[DRAFT] SIP-00XX Niftify Token Sale

Introduction

Following in Sovryn and Babelfish’s footsteps, we aim to leverage the Sovryn Origins platform to conduct a token sale for Niftify to bring an NFT marketplace and exchange to the Sovryn/Bitcoin DeFi ecosystem.

Niftify™ is launching an all-in-one platform to create, buy, sell, and swap NFTs. We take NFTs out of their infancy and bring them to the real world by unlocking their true potential in a world where everything digital or physical can be bought, sold, or traded as an NFT. A platform for proof of ownership and authenticity, with metadata for smart tracking. Niftify™ is a user-friendly NFT launchpad, marketplace, and exchange aiming to facilitate users to automate digital to physical redemptions.

With so much of the DeFi and NFT ecosystems focused around and built exclusively on Ethereum or Ethereum L2 chains, we applaud Sovryn in their mission to build out the DeFi ecosystem for Bitcoin/RSK, and aim to join them in their mission to expand the available product universe by bringing exclusive and authenticated NFTs from top artists, celebrities, and sports teams to the Bitcoin and Sovryn communities.

Reasoning

Niftify™ is bringing the first NFT marketplace powered by Bitcoin to Sovryn Origins. Upon a successful token sale, we will expand the offerings on Sovryn by enabling users to mint and sell NFTs on Niftify™. An exciting feature, coming in early 2022 is an NFT bridge, which will enable users to transfer NFTs from other chains to Sovryn/RSK and vice versa.

Background

Niftify™ is on a mission to become a market leader by focusing on a simple user experience and strong community of NFT enthusiasts: creators, collectors, traders, gamers, and enterprises wanting to buy, sell, or trade NFTs. A platform with all the benefits of the blockchain and ready for mass adoption.

Niftify is fortunate to have a terrific team (which can be found publicly on the website - no anons to be found here!) and has grown extremely quickly. We are pleased to share that development of the initial V1 release is complete and currently concluding an audit, with a Beta launch scheduled for this Friday (Oct 15th) and the live V1 launch of the platform/marketplace scheduled for October 28th, 2021.

There are already a number of exclusive NFT drops lined up for launch and beyond, with a celebrity drop from Ice-T kicking things off November 1st. This will be the rapper’s first NFT release, and there are numerous other high-profile partnerships (ranging from DJs, athletes/sports teams, luxury car brands, music festivals, and more) lined up or in the works for future exclusive drops.

Beyond celebrity/high-profile drops, Niftify is an NFT platform built for everyone. Any artist will be able to easily create and mint their own NFT art, and we will work with top and upcoming artists from other platforms to attract the most creative and innovative to feature them on Niftify.

More details on completed milestones and the future roadmap can be found on the site.

Tokenomics

NIFT token is the native utility token for the protocol and is used to incentivize actions across the platform. A token allocation is reserved to enable the incentive structure for early adopters, contributors, and liquidity providers. This will allow the system to overcome the bootstrapping challenge and also fund further development.

Token Sale Day 1:
NIFT price: $0.20
Tokens for sale: 6,750,000
Percent of supply: 3.38%
Vesting: Linear daily vesting over 10 months
Wallet limit: $2,500
Accepting: RBTC

Token Sale Day 2:
NIFT price: $0.30
Tokens for sale: 4,166,667
Percent of supply: 2.08%
Vesting: 50% at TGE, daily vesting for remainder over 10 months
Wallet limit: $2,500
Accepting: RBTC
Sovryn DAMM:
Tokens for Sovryn: 2,000,000
Percent of supply: 1%
Pool to be created: NIFT/RBTC
Proposed public sale date: between 25th October and 1st November

Note: Due to legal reasons, our vision and focus on mass adoption and our goal to become a market leader, as well as the fact that we already started sorting documents that will allow us to operate within the U.S. market, all token sale participants will have to complete the KYC process, which can be found here. We also concluded to avoid listing NIFT on unregulated exchanges.

Bonus reward for token sale participants:

Every participant in the token sale will get one of the limited edition Sovryn <> Niftify NFTs in their wallet. The NFT will grant the owner early access to special drops or access to a premium user account.

