Introducing SweepyDAO

SweepyDAO is a DAO created with the sole purpose of sweeping floors of community-selected NFT collections.

How it works

Community Raise:

SweepyDAO will first bootstrap a treasury through community contributions. All contributors will receive $SWPY tokens in proportion to their contributions.

$SWPY token:

$SWPY token represents governance rights over the treasury. These rights include but are not limited to: selecting NFT collections for floor sweeps, setting floor prices for selected NFT collections, deciding a framework for listing of bought NFTs, deciding other ways treasury funds could be deployed.

Detailed tokenomics for $SWPY will be released soon.

Mechanics:

Step 1: The community proposes and votes (using $SWPY governance token) on NFT collections to be selected to the “Sweepy List” for floor sweeping by using the SweepyDAO treasury.

Step 2: When an NFT collection is successfully selected, the community votes to set a floor price for that NFT collection. Thereafter, any NFT available below this price will be bought up by SweepyDAO.

Step 3: SweepyDAO can then flip bought NFTs resulting in a profit for the treasury.

Why do we need SweepyDAO?

SweepyDAO aims to solve two major problems with NFTs right now.

High barrier to entry:

Truly sought after NFT collections have an extremely high barrier to entry for most NFT enthusiasts. There’s no systematic exposure to NFTs without either getting extremely lucky with a mint or jumping through hoops to get a whitelist to a new collection that may or may not be successful in the future.

By being members of SweepyDAO, NFT collectors can have exposure to a meticulously selected bucket of NFT collections.

Additionally, by being a large collective with a considerable treasury, SweepyDAO members also potentially get exposure to upcoming NFT collections that would want to be selected to the Sweepy List.

Liquidity (or lack thereof):

$SWPY token is essentially a proxy for fractionalized ownership of the SweepyDAO treasury which consists of NFTs bought by SweepyDAO and ETH.

Unlike for ERC-20 tokens, there is no pool of money readily available to automatically take the other side of a sell listing for NFTs. SweepyDAO will take measures to make sure there is always liquidity available for $SWPY so members don’t have to worry about this problem.

SweepyDAO also solves the fractionalization problem of NFTs as members can essentially own a token that represents fractional ownership of a large collection of NFTs.

Additionally, in a more general sense, SweepyDAO also solves the liquidity problem for holders of NFT collections which are on our Sweepy List as our treasury will always be ready to buy their NFTs under a certain price. This could also make being on the Sweepy List a highly sought after position for NFT collections.

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