> For the complete documentation index, see [llms.txt](https://docs.kaze.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kaze.fi/tigris/tig-and-governance/governance-nfts.md).

# Governance NFTs

Tigris migrated from a Governance NFT model to a Token model on June 1st 2023. \
Before that the protocol was governed by 606 Gov NFTs, sold in batches to raise liquidity for the Vaults and to fund product development.

This model had its perks but also its limitations so the [DAO decided](https://snapshot.org/#/tigrisdao.eth/proposal/0xf10afda8daf68bfcbc0aa039fc429f81f8d86c7339388dea8adea667fb78cc11) to switch to a more standard erc-20 token model. 

This was the Gov NFT distribution before token launch: 

<table><thead><tr><th width="120">Holders</th><th width="208">Circulating GOV NFTs</th><th width="212">% of circulating supply</th><th width="198">% of total NFT supply</th></tr></thead><tbody><tr><td>Investors</td><td>400</td><td>66%</td><td>4%</td></tr><tr><td>Team</td><td>109</td><td>18%</td><td>1.09%</td></tr><tr><td>Treasury</td><td>97</td><td>16%</td><td>0.97%</td></tr><tr><td>Total</td><td>606</td><td>100%</td><td>6.06%</td></tr></tbody></table>

Since the migration, each Governance NFT can be converted into 1300 TIG tokens resulting into:

<table><thead><tr><th width="126">Holders</th><th width="206"> Available TIG tokens</th><th width="210">% of total TIG supply</th></tr></thead><tbody><tr><td>Investors</td><td>520,000</td><td>26%</td></tr><tr><td>Team</td><td>141,700</td><td>7.085%</td></tr><tr><td>Treasury</td><td>126,100</td><td>6.305%</td></tr><tr><td>Total</td><td>787,800</td><td>39.39%</td></tr></tbody></table>

Once a Governance NFT has been converted into TIG, it can't be retrieved.\
After the conversion the tokens are linearly vested for 30 days.

These are the sales that happened during the Gov NFT phase:

<table><thead><tr><th width="143">Date</th><th width="101">Chain</th><th width="99">Quantity</th><th width="117">Price</th><th width="126">Raised</th><th data-hidden>Destination</th></tr></thead><tbody><tr><td>2 Sep 2022</td><td>Polygon</td><td>100</td><td>600 DAI</td><td>60k DAI</td><td>100% StableVault</td></tr><tr><td>21 Sep 2022</td><td>Polygon</td><td>100</td><td>600 DAI</td><td>60k DAI</td><td>100% StableVault</td></tr><tr><td>20 Oct 2022</td><td>Arbitrum</td><td>200</td><td>650 USDT</td><td>130k USDT</td><td>120k StableVault<br>10k Treasury</td></tr></tbody></table>


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