MCON rChili Auction

🔥 DAO Proposals
1

Hello Fellow MetaCartelians,

I’ve been racking my brains thinking about how we can utilize rChili at our upcoming MCON event in September to make a real lasting impact for everyone that showed up. As a result I came up with the rChili Auction. I’m posting this to gauge the thoughts and feelings of the guild.

-Description: The functionality of Chili & rChili is currently still in a proof of concept. There has not yet been a real way to redeem your rChili that lives up to the power of the MetaCartel community(s). My proposal is to create an Auction at MCON and fill it with NFTs, items, and services sourced by the community (payment will be in rChili LP tokens). This would be a feature of Chili and fall within my role as Chili community manager.

-Manifesto/Vision: Rchili becomes a reward medium for social exchanges of values from one group to another. NFTs are an example of that, but so are fun services that groups can offer up. The functionality of Rchili needs to be centered around communities so hopefully an Rchili Auction can be an experiment to test out the communities willingness to exchange their Rchili. If this is successful, it will allow us to expand ChiliKitchen.com into a larger gallery (from different communities) for rchili redeemable prizes. Down the line we can also offer special prizes/incentives to anyone who purchased anything at the Auction

-Problem: Currently Rchili has no redeemable value and the price floor has not yet been established. Additionally the liquidity is extremely low. AND Mcon needs swag, memorabilia, and other fun events to ensure it is burned into the minds of the attendees and FOMOers

Solution: See product

-Product: The product would be an auctionable event at Mcon (expiring on the final day) for all members to bid and their Rchili LP tokens ( and potentially have to create LP or purchase Rchili) for the reward that they prefer ( merch, NFTs, sponsored services, etc)

-Validation: Hopefully this is where I’ll find validation

-Progress: Some NFTs have been made and I have plans on coordinating with others to create a library as well

-Differentiation: The fact that this will be in person and that it will be filled with MetaCartel Vibes

-Team: Just me but I’m open to anyone who wants to jump on board

-Grant Request $: $500-$4,000 (but this can be paid back from fees of auction in eth/rChili)

-Funds: N/A

-Help: YES! If there are any NFT lovers/ minters/ creators in MetaCartel (or its grantees) then it would be great to meet them! I’m still new to MetaCartel so it’s difficult to track everyone down! I would love some help engaging the MetaCartel and partner communities to offer up NFTs, objects, or services for auction.

-Additional Resources: Design, Community love, Some chilikitchen.com design ( eventually), an NFT minting Guru ( or at least some of their thoughts), setting up LP tokens as payment (or just on Opensea)

Please be sure to comment any ideas, feedback, suggestions, etc to move this idea along

3 Likes
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I love this idea and I’m pumped that you are thinking about ways to power the CHILI ecosystem, shared experiences are something that strongly resonate with the community in my mind, so whatever IRL things we can give attendees access to would be my first pick for prizes, followed by dope merch of course.

There is going to be a slew of merch at this event as most of our sponsors want to create limited edition pieces available to attendees. I hope this auction can extend to them as well.

My only question is if you could clarify the budget:

What is the budget for ? Where will it be spent ? Is it $500 or $4000 ? Lastly how would the auction generate revenue to payback the grant (high-level overview) ?

Thanks again for putting this over here, I think it’s going to be a great fun if we can get some really awesome prizes together for our attendees :tada:

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Good questions. The budget is for the production of the actual swag, some website adjustments to maximize the experience. Usually sponsors would create their own swag, but if we create the swag for them, (and it’s decent) then they would be inclined to bid on it. A big factor of this is that we’re essentially making/curating swag that will force interested party to add Liquidity.

Depending on what the prizes are I figured the returns structure could work like this

  1. 1 of a kind item (NFTs,etc): 50/50 Profit split between MetaCartel and Creator
  2. Donated Services(sponsors, generosity) : Donators can opt in or out to get funds for costs, any profit goes to Metacartel
  3. Other: Case by case basis but returns will be spit fairly
  • Metacartel Profit can be used to pay for MCON, fund future events, and fund secondary prizes to winners of the auction (if we wanted to do that later on)

Details are a little rough rn, but they will be cleaned up when more items are added to an auction catalogue.

1 Like