There’s been a lot of talk in the Discord channel lately about the next haunt and land auctions. Thank you @HARDKOR for spawning this idea. What if, rather than diluting our assets through more haunts and land auctions, we create a way for new players to gain access to the best assets in the game?
Introducing DAO funded mini raffles
Premise: the DAO auto-buys a set amount of floor portals or humble parcels. This could be bottled to trigger over time. The buy price could be something like 10% under the current floor.
Once 100 humble parcels have been purchased, the buying stops. Players can enter the raffle for 1 GHST per ticket.
The raffle pot fills until something like 150% of the total purchase price has been met. Then the raffle is triggered.
This would achieve two main benefits:
create buying pressure in the bazaar
give new entrants the chance to own land for as little as 1 GHST
It would also be self-funded as the raffle mechanism works slightly differently than the others. It only triggers once 150% of the cost has been covered.
I haven’t check the most recent prices, but let’s say humbles are 80 ghst. That means we need 8k ghst to put into the buy mechanic. As soon as 12k ghst has been entered into the raffle, it is triggered.
This could potentially play out forever with as many raffles as there is demand in the community,
I should add this would also serve as a great litmus test for how many truly interested buyers are out there at the lower price tag. It’s an 8k ghst investment to test the market.
We could actually use this method to bootstrap a smol fund into one that works this up to portals…
Phase one, humbles. Then, as the 8k is now 12k, we move on to reasonable, now the 12k is 18k, and we start ripping through the open portals, then the closed ones. At that point… take stock of the situation and see if there’s any other class of asset that could use some redistribution from weak hands to fresh faces.
A wearables fund could be extra fun as well, especially if it includes common/uncommon/rare items. We just set a floor and when it breaks, el swoopo, and when the bag is full and the bill is paid, off they go, to their new homes. It’ll be mostly whatever the 2 least loved commons are, but there will surely be a few gems in there.
I think it’s an interesting idea. Main question would be how the DAO would be accumulating these assets? You mention “auto-buy” – so that would require a wallet funded with GHST to basically act as price support and snatch up underpriced parcels from the Baazaar?
Can this really be upside without downside? It seems like a win for everyone involved.
Trying to break this mechanic…
What happens if the assets continue falling? No one wants to buy tix enough to trigger the raffle, the raffle doesn’t happen, and the DAO is out 8k GHST of liquidity as it waits for prices to recover and more people to enter. Still seems good to me, a small risk for a very neat ongoing benefit to the whole community. Nice idea, Hardkor, and thanks for posting/developing it, Notorious_BTC.
Yep we could pilot the idea with humbles as that particular asset is one which would mostly appeal to smaller holders. If it goes well, scale into portals and other assets, too.
That’s the risk, for sure. What if assets crash so hard nobody wants to play in the raffle? I think if the raffle is capped at 125-150% of the total cost, then there will be enough apes to drive it forward. Unless of course prices crash something like 50% or more.
An 8k ghst investment to test the waters of demand is worth it IMO. Especially before we launch a huge land sale.
Seems like a cool idea for the DTF to fund. If it works, it would be self sustaining, as it’s overcollateralized, and would fund the next round (unless floor prices rose dramatically during the next round). But if that’s the case, it could be topped up with extra GHST from the DAO treasury.
I don’t think the DAO would be out the liquidity long, as people are dreamers/degenerates/very casual, when it comes to 1 GHST
It’s not like the DAO has to sell the parcels… simply slowly accumulate entries until it is done.
Since we aren’t directly looping back to the humble parcels, it wouldn’t be a non stop buying situation.
also… this mops up the weak hands that are making the market look bad, and gives people who could never risk 100 drop tickets to enter the official auction, a chance to have the same experience, but without the grand prizes included. Lets be real… the plain humble parcel, is not what you were trying to win in the big auction. You wanted boosted, a reasonable, a spacious, if you entered several hundred ghst in drop tickets.
Also… we know a guy who has a retired bazaar bot and a raffle system made already. Maybe he can be convinced to share this with the DAO?
Dev-side, how difficult and time consuming would this be to create? You also need a 1ghst raffle ticket. And the mechanics are slightly different than the og raffles
Exactly, and the cool thing is we can adjust that number we risk to match what we find. It’s a small % of our total war chest to risk, with very high upside as it can happen over and over if successful (with growing buffer due to the profit mechanic built in), but will only fail once if it crashes spectacularly somehow.
Thanks fren I like it too
And with a capped entry, the chances of winning would remain consistently high.
New players can really have a legitimate chance to win something great.
And of course if the buyer bot snaps up something like an inner keep D1 with resources, then players can win a truly nice prize.
This could create a flywheel of demand as players love to gamble and ape.
How do we cap entry? I REALLY like that idea. That is the best way by far, to keep this from becoming a smaller version of the big one. Maybe cut people off at 10? 20?
What if we just do it with a deposit address and a typeform that gets your discord? When it hits the magic number, we do the raffle at the hangout, and spend the morning giving away the prizes to the people “in person” (this would stop sybil)
Do we have to automate it? Could we not have DTF do the buying (would have to be impartial ofc)? Maybe we should do it across asset classes? e.g. 1 godlike, 10 myths, 20 legendary etc?
I’ve been thinking for a while about doing raffles more regularly so I like the idea, it really keeps the ecosystem alive.
On the other hand it means that the DAO takes 50% of the players ghst.
I understand the benefits of stimulating the market but is it necessary to enrich the DAO so much at the expense of the players?
Maybe behind each mini-raffle, we should put forward a measure that we want to finance. That’s more concrete.
eg: “Mini Raffle Lands #4 Marketing Campaign: Aavegotchi x Coca Cola” The profits of this raffle will be used to finance the launch of a communication campaign in partnership with Coca Cola. Find your gotchis on your favorite drink!
Thanks fren. No I suppose it wouldn’t have to be automated. It would be possible to put a few members in charge of a wallet to buy x assets.
I’d go with just humbles in the beginning as there are a lot of grievances around the upcoming land auction. It’d be a nice mechanism for new players to get some land. If it goes well, we scale to other assets
The idea isn’t to “get rich off the players expense” but rather pad the coffers so if there’s volatility the fund can handle it. For instance if we buy 50 humbles at 80 ghst and run it to 150% that’s 6k Ghst.
That means for the next buy we can scale bigger or also handle price increases in assets. Meaning if humbles are 100 at that time, we can still buy 50 of them.
What if anyone could create a raffle and supply their own parcels, a # of 1 GHST tickets that needs to be met, and a raffle duration?
The DAO could be one participant that regularly creates these raffles, but theoretically it could be open to anyone, and the terms of engagement would be clear.
