https://twitter.com/scupytrooples/status/1747228977813655986
My favourite Crypto Witch Scoopy Trooples dropped a hot project in my X feed. https://app.manifold.xyz/c/alchem-oe
Called Alchemistresses, it was funded by a grant from Alchemix. Alchemix is a project that I have been using for a long time, so anything vaguely connected to it has my attention. I will definitely be writing an article about them soon.
Here is the announcement post from the team behind the project. https://alchemixfi.medium.com/alchemistresses-fd0de2f4c2b9
In summary, Alchemistresses is an NFT collection of 420 art pieces depicting characters "...themed around dark fantasy inspired by the Moloch and Alchemist wizard(s)..."
The proceeds from the NFT mint will be used to create a decentralized autonomous organization (DAO) managed through a 'Moloch treasury' and 'Gnosis Safe.' The DAO will provide yield farming and liquidity providing on Optimism using the funds generated from the mint.
In deciding to ape into this project I created a 10 point pros and cons summary. I then assigned a weight of Ape or Vape to each point. If by the end of the summary I had more Apes than Vapes I go for it and mint, otherwise I whip out my trusty Vape and chill, keeping an eye on the project to see if I missed out.
-Gryphonboy
1. Its an NFT collection of 420 unique art pieces
- Pros: Unique digital art assets, potential for appreciation in value
- Cons: Value depends on secondary market demand
This is a Vape for me. I'm a subscriber to the 'NFT's can be art' camp so I'm happy to hold it just because I like the way it looks. But this is a super expensive NFT just for the jpg.
2. Funded by an Alchemix grant
- Pros: Received funding support to develop project
- Cons: May be seen as affiliated with Alchemix
Easy Ape for me here. I love what the Alchemix protocol has built so anything that they are promoting and funding is going to be of interest to me.
3. Proceeds used to create a DAO treasury
- Pros: Decentralized governance model, community owned
- Cons: Requires coordination among NFT holders
Ape all the way. The con is basically a pro for me too.
4. Treasury will provide yield farming on Optimism
- Pros: Opportunity to earn yield on funds invested
- Cons: Exposed to risks of yield farming strategies
Another easy Ape. An NFT that has serious utility is very interesting to me. There's risk, but that's all part of the game.
5. NFT holders can participate in DAO governance
- Pros: Influence over treasury decisions and funds allocation
- Cons: Requires following project and voting on proposals
Ape all day for governance! I have a lot of time on my hands so keeping an eye on the governance votes and actively participating will be fun.
6. Initial sale of NFT collection to raise funds
- Pros: Funds treasury at early stage of project
- Cons: Success depends on initial sale interest
The project has a very low turn out. Only 50 of the 420 have been minted at the time of writing.
7. Future management of treasury by DAO
- Pros: Continued yield generation and growth of funds
- Cons: Depends on quality of governance and decisions
This one is a draw. Both are significant.
8. Potential additional funding sources
- Pros: Increased funds to scale project
- Cons: Success not guaranteed and adds complexity
That's an Ape. More funding is always good.
9. Long term goal of preserving treasury value
- Pros: Benefits NFT holders if successful
- Cons: Difficult to achieve in volatile markets
Another draw. Not sold on either side.
10. Opportunity for NFT holders to realize value
- Pros: Option to withdraw share of treasury value
- Cons: May reduce treasury size and future potential
This last one is a draw for me too. I don't consider either to be a deciding factor.
Result?
With 5 apes to 2 vapes it wasn't very hard for me to decide to pull the trigger and mint myself one.
I will keep you all posted on how things progress with the project.
If you have read this far, I thank you! Here is a sexy witch as your reward.
