In the long NFT bear market, we're facing several challenges: the majority of NFTs are PFP types, lacking utility value; NFTs that completed launching lack effective maintenance; insufficient liquidity in the NFT market...
To revitalize the NFT market and ignite enthusiasm, AlienSwap has innovated a fresh solution for NFTs: Social NFT.
The following text will introduce the definition of Social NFTs, the two types of Social NFTs innovatively issued, and the trading process during the Beta testing phase:
What is Social NFT
Social NFT is a NFT solution with social attributes. Holders will automatically join corresponding group chats and leave upon selling. This grants NFTs social value: identity verification. Meanwhile, it prevents direct NFT sales by projects, guiding them to profit from royalties through ongoing operations, and encouraging long-term project viability via transaction volumes.
Pricing method:
Buy Price = {((Current supply) ^ 2) / 250000 }*(1+Royalty 5%+trading fee 3%)
Sell Price = {((Current supply-1) ^ 2) / 250000 }*(1+Royalty 5%+trading fee 3%)
About liquidity:
All NFT trades occur through curved pricing, ensuring ample liquidity.
In traditional socialFi projects, wallets are typically custodied by the project. However, AlienSwap's Social NFT allows self-custody of funds in wallets, allowing users to directly interact with their wallets without concerns about fund security.
Social NFT Types
Social NFT comes in two types: SOUL NFT and FRENS NFT, both compliant with ERC721-A standard.
SOUL NFT
SOUL NFT is a new type of NFT designed for the NFT community using curve-based pricing. Each native NFT collection on the Ethereum network can generate a unique corresponding SOUL NFT collection. Users holding native NFTs have the qualification to create these collections. Users creating SOUL NFT collections can mint multiple SOUL NFTs after the creation is completed.
If a user holds the native NFT and corresponding SOUL NFT, they can share the royalty income of this SOUL NFT collection, allowing the native NFT community to profit based on their community influence.
*The sharing ratio = Number of SOUL NFTs held / Total supply of that SOUL NFT
After each transaction, the smart contract records eligible users and distributes royalties. Users need to manually claim royalties on the Social NFT page.
If there's a transaction involving a SOUL NFT collection where no user qualifies for royalty sharing, the royalties from that transaction will be temporarily stored in a pool for pending distribution. This remains until the next distribution.
*Starting from the creation time of the SOUL NFT, royalties will be distributed to holders based on their ownership proportion every 90 days.
FRENS NFT
FRENS NFTs are collections created by users/project owners after linking their Twitter accounts to the official website. Using the curve pricing model, creators benefit from a 5% royalty on sales. Users holding FRENS NFTs gain access to corresponding group chats.
Creating rules:
Users can create single or multiple image collections based on their preferences.
Single image: No set limit on the issuance and customization is allowed. Supports JPG, PNG, GIF, and SVG formats, with a maximum size of 2MB per image.
Multi-image: Quantity should be selected from 100, 500, or 1000. Supports JPG, PNG, GIF, and SVG formats, with a maximum size of 2MB per image.
Beta Version Trading Process
The Social NFT Beta version will go live on November 30th, allowing users with activation codes to participate in the closed testing phase.
The beta testing will be divided into 2-3 stages. In the current phase, NFTs can only be created by the official team. Participating users can only trade specific SOUL NFT collections.
Activation Code Acquisition:
Users possessing the Alienverse Genesis Pass will receive the closed beta activation code automatically.
Other users can apply for access to the Beta test by filling out the application form.
Trading process:
1、Enter the activation code for the Beta version from the homepage to access the Social NFT page;
2、Select SOUL NFT, click on the collection name you wish to purchase, and proceed to the details page;
3、Check the purchase price, click on 'confirm purchase' and confirm the transaction in your wallet to complete the purchase;
4、Click the 'Greet NFT Frens' link on your Twitter account, and enter the holding chat group.
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