[ARCHIVED] Leverage $BIT use-case through NFTs

Proposal Title: $BIT NFT collection with Bybit integration

Authors: Ley

Date: 06/28/22

BACKGROUND

I would like to launch an NFT collection with a limited supply, such as 5 000 NFTs maximum. With the current market condition, investors are both afraid to purchase $BIT or to trade on Bybit.

The metrics to support this are the selling pressure on the token and the decreasing volume on the exchange. Now more than ever, investors are seeking incentives.

This could be a huge play for BitDAO and Bybit, as the competition is slowly disappearing from debt issues. It’s time to show that BIT is the GOOGL of the blockchain. It’s time to build even more.

PROPOSAL

A collection of 5 000 NFTs supported by the DAO and the exchange, holding one will lower your Bybit trading fees if the minimum amount of $BIT stacked is reached.
The collection could increase not only the volume of $BIT and the amount of $BIT stacked but also the trading volume on the exchange through incentives.

The NFTs could be used as an icon on the application which will lead to holders trading competition and more incentives accessible directly on the app. This initiative will boost the sense of ownership of the users, who now owns a Bybit identity. Maybe the holders can get increased governance in the DAO.

This could also lead to treasury redistribution through $BIT airdrops depending on the amount of token stacked and $BIT buybacks. As mentioned before, now more than even investors need a reason to buy, hold and stake. This collection solves all three of them.

DETAILS

As the team is already gathered, the project could start immediately. That being said, I want $BIT utility NFTs to be a community centred project and I will host a vote to decide the perfect time to launch the collection.

The first milestone - audit of the smart contracts, final design, social networks teasing, testnet, vote.
Then - launch of the collection, 100% of the supply minted, increasing amount of $BIT stacked.
And after - Integration on the exchange, users social network profile pictures, trading competitions, airdrops and more.

WANT TO GET INVOLVED?

Reach out to me on Telegram @leyscid, looking forward to hear your feedbacks! Let’s bring more use cases and users for $BIT together.

24 Likes

This could be very interesting

1 Like

Thank you! I believe so too :slightly_smiling_face:

1 Like

I like this idea. Relieves us in a bear market

2 Likes

Interesting proposal, personally a fan of NFT projects but the key for a new project/token should be to expand the user base not only feed into the current community. Its important to incentivize long term holders but most value is created when it attracts new users as well. How do you propose structuring a utility NFT and drop to differentiate BitDAO and bring more new users in?

4 Likes

I think this is pretty interesting but a DAO structure providing trade fee incentives may not be particularly sticky especially in bear markets. Nonetheless, brilliant idea of tying NFT’s to exchanges and offsetting trade fees!

1 Like

Nice idea! a lot of opportunity within the NFT space

1 Like

Interesting idea, would be great to see how this work out

1 Like

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