elie222
commented
2 years ago Hey,
Love the suggestion. I think this could be a very healthy approach too. A few notes. The Podium team has a version of ERC721R where it releases funds every 2 weeks, 20% at a time. So 100% refund option in first two weeks, then 80% from weeks 2-4, then 60% and so on. It's still a fairly short period of time but the vesting idea holds. Since the team can take out 20% after 2 weeks, holders can only get a 80% refund each.
Another point about what you wrote. It's possible to allow each individual to remove their funds when they choose. So it doesn't rely on whales or team voting to keep funds in.
I think overall the idea is good though and it would be great for us to add an implementation along these lines with a longer term view to vesting creators.
Currently, most of the project once they finished mint. They will run away with all the money and say bye bye to the community. This is very bad for NFT space.
I thing we should do something for this.
In Venture Capitalist market, when a project raise a certain amount of money. The project owner would not be able to get the total amount directly. They will get it in a timeline/vesting period.
My suggestion is adding a vesting period inside the withdraw function. For eg, if the NFT project raise USD100,000. Initially, the project owner can only take 30%, after a year, it can take another 40% and a year and a half, get the remaining.
In between the period, if the community are not happy, they can halt the project by voting. If 50% of the NFT token holder say no to the project. The smart contract will halt the project by returning all the remaining fund back to the token holder.
Calculation: NFT: 10000 Raise USD 100,000 Initially, project take 30% -> 30,000 Then, if the community found out that, the owner take the money and do nothing for the community. They will vote and halt the project. If voting are more than 50% which is 5000 nft holder say "stop it".
Then, remaining USD70,000 will refund back to all the NFT owner equally (USD70,000/10000 = USD7000) and the NFT tokens will send it back to owner. The project certified dead. End story.
Benefit of implement this,
Question Arises Would Be.
What if one whale are not happy with the owner and he bought up 5000 nft token and shutting down the project? Answered: That why usually we will set a minimum cap for each owner address. Let say 5 nft token for each owner.
What if they can create 1000 accounts with 5 nft token each, then shut down the project. If he/she really did that, I am speechless and nothing I can do.