MIP #3: Cancel $NFT20 and use $MUSE

Basic Summary

Cancel the $NFT20 token creation and make $MUSE the only token for the VeryNifty/NFT20 ecosystem, the token (MUSE) utility will be as governance AND to get NFT20 fee distributions by burning it (based on previous proposal), this is how the transition would work:

  1. Let the community mine until we reach 400k $MUSE supply by playing the game (about ~40k more $MUSE), the only way to get MUSE to feed the pets after that will be via farming or buying.
  2. We’ll introduce new pricing to gems to make it easier on users as acquiring MUSE via daily mining won’t be an option.
  3. Additional $MUSE will be minted for distribution to replace the $NFT20 token distribution. The MUSE minted will be for the pet owners that made the snapshot, early contributors,developers and the DAO treasury.
  4. Have $MUSE become the governance token for the NFT20 protocol.
  5. Fees will go 100% to MUSE holders via burning.

Motivation

Keep things simpler while still empowering early VNFT holders.

Position MUSE to become the main token in the NFT ecosystem: by getting fee distribution from all NFT20 pools, it means you are farming all NFTs (as long as there is a pool) at once, this can give a great hedge against all the NFT market.

This is a 100% run community project worked on by people on their free time, a new token introduces new risks and friction (wen coingecko, why pump, what supply, etc), if this proposal passes we’ll be able to focus on the products and leave all token drama behind us and put all the learnings of the last months to grow hopefully bigger and together.

VNFT game will keep going on with new features developed, the only thing that would change would be the mining.

Specifications

  1. Let the community mint until we get to 400k $MUSE supply by playing the game (about ~40k more $MUSE to the most loyal players).
  2. Cancel the minting role to the VNFT contract so no more mining can be done via the game.
  3. Introduce new price to gems so it is easier to feed the pets when muse becomes more scarce.
  4. Offer 500 MUSE a day via different forms of farming as agreed upon on the last proposal.
  5. Mint 100K MUSE (not vested) to divide between snapshot qualifiers, here is a list of distribution (NFT20 - VeryNifty Snapshot - Google Sheets)
  6. Mint 10k MUSE for early contributors/designers (Rekt, Slimeborghini, Cadu).
  7. Mint 100k MUSE to the DAO vested linearly over 12 months.
  8. Mint 100k MUSE for the devs vested linearly over 12 months.

If this proposal passes it will set the $MUSE supply to 550k, while this is high we need to take in consideration that constant $MUSE could be burned to earn the fees earned by the platform so supply could fluctuate and be deflationary in some cases.

This distribution also puts all current VNFT holders (with over 90hp) as top ~40 $MUSE holders without counting their current $MUSE holdings, thus positioning them in a good place to continue taking part in governance.

While snapshot qualifiers get a bit less “tokens”, with this proposal you get a token without vesting that is already tradable for months and has a known value. A new token value is totally unknown and could be worth 0, specially when only 2 people working on it and no time to answer to speculators (community help is welcome always). It is hard to bootstrap new “money”.

Check out the results on the Snapshot vote