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!