[DAO: QmUQ9ku] Would you support a proposal to allow fractional MANA sales in the secondary market?

by 0x6a77883ed4e65a1df591fda2f5252fd7c548f198 (Fancy)

The option to price your wearables for fractional MANA does not currently exist on the Marketplace UI, however the smart contract already allows for it. Would you be in support of updating the Marketplace UI to allow for fractional MANA pricing?

Rational

*There are over 150 items in the primary market which are listed below 1 MANA. This eliminates a reasonable resale market.

*The small group that already appears to be pricing for fractional mana are mostly item farming accounts/bots.

*By opening up the secondary market to lower valued items, it will increase the interest and accessibility to the market. New users could save for higher valued or more desirable items without having to spend fiat to participate. Many people cannot afford to purchase MANA, but almost everyone has items they have been given through events or content creator giveaways.

*This could potentially SAVE the DAO in matic gas fees by reducing the number of junk listings which never sell, and get relisted by the thousands on a daily basis. By establishing an actual value, less valuable items may find their way to the end consumer or long term investor faster.

I previously submitted a similar proposal, but didn’t take it seriously or put much effort into it. You can read that here: Should fractional MANA pricing be added to the User Interface for Secondary Market listings?

If this poll passes the approval threshold, I will open a forum post to discuss concerns and any other type of feedback to make sure this is something everyone approves of. Thanks for your time!

  • Yes
  • No
  • Invalid question/options

Vote on this proposal on the Decentraland DAO

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With this, we will only get all the wearables to go to 0 and the creators do not sell either.

I do not understand that such things are proposed.
You are in time to repent of those decisions.

Although if the minimum price could not fall below 1 mana, I would agree to fractional above 1

2 Likes

I don’t know how closely you monitor the market, but we are already quickly approaching the point where most items are basically worthless. Legendary items have been averaging between 2-5 mana if the creator wants them to sell. Mythic items are HARD TO SELL at 20 mana. From my perspective it sounds like you are saying if the wearables creators can’t ‘make money’ then nobody should be able to. Did you read the proposal or just the title and decide you don’t like it the idea of items being cheaper/even more accessible?

Additionally BOTS AND ITEM FARMING ACCOUNTS ALREADY HAVE ACCESS TO FRACTIONAL MANA PRICING ( Decentraland - Marketplace ) - They are just doing the listings off the User Interface. My thought is if you don’t want to risk your item being priced at ‘0’, don’t make a crappy wearable that is more of a burden on the community than an asset.

While I do believe this will only help the problem a bit, and is not a complete fix, I don’t believe that all the wearables would be worth ‘0’. I do believe there are some wearables that are truly worthless though. Items would be worth what they are actually worth, not an endless 1 MANA that they never sell for.

This is part of a larger plan I have to attempt to help turn the market around. I didn’t add the other components to this proposal poll because I feel like each part should be evaluated individually. I also believe rare items should be given VP equal to their percentage of the publishing cost. Example: 1 Legendary item = 1VP 1 Mythic item = 10 VP (or whatever the % would be to make it equal to the minting cost)

I also think the minting price needs to at least double. It’s supposed to be closely linked to 500 USD and its been under that for months. There are many factors which have contributed to the fall of the wearables market, but I don’t believe fractional mana would be the nail in the coffin.

Do you have any response regarding the 150+ items on primary right now for under 1 MANA already? Should those items just not have a resell market just because the creator made them cheap, or they are sub par?

2 Likes

The problem is not the fraction of the price.
The problem is the number of commons and uncommons that DCL allows you to endlessly create.

There are no limits and we are going to kill the market (I am a collector, I am not a creator)

I mean, if we are very few users, and we allow the creation of collections of 100,000 and 10,000, what do we expect?

