**ETH market cap $293 B**
Coinbase market cap $88 B
USDC market cap $62 B
Circle market cap $42 B
I’m for saving OpenSea Deals on Verified collections
