What if we could store a non-transferable NFT in a wallet that tells any regulated actor that this wallet has been KYC'd (and who by) but didn't reveal the identity? If a wallet has an NFT, each jurisdiction could see what rules are followed by the issuer of that NFT and, therefore, feel comfortable interacting with that wallet. They could see every transaction ever connected to that wallet and risk score the likely source of funds.
PowerPool proposes to launch an NFT based on our Iluminati DAO theme that is (hopefully) collectible for the quality of the art, a financial instrument with (rising) fixed xCVP floor value (redeemable for a share of our Treasury), and acts as a membership/identity wallet token giving access to restricted PowerPool forums and analytics within our DAO.
An NFT (Non-fungible token) was originally an ERC721 token representing the unique ownership of a digital asset. They can be mint-able, burnable and importantly limited in supply. The ERC-1155 standard takes the concept further by reducing the transaction and storage costs required for NFTs and batching multiple types of non-fungible tokens into a single contract. More recently, EIP-2309 has been proposed to make minting NFTs a lot more efficient. This standard lets you mint as many as you like in one transaction. NFT-based redeemable financial instruments can be created with these baselines when utilizing custody parameters, escrow contracts, wrappers and supply control. NFTs are also increasingly useful for ‘gating’ access to PowerPool Illuminati communication channels. An example of this type of NFT use case as ticket/membership would be Laura Shin’s Cryptopian Book Club discussions: https://www.bitski.com/@laurashin/products/book-club-1-may-2nd-8-9-30-pm-et-e18366fe-e5fe-41b6-aa3d-9a9f451f767d
The creator of an NFT gets to decide the scarcity of their asset. The value of Iluminati redeemable NFTs is underpinned by the (growing) value of the xCVP for which the NFT can be redeemed. From a CVP/value viewpoint, as many CVP as the PowerPool Treasury controls can be staked as xCVP, then auctioned in the form of redeemable (xCVP) NFTs. The number of NFTs representing the staked xCVP will affect the price per NFT, and The limit on minting could be the number of high quality images, or perhaps the number of xCVP stakers deserving a bonus (see potential airdrop below). Whatever the approved numbers in terms of redemption values and mintings, this information would all be public.
Creators/artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.
This is completely automatic so creators can just sit back and earn royalties as their work is sold from person to person. {Issue: is there a final royalty if the NFT is redeemed/burned for xCVP?}
Redeemable xCVP NFTs align the interests of our marketing influencers and part-time contributors with long term NAV growth better than other forms of rewards.
NFTs can be air-dropped for free, auctioned/re-auctioned, or (converted to ERC20 and pooled on DEXs?)
In the event that PowerPool decides to airdrop the CVP contained in legacy baskets/pools, an Illuminati NFT could be included as a bonus to long-term supporters holding legacy pool tokens. See PDAOPOOL CVP airdrop proposal here:
The Treasury Management aspect of creating xCVP redeemable NFTs is also appealing. The DAO Treasury should not stake CVP as xCVP for its own account, but can do so in order to create a financial instrument NFT that is auctioned or granted to to others. Auctioning xCVP-backed NFTS on other chains in return for native tokens like BNB, SOL, AVAX, MATIC, etc may be very useful for managing Treasury liquidity and fee obligations.
https://twitter.com/4RCapital/status/1530211705434914818?s=20&t=4WJ4Li6PhV5jy7VZX4LNxg