  1. Contribute under $1k: early access to 1 special drop of the user’s choosing
  2. Contribute $1k - $2k: premium Nifitfy account for 1 year, enabling customized profiles and early access to the most sought-after NFTs from celebrities and high-profile artists
  3. Contribute $2 - $2.5k: lifetime premium account membership

Additional Links:

Website: https://niftify.io/

Pitch Deck: https://niftifypitch.io/

Whitepaper: https://docs.google.com/document/d/1eTLT-7qIB3Fvqr993LhImr2i7VD8NFQyPWfy4cSrefA/edit?usp=sharing

KYC: https://kyc.niftify.io/

Ice-T | Niftify Partnership: https://twitter.com/finallevel/status/1443964634696986630

Socials:
Telegram Community - https://t.me/niftifycommunity
Telegram Announcements - Telegram: Contact @Niftify
T​​witter - https://twitter.com/Niftify_io
TikTok - https://www.tiktok.com/@niftify.io
Facebook - Redirecting...
Instagram - Login • Instagram
LinkedIn - https://www.linkedin.com/company/niftify
Medium - https://medium.com/@niftify.io

8 Likes

Absolutely awesome plan to bring an NFT platform to Sovryn. Really like the idea of the NFT bridge. Some comments and questions:

(1) There is currently no SOV staking requirement. Is that a conscious choice? Personally, I like the SOV staking requirement (as in the Mintlayer sale SIP).

(2) The NIFT token is used to incentivize actions. I would love to get a bit more insight into the utility of the token. What is incentivized, and how?

(3) Is there really no way around the KYC? The thing is this; if the sale goes through the launchpad, any KYC for the sold token is indirectly KYC for Sovryn addresses, or so it seems. Am I right in assuming that info provided to the KYC can be linked to the SOV addresses used in the launchpad?

9 Likes

NFTs on Sovryn would be a killer, but Martin makes good points. For me this would be much better if:

  1. NO KYC

  2. NIFT should only be a governance token. Every interaction on the platform should be with sats. To bring more value to the governance token, a % of incoming sats could automaticly swap to NIFT at market and then distributed to NIFT stakers.

1 Like

Thank you for the proposal.

There are 2 Token sale days where the 2. day has a 50% higher price although both days seem to be in a very close timespan.
-What’s the reasoning behind this?
-Who is eligible for the first/second day? Is the first day meant to be exclusive for SOV-Stakers? A bit more info on this topic would be helpful.
-Are there any airdrops for SOV stakers planned?
-Were/Are there additional token sales on other platforms/blockchains? It looks like you are launching on several layer 2’s.

-I don’t like the KYC-part.

I can answer one part.

The people who pay the higher price in the second sale get a 50% unlock.

The first sale is linear vest. More restrictive and cheaper.

I will be doing both.

Cheers

3 Likes

Thanks guys for your enthusiasm and questions! Great to see there is an appetite and support to bring an NFT platform to the Sovryn ecosystem!

@Martin_Adriaan

  1. We can certainly look to incorporate a SOV staking requirement to be able to participate in the NIFT token sale to bring additional value/exclusive access to the SOV community that way. To @Sacro’s point/question, this could come in the form of Day 1 participation being available exclusively to people staking over a certain threshold of SOV over a certain period of time, with Day 2 being open either to anyone or to those with lower amounts of SOV staked/who have staked for a shorter period of time. Open to suggestions here/this part is not finalized. I’ve been working/speaking with Sovryn contributor @Ingalandia about this and the Origins sale overall.

  2. Within the Niftify ecosystem, NIFT is used as a utility token that allows users to receive discounts when paying for the fees (2.5% instead of 5% when paying with other cryptocurrencies or fiat). A user’s NIFT token balance is also used to determine the level of access certain features, such as early access to new exclusive/special drops, premium custom profiles, and access to “members-only” areas, such as the upcoming Niftify Launchpad (which will be a new way for artists to sell and users to bid on batches of NFTs (similar to Moments) rather than individual NFTs), celebrity/artist streams, games, and more over time.

Users can also stake their NIFT to earn additional rewards. As NIFT flows back into the system through NFT purchases and token buybacks, Niftify will move a portion over to the Community Rewards pool, from where staking and other rewards are paid out in NIFT.

  1. Yes, a user’s SOV address can be linked to the info provided in the KYC form, so that’s not an issue (there will simply be a question where users can fill out their SOV address that they will be sending RBTC from as part of the sale). I appreciate the Sovryn community is quite decentralized/privacy-oriented. Requiring KYC info is simply from a compliance point-of-view and will never be shared. It will also make the process down the line of getting listed on higher-tier exchanges a lot smoother, as many require that all sale participants (whether private or public) have completed KYC. So there is only a potential net benefit to the Sovryn community and public sale participants for completing it.
4 Likes

@Wilder exactly spot on! That’s great to hear!

