As outlined in our recent proposal, our Working Group (WG) and Councils have committed to investing half of our monthly paychecks into purchasing Ghostsproject NFTs to enrich the voting power. This update provides a summary of our first month engaging in the buyback process.
- Floor Price
At the end of January, the floor price of Ghostsproject NFTs was approximately 0.01 ETH. Following our buyback initiative, the floor price increased to 0.02 ETH, effectively doubling from the previous month. Although 0.02 ETH remains significantly below our initial minting price, this increase demonstrates that our collective buying power surpasses selling pressure. - Sales Volume
The sales volume for January was around 0.5362 ETH, with February’s figures rising to 1.1359 ETH. The surge in sales volume exceeds the budget allocated by the WG and Councils for buybacks. This trend suggests that other forces, beyond our own efforts, are contributing to the increased sales volume, signaling a positive shift in market dynamics. - Owner Distribution
As anticipated, the buyback process has resulted in a consolidation of ownership among heavier holders, while reducing the share of lighter users. From a broad community perspective, this could be viewed negatively. However, when considering DAO governance, this redistribution of voting power from less active to more engaged members may enhance our DAO’s operational environment. - Concerns
Since January 2024, there has been a dramatic rise in Ethereum gas fees, consuming a significant portion of our buyback budget. With current projections suggesting that gas fees will not decrease this year, our team is exploring potential solutions. Unfortunately, it appears we must adapt to these elevated costs for the foreseeable future.
Overall, our initial month of trialing this process has been successful. We will continue to closely monitor and evaluate the effectiveness of this strategy to ensure it remains on the right track.