Gringotts Notes 10-02

--- title: Gringotts Notes 10-02 tags: --- # Open Discussion 10-02 ## **1. MetaStreet $14M Raise** MetaStreet's end game is to become a liquidity aggregator (where Gringotts sells promissory notes to MetaStreet & they can package, tranching and offering deals as products). Their focus is to get as much NFT debt as they can get, so OTC lending is a short term focus which they'll close at some point. ## **2. Transition to more autonomy & formalized governance** Key Questions to ponder on: 1. **What is our general focus / strategy?** Does the DAO focus on manual lending? Or produce products, etc.? Identifying this helps inform value accrual & capture 2. **Do we go broad or go deep?** Single-purpose DAO but do it well OR incubate many ideas around NFT financialization? Gringotts can become a platform for liquidity providers to seek high yields (40-50%) from alternative sources. Some product ideas include: - Pools where people deposit money & the smart contract creates pre-generated bids on NFTfi. - Instant sell for NFTs: Deposit NFT & instantly get X ETH - Some way to evaluate borrowers & credit-worthiness We will need to get good at pricing & data models. Can look at [JPEG'd](https://medium.com/@jpegd "https://medium.com/@jpegd") who developed their Chainlink oracle that returned Punks' floor prices. We can create products with rarity analysis for free, but would need to keep certain things private. ### **Longer Term: Future of Gringotts** There are people looking towards NFT financialization and we could build the community around this through our tools, services, content, etc. It feels like DeFi summer now using Arcade, etc., so the future's bright! Gringotts is a DAO focused on NFT financialization with many sub-DAOs (i.e. NFT lending among others). Beyond lending, we can: - Run a general NFT financialization hackathon and incubate promising solutions - Raise funds to expand on the DAO's offerings / products ### **Immediate: How to execute better** We should create smaller working groups with clear authority and processes, so that we can move faster and better. The current working groups are (1) Manual Lending (2) Analytics Operationally, these working groups / sub-DAOs will run independently and make decisions (up till a certain threshold). Resource allocation will be voted on and agreed by everyone else. For greater transparency, sub-DAO leaders should create a log of decisions in a Discord channel. - [ ] **Amos, Jie & Ryan to work on forming the working groups (0013, 0x156 under automated lending/analytics; Chris_uk, IPFS for manual lending)** At this stage, we don't know what will work yet, so we should build the best community & minds, while creating good processes to experiment. Once we've a tighter ship & results to show, we should showcase this to the public and build the community. ## **3. New Name & Rebranding** With more brands and media properties coming into NFTs, the Gringotts name is a Call option for brands (e.g. Warner) to come after us when we do well. The renaming/branding conversation should be for the Main DAO as well as sub-DAOs (i.e. lending sub-DAO to start). There are other fantasy names in the public domain as well. - [ ] **Everyone to jump into & get started on [rebrand thread](https://discord.com/channels/906839874164908092/941403485637849179)** ## 4. **Equity Structure** With quickrider's desired contribution to the DAO, it's a good time to revisit and formalise structure of sweat equity. ## 5. Genesis Trading Doing NFT Loans Main people trading on Arcade are the major OTC desks: Genesis, MetaStreet & Nexo. Genesis seems to be primarily using Arcade to do sourcing.