Pitbulls, NFTs, Tokenomics, and Lootboxes
Hey everyone. Another exciting week and this announcement is jam-packed with releases, partnerships, and upcoming events. This is a long read, but well worth it.
Strategic Partnership with Pitbull $PIT
Pitbull is a community-driven project on BSC with over 18,000 unique holders and a reflective token design. We have a strategic partnership with their community where we will build them a custom analytics dashboard along with hosting a LP farm in exchange for marketing support and exclusive NFTs for our marketplace / lootboxes.
We will be launching a limited-time PIT/BNB farm on Saturday where users can stake their LP and earn TAO.
Exclusive PIT NFTs
We will be launching a set of exclusive Pitbull NFTs in our next cycles lootbox and on our upcoming marketplace where they won’t be available anywhere else. More info to come.
NFT Lottery & Marketplace Updates
A quick recap for those unfamiliar with the NFT Lottery and how it works.
- 6–10 Limited edition NFTs are provided in a lootbox
- Users purchase lootboxes for a chance at winning one of the NFTs
- If a user purchases a lootbox and wins an NFT, that NFT is minted and automatically transferred to their wallet instantly.
- Lottery cycles last 14 days, after the cycle ends those limited edition NFTs will never be minted again.
- If you manage to collect all the NFTs in a cycle, you win the jackpot prize pool
Cycle 1 — Concluded & Recap
Our first cycle of lootboxes was a massive success and had a much better turnout then originally expected. Over 10,000 boxes were bought with a total of 50,000+ TAO spent on the first cycles lootbox which lasted just 14 days. This means 25,000+ TAO was burned, while the remaining 25,000+ TAO will be distributed amongst all the winners who were able to collect all 6 NFTs.
All winners from cycle one can contact us on Telegram to claim their jackpot prize.
Lootbox Cycle 2
We have some exciting updates for the second cycle of NFT lootboxes which will be released alongside the marketplace early next week.
Here are some new features that will be included with cycle 2.
- Total NFTs has been adjusted from 6 -> 7
- 3 of the 7 NFTs in cycle 2 will be exclusive NFTs from our partners. That’s right, the only way to get these new NFTs will be through the lootboxes.
- A brand new and final tier above epic — Legendary. Legendary tiered NFTs will only be available in some cycles and the first one will be released with cycle 2.
- Gas saving — Lootboxes will now cost 2x more TAO but the odds of getting rarity by tiers has been reduced by 2x. Therefore, the % chance will remain the same to get a high rarity card but less will be circulating.
- Jackpot reward has been adjusted from 50% -> 75% of total pot
- Duration has been adjusted from 14 days -> 10 days
- You can now trade and list your NFTs won from lootboxes on the marketplace instantly after winning, you don’t need to wait for the cycle to finish.
The NFT marketplace will be releasing early next week and we have some huge exclusives lined up from several communities at launch. While we don’t want to give away too much information, we will be supporting all TAO collectables and NFT collections from some of our partners right at launch.
Some features / additions with the marketplace
- The NFT marketplace will have it’s own subdomain (https://nft.friction.finance)
- The NFT lottery and lootboxes will have their own design and page on this new site and will be removed from current farming dApp
- We will be supporting community-created lootboxes
- Functionality for buying, selling, and transferring your NFTs
The TAO dashboard was released last week and we have since expanded several new features on it. We have also built a custom dashboard for SAFEMOON and we will be building out dashboards for our other partners shortly.
Several other projects have since reached out in regards to us building them dashboards in exchange for a partnership in either a new single sided pool or exclusive NFT listings.
Keep an eye out on these dashboards as we continue to expand the features and functionality that they offer.
Farms & Pools
We will be removing the LIFE/TAO pool in 24 hours, users can withdraw their liquidity at any time but rewards will stop tomorrow.
- UPDATE: BTCB/ETH multiplier from 7x -> 5X
- UPDATE: TAO/ALPACA from 9x -> 7x
- NEW: PIT/BNB -> 3x
- NEW: BLZD/TAO -> 7x
The single-sided BLZDx pool will go live at 2PM UTC Saturday the 10th of April.
We are actively working with other partners to add other single sided TAO pools so stay tuned!
After the NFT marketplace is launched we will be re-visiting the TAO tokenomics for the following considerations:
- Reduce emission rates, and create an emission schedule that reduces TAO emitted per block over time. This means that TAO will become more scarce as less TAO will be added onto circulating supply per day.
- Reduce max total supply of TAO from 50m -> x
- Create a new token that will be used in the NFT marketplace that can only be earned by staking TAO
- Introduce TAO buy-back mechanisms throughout farming dApp and NFT marketplace
Any considerations regarding tokenomics will be voted and decided by TAO holders.
As always, thanks for all the support and we look forward to seeing you in our community chats :)