DCL is not going to change your form of income, but I think commons and uncommons should have a ratio of 0.01 mana per unit, example: minting 100 mana + 0.01 x 100,000 (1100 mana minting them).
This would make creators mint less trash

Without control there are no results or benefits.
I think that DCL should start demanding utility in many wearables, or put a limit per wallet to mint

But I can’t agree with lowering wearables below 1 on the secondary market, as this would make almost everything end up at 0.1

2 Likes

I’m also a collector, but I did join the wearables community as a investor as well, and I have sponsored 1 item which exists in the game currently. Also, I have plans to possibly contribute as a creator in the future.

I agree that there are way too many common and uncommon items, which are nearly impossible to be absorbed by the market. (collectors, wearers, and investors alike) HOWEVER that would require a vote to remove those item rarities. I’d estimate we only have about 500ish regular wearables purchasers who are mostly carrying the weight of the whole game. TBH I would be in support of item price caps for lower level rarities, and possibly even all the rarities, but I don’t think that would be easy to pass either.

I’m not proposing any changes here other than making a feature that is accessible to some mostly cheaters accessible to all. I just want it to be fair. If we can’t do that then we need to disable fractional mana pricing entirely, except for creator items sold in the primary market. Please check out the link I posted in my first reply. It shows items are already being listed for fractional MANA on the secondary.

Another problem is we are in a supposedly decentralized world. The very thing that draws many in also prevents certain things from happening. DCL can’t just put limitations and caps on the market or specific wearables without a DAO vote. They can’t demand utility, because it’s everyone’s right to create whatever sort of item they want right now, as long as it follows the community standards. We can’t have it both ways, and we will never be able to please everyone.

I’ve spent probably 4-5k MANA in the last 4 months. I’ve been in DCL about 14 months. I’ve seen plenty of items sell out when they are priced appropriately. Many of which have actually gained in perceived value since selling out. I simply don’t believe that a properly priced wearable can’t be absorbed by the community, regardless of how small the community is. And again there are plenty of wearables out there that are not worth more than .001 imo.

In a free and decentralized market, I should be able to sell MY items for 1 penny if I wanted. Anything else isn’t decentralized at all and that is an undeniable fact. Thoughts and feelings are not really important here.

1 Like

The market is super cluttered. What about this - just make one more menu level down? So when I go into the secondary market, I only ever see 1 Grey CCC Hat or one New Years Eve 2022 Hat until I click on it, then I can look at all 10,000 New Years Eve 2022 Hats. So, each Item needs its own sub page.

2 Likes

I agree with many things you say.
We must also be able to ban addresses that make absurd offers, or counteroffer and reject offers.

Plaguing the market with ridiculous offers is also not something that suits collectors, since they can have errors and the “Bids” are filled with “garbage”.

1 Like

@fity - That is a pretty good idea. I absolutely hate going to shop the market and all you can see is 1000 of the same item. Your idea would make for a great proposal, or even a suggestion if they take those. I don’t think a display change would require a full on proposal since it doesn’t change any of the functionality of the marketplace really.

@Antua I agree, at the very least we should be able to tick a box to NOT allow bids. Very good point.

Would you support a proposal to allow fractional MANA sales in the secondary market?

This proposal is now in status: FINISHED.

Voting Results:

  • Yes 99% 4,409,831 VP (37 votes)
  • No 1% 2,369 VP (2 votes)
  • Invalid question/options 0% 0 VP (0 votes)

@Frank I was hoping you can take this idea and run with it, as this is your area of expertise.

@fify We are definitely going to see where we can go. I really like your idea of the menu levels/sub categories though. I’m not sure how specific and exact we need to be with the proposal, and if this is something that needs to be its own proposal? I’ve admittedly not had a lot of experience with the DAO process.

As promised, I’ve created a forum thread for further discussion of this proposal idea. Please hop over to that thread if you would like contribute to the conversation!

Thanks to everyone who has voted/voiced their thoughts/concerns so far!

Would you support a proposal to allow fractional MANA sales in the secondary market?

This proposal has been PASSED by a DAO Committee Member (0xfe91c0c482e09600f2d1dbca10fd705bc6de60bc)