GrailersDAO

BACKGROUND The existing GrailersDAO NFT has a smart contract token approval bug that prevents it from being used in dApps such as LooksRare and Sudoswap. As such, we plan to use the opportunity with Stefano Contiero’s artwork launch to migrate to a new contract. There are pros and cons in how this is conducted as outlined below. Your community input will be valuable in helping us make the right decision.

OPTION A: Trade-in Existing NFTs for new NFTs

• Typically a standard approach as there will only be 1 set of NFTs in circulation and no risk of invalid purchases of old NFTs

• Token approval bug means that approval is required for each token
• For multiple holders, this can be arduous and will cost gas
• May need to chase up people as requires active engagement

OPTION B: Airdrop/transfer new NFTs to existing holders

• Gasless and smoother experience (not required to approve tokens one by one)
• Members are issued NFTs automatically without requiring their action

• Risk of invalid trades of void NFTs if communication not effective
• DAO treasury to incur gas costs to mint and airdrop NFTs

OPTION C: Change cover art of existing NFTs

• Simple to do, no new smart contracts needed

• Will need to live with the bug as outlined in Background