The 1Inch Community Rejects NFT Market Proposal by Solidity.io

03/27/2023 00:23 • Crypto & Markets • 67 views

On March 27th, the snapshot voting page showed that the 1Inch community rejected the proposal to create an NFT market for the community by Solidity.io with a 68.78% negative vote rate. Some community members stated that there were issues with the format, plan arrangement, and implementation of the proposal, such as the proposal did not add “1IP – #” before the beginning of the proposal title, and the implementation of the plan required cooperation with the 1Inch Foundation, but the statement of the proposal misled the community, The two sides did not reach a cooperation agreement.

“The 1inch community has refused to have Solidity.io create an NFT aggregation market for it, but has passed another similar proposal”

Introduction

On March 27th, the 1Inch community voted on a proposal by Solidity.io to create an NFT market. The snapshot voting page revealed that the community had rejected the proposal with a 68.78% negative vote rate. This article will explore the reasons behind the rejection and highlight some of the criticisms leveled against the proposal.

Background

To understand the significance of the proposal, it’s important first to understand the players involved. 1Inch is a decentralized exchange aggregator that enables users to access multiple DEXes at once. This platform provides users with the best possible rates for their trades. Solidity.io, on the other hand, is an NFT marketplace that enables creators to mint and sell non-fungible tokens.

The Proposal

Solidity.io proposed creating an NFT market for the 1Inch community. This market would enable users to buy and sell NFTs using the 1Inch token. Solidity.io stated that they had already created an NFT marketplace and had the technical expertise to execute this proposal.

Reasons for Rejection

Despite the technical expertise of Solidity.io, the proposal was rejected by the 1Inch community. Some community members stated that there were issues with the format, plan arrangement, and implementation of the proposal. Some of these criticisms include:
– The proposal did not add “1IP – #” before the beginning of the proposal title.
– The implementation of the plan required collaboration with the 1Inch Foundation, but the statement of the proposal misled the community.
– The proposal did not include details on how the NFT marketplace would be integrated with the 1Inch platform.
– Some community members were concerned about the potential dilution of the 1Inch token if the NFT marketplace was added.

Conclusion

In conclusion, the proposal to create an NFT market for the 1Inch community by Solidity.io was rejected by a significant margin. Community members raised valid concerns about the format, plan arrangement, and implementation of the proposal. These concerns highlight the importance of transparency and clear communication in proposals being put forward to the 1Inch community.

FAQs

1. What is 1Inch?
– 1Inch is a decentralized exchange aggregator that enables users to access multiple DEXes at once.
2. What is Solidity.io?
– Solidity.io is an NFT marketplace that enables creators to mint and sell non-fungible tokens.
3. Why was the proposal rejected?
– The proposal was rejected due to issues with the format, plan arrangement, and implementation of the proposal, as well as concerns about potential dilution of the 1Inch token.

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