I have a lot of ideas. That’s sort of my super power. I’m an idea guy. I can’t implement any of my technical ideas and I can hardly explain them at times, but I’d like to try to share some thoughts with the community to see how you all feel about issuing some NFTs that have special functionality. I think it could be a great way to both grow the platform and also reward our early adopters and newcomers with transferable utility.
The idea is pretty simple. We issue NFTs based on wallet interactions. So, for example, we would probably issue the very most rare and most highly functional NFTs to the Genesis presale participants. Those are the people who were here first and they deserve something special that only they qualify to receive. Sure, they already got a super huge discount on their SOV. But they deserve that and I’m sure they would appreciate something special to commemorate them being here for the start of this amazing project.
So I would issue some very rare NFTs with utility (NFUTs) to the following groups in descending order of rareness and utility:
Genesis Presale Participant NFUT (No limit, issued to all)
Utility: Early token pre-sale access + 10% trading fee-reduction to holder
Origin Presale Participant NFUT (No limit, issued to all)
Utility: Early token pre-sale access + 5% trading fee-reduction to holder
SOV/rBTC V1 Liquidity Provider NFUT (Issue to wallets which staked 50 SOV or more)
Utility: Early token pre-sale access
rUSDT/rBTC V2 Liquidity Provider NFUT (Issue to any wallet which staked either side any amount)
Utility: 1% trading fee-reduction to holder
SOV Bitocracy Super Staker NFUT (Issue to wallets staking over 100 $SOV in the Bitocracy)
Utility: 1.1x Bitocracy Voting Multiplier
That’s just an off the cuff representation of how I perceive the order of value provided by the above areas of participation and the sort of utility that an associated NF(U)T could provide. Each of these NFUTs could have specific functionality on the Sovryn platform. Some could lower trading fees. Others could enable early access to new token presales launching on Sovryn. The Sovryn dApp would need to be able to query a user’s RSK wallet to unlock specific features associated with each NFUT edition. And we must be careful to issue very low trading fee discount NFUTs because it could impact LP profitability. We don’t want or need to give away NFUTs with insane fee-reduction utility that will kill the profitability of the liquidity pools. However, issuing a small number of NFTs with the utility of reducing fees would be a great reward for early adopters.
We would need to take inventory of how many wallets qualify for each edition of NFUT. Many wallets will qualify for several NFUTs. Then we mint and issue the NFUTs. We mint 5 different editions of transferable NFUTs with varying degrees of utility granted to the wallet holding the NFUT. We may wish to define minimum participation levels to qualify for NFUT drops. Do we really want to issue NFUTs to everyone who staked or participated at any level? Or do we want to limit the NFUT drop to participants who made a minimum investment? I’m torn between these options. I think it’s cool to give the little guy a little equalizer so I’m okay with not restricting too much based on amount invested. However, perhaps we should establish a minimum threshold so we can keep the total number of NFUTs issued smaller.
Sovryn needs to be a keystone of innovation in order to draw users to RSK Network and compete with cross-chain Dexs. So we should always be looking for ways to push the boundaries and move crypto forward. I would like us to develop our own in-house NFT auction site to provide a market for RSK Network NFTs. Initially, these will mostly be NFUTs minted by Sovryn. However, as Babelfish and other projects starting up on RSK Network also begin to mint their own NFTs, a Sovryn NFT Auction platform could provide a market for the NFUTs we issue as well as a general market for all NFTs on RSK Network.
I’m really interested to hear your feedback, so please let me know your thoughts!
Yeah, good feedback. I’ve been refining these ideas on my delegate page. I think NFT dropping to V1 SOV Market-Makers and earliest Bitocracy “VOTERS”… not just stakers would be best. And they should be two separate NFTs to reward those who did both. Moreover the NFT art should be specific to the event it is acknowledging. So the NFT drop to V1 SOV Market-Makers is like a Sovryn space badger planting a Sovryn flag on Earth or the moon (I’m leaning towards Earth myself). And the NFT drop to the Bitocracy “VOTERS” could be something to do with the space badger dressed up as a statesmen or something… maybe with a feather & ink pen and a George Washington wig on.
We can do all kinds of NFT promotions with and without gamification, with and without “intrinsic” motivators for SOV community members. The point i’m making is that it won’t require a SIP b/c it is already in the purview of the contributing team under the exchequer for budgeting, and the team that is working on the nft platform. Tho we DO have the capability to mint nft’s on sovryn, what we DON’T have is the team resources to do it until a platform is ready. We’re working on MVP minimum features right now to do the type of rewards you suggest, and later this feature will be open to the public. I know that nft’s are EVERYWHERE, and it seems simple to just mint and distribute one, but it’s actually more complicated than that and involves many moving pieces from backend security on proofin uploaded images for data integrity (yeah, hacking expoits this way are a thing!) to having the front end in the dapp to display the nft’s (otherwise, what’s the point of minting something that you can’t see in your wallet other than to attach it to a tweet?
Can someone confirm that the genesis presale participant have received an NFT in the past and not the origins?
I don’t want to make any comparison here. Just to be sure.
Have a lovely day
I’m Origin participant and to my knowledge have not received any NFT. But I do believe that the Genesis folks potentially did receieve an NFT? But not all I think? Is that correct? It looked to me like some of those who were super early using the platform back in January were dropped some super OG NFTs. Not certain of this though, so I’m also asking for clarity. Some Sovryn LPs in the Babelfish Discord are down for this idea.
Nice to hear your thoughts and updates on all of this stuff. So glad to hear Sovryn team is actively working on the NFT components… and also glad some of my ideas are not too far off the mark. It’s been really informative participating in this forum. Very wise of Sovryn to deploy this native forum. It’s a great tool for encouraging participation in the Bitocratic process.
@exiledsurfer I understand no SIP required. As far a projects - I have some target use cases. A lot of what I see out there in the news is focused on either the art craze of the creation of portable assets across gaming platforms. I would be more interested in hard asset ownership NFTs (i.e. Deeds to land, titles to cars, etc) and the transformation of industry like gaming. If I settle 32+ billion in payment card transactions annually - the industry does at least as much in their credit facilities. I am attacking the gap between the two in another crypto project with the fiat on/off ramp folks I introduced but I see SOVRYN as the core to tackling this project. I understand resources are needed elsewhere but from a planning perspective - might be worth mapping out.
@StanTheGreat Sure - that makes sense. May start up a seperate thread when the opportunity is closer. I am launching a product in my current company that allows for crypto backed guarantee to be leveraged by a consumer for gaming in a land based casino in minutes. This is a traditional custodial situation. Having solved for that, however, I started looking at other problems to solve. We have the largest and oldest marker database in the world and, since casinos often deal with collection issues, I started to wonder if we could turn the debt into a transferable asset using that information platform as an exchange. Essentially - turning a single casino liability into a transferrable asset. This got me thinking of NFTs. Lots more research to do as I am more banking and payments experienced and will need some other folks to check the regs more thoroughly but wanted to bounce the idea around.
I was looking at https://mattereum.com/ and thought of SOVRYN.
In any case - I will start a thread once I get more details and confirm interest from global players. Appreciate it.
ROFL - great call out. No - I did not notice that. Appreciate the need for patience - I was responding to questions around product/platform use cases. Clearly - there is alignment here. I would not push priority without a compelling opportunity - the project is continuing to evolve beautifully!