$NEP NFTs
What are the $NEP NFTs?
NEP Non-Fungible Tokens, will also take the ticker for $NEP, maybe and will likely be completely pointless outside of being cool and fun. Every $NEP NFT will be one of a kind. There may be similar ones in the collection but no 2 are exactly the same. Downstream, we’ve seen DeFi projects propose using NFTs as proof of liquidity in income streams & wrapped NFTs as loan representations. With almost every high-profile DeFi project experimenting in one way or another, the point is clear: DeFi is into NFTs.
DeFi & NFTs
The NFT ecosystem is BOOMING & DeFi is involved already.
We’ve been looking across the DeFi ecosystem to see what other projects are doing in the NFT space. What started as a general curiosity turned into an in-depth analysis of some of the ways you can use NFTs for incentives in DeFi.
While, on one end of the spectrum, a ton of people were #halfrekt on $EMN causing $YFI to “lose the Andre premium” on its token price, you also have Aave working on $GHST & Aavegotchi. It will be fun to watch where both of these projects go from here.
Meanwhile, MakerDAO announced Badges for their community, essentially gamifying activeness in governance. And, from what we’ve heard through whispers in the community, a well-known anonymous defi project wrapped a collateralized NFT to bootstrap seed stage fundraising.
In the most lucrative use case of NFT experimentation from high profile DeFi projects, tucked away in the $UNI token announcement, there was a retroactive reward for holders of $SOCKS, skyrocketing the value of the $SOCKS NFT.
Downstream, we’ve seen DeFi projects propose using NFTs as proof of liquidity in income streams & wrapped NFTs as loan representations.
With almost every high-profile DeFi project experimenting in one way or another, the point is clear: DeFi is in into NFTs.
Outside of DeFi, we’ve seen Rarible, SuperRare, & OpenSea explode in activity. We also want to give a shout-out to the rising value of Crypto Punks, Crypto Kitties, and Rare Pepe’s as some of the original NFT projects.
NFTs for Community
We realized that NFTs are an amazing way to bootstrap community and essentially “tag” early-stage community supporters.
Founders of companies in hypergrowth often outgrow the direct need for some of the people in the early stages who helped them get there but they shouldn’t forget the early-stage contributions of those people.
We don’t want to get “too big for our britches” as NEPRIDAO will grow but people naturally get busy. So, we’ve been looking for various ways to reward early-stage community participants & NFTs seem like a solid way to do this. While the distribution of governance tends to bootstrap community activeness (as we’ve seen in the $YFI, $SNX, & $LINK communities), often the loudest individuals are the ones with the biggest bags. Some of the early-stage participants naturally get lost in the hype flurry.
Rewarding early-stage community members with NFTs could mean a few things:
Exclusive groups in Discord/Telegram that you have to hold an NFT to access. This is something we’re looking into.
Scarcity & exclusivity in value.
Retroactive rewards.
Reputation systems.
Badges.
Ideas nobody has even thought of yet.
The main reason: because they are cool and fun.
The NEPRIDAO Non-Fungible Token will be a collaborative created by artists. $NEP will be a contract for 1000 (one thousand) fully compliant ERC-721 tokens minted by InfiNFT and viewable on OpenSea.
Every $NEP NFT will be one of a kind. There may be similar ones in the collection but no 2 are exactly the same.
These NFTs may be and will likely be completely pointless outside of being cool and fun.
We’re not promising we’ll ever give retroactive token rewards to NFT holders or that the NFTs will ever be voted on by the community to have any use on the NEPRIDAO, we still think it’s a good idea to use NFTs as a rewards mechanism for early-stage community members so we don’t lose track of who helped us early on.
With that said, we don’t want NEPRIDAO to be viewed as a 2-token economy so we will distribute the first 500 $NEP NFTs to the first contributors, so if the community ever votes to include NFTs into the governance of the NEPRIDAO in some way, the earliest stage supporters of the project will not ever be diluted.
Last updated