NFTs (non-fungible tokens) based collectibles are gaining popularity in DeFi markets, but currently exist largely as art assets without intrinsic value. $YFL NFTs are a pilot program wherein we attempt to solve this problem within the bounds of the $YFL ecosystem by creating NFTs with unique artwork, as well as functionality within the $YFL ecosystem by tying $YFL to the NFT itself.
The $YFL attached to the NFT will be non-transferrable except to be deposited/withdrawn in the governance contract – furthermore, the $YFL will follow the NFT when transferred to another wallet. The smart-contract created by this project will also be reusable in the future, easily allowing for the minting of additional $YFL-tethered NFTs in response to demand.
We would also note that other than costs for developer and artist work, the cost of 35 $YFL requested for this project will be fully reimbursed per the specifications below.
There will be a limited run of 6 NFTs (3 of Card A and 3 of Card B) featuring Y Fu + Serg artwork in a Roy x BONK collaboration. The sale of the cards will benefit both the card creators and the $YFL Treasury.
At the time of minting each NFT will have 5 $YFL locked/delegated to them.
$YFL will not be locked to a new card until the previously minted NFT has been sold
Any cards and/or $YFL that remain unsold after 180 days of the passage of this proposal shall be returned to the treasury.
Cards will be auctioned off with a starting price of: Equivalent of 5 $YFL in $ETH + 0.5 $ETH
At the time of first sale proceeds shall be allocated as follows:
The $ETH equivalent of 5 $YFL shall be reimbursed to the treasury with the remaining profits split as follows:
20% to artists/creators
80% to $YFL treasury
On subsequent sales, a 10% fee is taken from the sale price and divided equally between the $YFL treasury and artists.
Refer to the developer proposal 11 for technical specifics on deliverables.