The Day 2 sale has 50% unlocked at TGE, with the rest vesting over the following 10 months, whereas Day 1 (at the lower price) has linear vesting throughout (no extra unlock upfront), hence the lower price. Hope that helps @Sacro

2 Likes

@Roman Is Niftify proposing to launch a token ONLY on rsk, or will there be funding / tokens launched on other networks? I noticed on your website that there will be (or already is?) a liquidity pool on uniswap? How do you plan to bridge the tokens between the networks for liquidity, etc? A bit more clarity in this area would be useful to understand.

2 Likes

The fact that KYC is required is a big No for me! Won’t vote for it, won’t participate in sales.

1 Like

Amaericans cannot participate im guessing. I tried to do the KYC and there is no choice for United States in the documents section. Maybe put that in the post next time.

We aim to be a fully compliant platform that will bring NFTs to the masses. Unfortunately, this brings some restrictions and requirements, one on which being KYC for all users and investors. We understand that this bothers a part of the community and there is nothing wrong with that. That being said, there is unfortunately no way around it at this point in time.

1 Like

That is correct. Unfortunately, USA citizens are not able to invest at this time. Sorry for the confusion, we will try to be more clear in the future.

I like NFTs and I like the Niftify project, but i am personally against KYC just out of principal. The reason I like SOVRYN platform is thats its open to all and does not exclude or require any KYC surveillance restrictive measures. Will just confuse the non-KYC narrative the SOVRYN marketing team pushes. Just my thoughts. I have nothing against Nifity project.

4 Likes

Sovryn should remain KYC free, including anything launching on Sovryn. This to me is completely against the brand and ethos of Sovryn. Go back and read @yago twitter timeline around KYC. Pretty clear on his thoughts and I think most of us share those same beliefs. If your project requires KYC, I think you need to re-think it and structure it differently. My vote is NO on this and will remain that way until KYC requirements are removed.

5 Likes

@MattBrad
@macrypto

I for one welcome any great projects that want to launch on SOV.
Niftify looks like a great project.

KYC is not ideal but it is part of SOVRYN already.

We have fiat onramps which require KYC.
We have cex listings with KYC.

There will be benefits to those who can not take part through revenue gained from launchpad/origins.

Even though KYC blows, this launch is a net positive for Sovryn.
Many great projects require KYC. (Especially non anonymous projects)
The country they are based out of most likely requires it.

No one is forcing SOV users to KYC ever!

2 Likes

While the KYC requirement was already a red flag, after reviewing the project own whitepaper and reading some ocmments in Sovryn’s telegram something came out. The Niftify public sale will have a price of 0.15$ WITHOUT LOCKUP !

Not to mention a pre-sale at 0.05$ with 10% available at TGE and no per wallet limit.

Everyone is invited to verify here: Niftify

With these aspects in mind I can hardly consider this proposal as anything more than a joke… Unless the team explain their reasoning someway @Roman

See attached screenshot for details about their token sale rounds.

My thanks to @nimesh2000 on Telegram for spotting this first.

6 Likes

seeing this + KYC is for me a big NO

we will have absolutely no advantages with the sale concerning the vesting.
we pay more, we are locked longer.

looks more to me like a fundraising than real proposal.

5 Likes

Interesting data, so this is a SIP that SOV community will vote if they want to get in Niftify token at bigger (1st sale) and double (2nd sale) price + lock period comparing with the public sale.

KYC is something that all of us hate.

I think the decision for me is very easy on this one.

Unless they clarify or change the above, it is a NO from me.

2 Likes

Hey @cryptohijack @Moeloe @Dante , we’re in the process of updating our materials. The public sale price you have quoted there is old/inaccurate, and we have instead arrived at a $0.35 price point for the Public Sale (IEO) with our IEO/exchange partner. So The Sovryn rounds at $0.20 and $0.30 come in below that. Assuming of course there is enough support for the Sovryn sale to take place before the IEO date.

Given that some SIP/Origins proposals can take a while to discuss before moving to a vote, if it were to happen where the IEO has already taken place and the NIFT token is already in circulation, then we would price the Origins sale differently, likely at some discount to market price (and with some lockups given that discount to market). There is precedent for this as I recall Sovryn itself did a private sale round of SOV led by Pomp after a couple public sale rounds to the community.

Hope that helps clear it up! And apologies again for the confusion as we’re in the middle of updating materials to reflect the new figures from our IEO platform.

5 Likes

Regarding airdrops (there was a question from @Sacro), all sale participants will receive a unique Sovryn | Niftify NFT granting them certain special privileges as outlined in the initial post.

If e.g. the Day 1 (or both) sale(s) are made to be available to only SOV stakers, then SOV stakers would effectively be the only ones eligible to receive that and the benefits associated with it. Will still sort out with the Sovryn community and team regarding if doing the Origins sale publicly or only to SOV stakers for one or both of the rounds makes more sense.

3 Likes