5. Auctions from Team's Wallet (BAY-VP / 06)

We have seen quite the interest on some particular NFTs that team holds after Bored Apes XRP Club Minting Deadline passed (see BAY-VP/02). Some individuals are interested in buying some of those and reached out to us about them. We wanted to be fair and transparent to everyone so a voting proposal will determine whether you want us to give an opportunity to them and the rest of the community at the same time on acquiring those.

Started on August 17, 2023, at 5:00 p.m. UTC

Ended on 24/08/2023 at 5:00 p.m. UTC in favour of Option 1 "Yes".

If this proposal is approved then: -An auction for the requested NFT would be launched in which anyone can participate by making offers on a marketplace.

-There can only be 1 (one) auction per month, so it will be FCFS (First come, First served). We will hold an auction for the first person who contacts us when a new month begins and expresses his/her interest in a specific NFT.

-Auctions will take place on specific NFT Marketplaces. That way anyone can watch and participate in the them. A Discord Bot will read all bids, in real time (as fast as possible) and extend the auction's time, if the bidding happens last minute.

-Auctions will be renewable/rollover, which means that each bid put extends the auction's end time by a predetermined amount of time, often a few minutes. This method encourages competitive bidding by allowing participants to bid until no additional bids are put within the extended time range.

-A wallet will be created and shared with the public for everyone to see. The proceeds from the sale of the NFT will be kept in a that specific wallet and used solely for project development.

Keep in mind that each month, only one NFT can be auctioned, thus keeping inflation at its lowest. We will not hold an auction if there is no interest.