$PRINTS Staking and Membership Perks

I want to discuss how we could use PRINTS staking to deliver membership perks.

Members staking PRINTS could be eligible for perks such as FP Studio drops, allowlist/discount in partner projects, FP merch, tickets to events/exhibitions, etc.

The dev team working on the Traces project gave us an estimated 3.5ETH cost and about 1.5 months of development.

2 questions we have to think about: (i) how are we going to distribute the perks? Raffle, auction like in Traces, first come first served?; and (ii) What benefits (if any) stakers of more than 5,000 PRINTS should have? Higher chance in the raffle, more “points” to use in the auction like in Traces?

I’m interested in members’ thoughts as well.

A couple ideas I had that I had:

  • Stake PRINTS to be included in ongoing raffles - eg. FP runs a weekly raffle for a few pieces, and anyone with staked PRINTS gets automatically opted-in for the chance to win pieces

  • Stake PRINTS to receive limited run physical prints of treasury pieces - eg. if we acquires pieces from a collection that does physical prints, the DAO could distribute some of the physical prints to stakers

  • Free access to FP-hosted physical events for PRINTS stakers

  • Free physical merch for those who stake PRINTS (and LOCK them) for a certain amount of time.

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sounds great! i love the idea of experimenting and strategizing token designs that provide value to holders.

this sounds great in theory! if we haven’t already, should we run a poll and ask members if they would like and/or take advantages of these perks?

Great idea! Link to the poll: Discord

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Let me dump what’s on my mind here, in case it can enrich our discussion.

I believe that stacking is a great mechanism, if applied correctly. In simple terms, when you’re staking you’re giving up liquidity or putting your assets at risk in order to receive something in return.

What can Fingerprints give in return? As already pointed, we have a lot of options

  • Raffles
  • Physical drops
  • Event access
  • Usage of pieces from the FP collection

Each and every one of these options can be valuable or not, depending on each specific case.

So, +1 to the staking system, it’s a generic system that allows transfer of values.

Having said that, I believe we can do better. In fact, the best asset FP has is potential INFLUENCE. We’ve got a top-tier collection, top-tier members and I feel that we are not making use of it. We need to find a way to leverage that and “embed” this influence in everything we provide.

If Fingerprints was not a DAO, and it was a person, it would probably be a CT influencer. The big collectors have a lot of influence.

So I believe that if we become more of a media institution we can leverage our influence a LOT. Look at punk6529, CozomoMedici, and others. So then we have a lot more to offer to members because we are a media company now:

  • Deal flow
  • Events (free invites from top world events)
  • Free drops (from top-tier drops)
  • Brand recognition (then FP perks will be much more valuable)
  • Extra valuation from our own assets

The idea that I’m planting here is that we should branch the DAO to also become a media company. IMO, that’s the most obvious and straightforward path to leverage all the potential we have

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Interesting view @renatoshira !

When becoming more of a media company, what are the main activities that we should pursue that we are not currently doing?

idk, really :slight_smile:
But I could spit a few things, some of them we already do, but on a next level:

  • start to market fingerprint brand (not as a DAO, but as a brand)
  • work and grow our social channels
  • start to produce quality content (all levels, from research to opinion)
  • connect with key people in the industry (maybe like a pipe between trad and web3 art)
  • expose FP through partnerships
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Let me put a bit more color, but also brainstorming (sorry, I’m deviating from the main thread subject):

  • (CONTROVERSIAL) create a persona to impersonate fingerprints. Something like “Alex from Fingerprints”, to create web3 related content, from a position of authority as a top-tier collector. Maybe more than one persona, who knows.
  • create an internal process to generate and curate content, maybe powered by grants or internal staff (all kind of stuff, from articles to tweets) - leveraging our members knowledge
  • create grants for content distribution for members (retweets, likes, etc) - leveraging our members audiences
  • create a partnership team - leveraging our members connections
  • boost marketing: custom audience ads, acquire NFTs to engage with communities (not as part of the collection)
  • tech: create tech solutions to boost or content efforts: AI, tooling, etc
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This is fantastic and agree that we should explore how this could come alive and measure if we are being effective. Some ideas of measurement that our “brand” is effective as a media institution are:

engagement rate across social channels / ongoing measurement
sentiment (do people view our content in a positive light) / also ongoing measurement
recognition by the industry (voted top…) / can we be recognized

I’m happy to discuss and brainstorm further

However, I believe this and the PRINTS staking/perks are not mutually exclusive. Meaning imo we can still work on ideas and begin to execute the staking program while working on the media brand. In addition to the ideas already mentioned, here are some additional member perks for staking:

  • unlocks original FP pfp or this could be a pfp background leveraging our portfolio. Think Glyph background for a punk pfp or Jims :wink:

  • we should incentivize long term staking, so perhaps we create milestones that unlock rewards. if a member has staked for 6 months, they unlock X at the year mark we celebrate their anniversary with Y

I don’t have the answer right now, but I think we might be missing something if we don’t leverage RAW somehow. This might be more mid to long term, but giving FP members that stake who might not have access to RAW “benefits” could be interesting. Just a thought

I really think staking/benefits is the way to go and excited if we can finally get this off the ground. Please let me know how I can help

I’ve mentioned this a few times, but I really think using something like Hodinkee (https://www.hodinkee.com/) as a template (or at least inspiration for ideas) could be pretty compelling.

Make the FP site the GO TO hub for generative art media and content and build a really strong brand around it. Then we can leverage that position as a launching point into other initiatives that we think add value.

For this though, I think we’d need an experienced marketing/brand person to basically work on this full time. But I think there’s a real opportunity there.

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very interesting! I don’t really know how FP can do this, but I believe this can be gradual.
TBH, I’m biased towards this because I’m also experimenting something very similar with a punk a bought. I’m creating a decentralized community to build a media institution around it. So I’m just borrowing some ideas I’m already starting to implement there. Maybe FP can follow some paths once they are proved.

Maybe can nourish ideas: Fingerprints Strategic Plan 1.0 - #19 by matheus

I think we should definitely further explore the “Media Company” idea, but just to get the staking initiative going, I suggest we begin with a simple contract where the only restrictions are a minimum of 5,000 PRINTS for at least 6 months. After that, we can assess how we will benefit members that stake more PRINTS for a longer time.

I believe the budget (3.5 EHT) and timeframe (1.5 month) makes sense.

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Love the idea of linking PRINTS staking to perks such as artist drops.

For mechanics, instead of a minimum lock-up we could allow for fluid staking / unstaking BUT only give the perk to those who staked more than, say, a month ago (i.e. you can’t lockup for the perk as you see it).

As an aside, I still think offering NFT membership access in parallel to PRINTS makes sense (where 1 NFT = 5000 PINTS with 2-way exchange). I note these proposals are compatible – we could allow staking of 5000 PRINTS or 1 NFT for the same perks. Would there be any synergies in developing the NFT at the same time as the staking functionality?

Thinking out loud… the NFT could actually just represent the staked position?

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sounds good to me, let’s go

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thanks for sharing the poll.

I really like what Shira has to say. I’m in line with thinking about longer term initiatives that the DAO can support.

Technically speaking, as it pertains to, for example, granting members who stake 5000 $PRINTS access to artist drops, how is staking the 5000 $PRINTS materially different from just holding 5000 $PRINTS?

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i like these ideas! we could break each of these points off into their own discussions!

as far as I understand, the current design is that when you’re staking you are locking your tokens for a given period of time. You’re trading your liquidity for some benefit

I believe members would be more inclined to stake PRINTS when they see a clear benefit in the short term, instead of staking to see what would be the benefits in 2 or 3 months. We want to encourage people to stake PRINTS every time we offer a new membership perk. If we have a “retroactive” staking we might have people that would like to receive the perks but will miss out and potentially not stake PRINTS at all.

Yes, members should be able to stake PRINTS and the Membership NFT as well to get access to perks. There is a synergy to develop the two solutions with the same dev team as there are some similarities in the smart contract. That’s why we are discussing all 3 mechanics of staking/locking PRINTS (Traces, Staking and Mebership NFT) with the same dev team.

Exactly!

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Makes sense.

I don’t see really see the value of implementing a staking mechanism (the only difference is “locking” vs “holding” for benefits). Staking to secure a protocol is one thing, but staking to reap benefits that you could otherwise gain by just holding the coin(s) seems unnecessary. I’d rather save the money (deployment + dev costs).