In case you've not read the previous announcement about $SDOWN (from April, 2021), Goose Feathers ( $DOWN ) is a bespoke social token project engineered, deployed and managed by BruceTheGoose; as a way to reward their collectors, project contributors, and engaged members of the NFT community.
From now, this explanation is written under the assumption the reader is familiar with NFTs/Crypto on an adept level. AKA, this one's for the real degens.
Unknown to most people, I (brucethegoose) was one of the earliest creators to launch a social token. $FTHR (Feathers) was launched via the Roll social token platform in April of 2020, and for a time was commonly distributed to collectors of NFTs of my original art. Unfortunately, I was incredibly early in my foray into crypto at that time, and knew nothing of tokenomics strategy, liquidity management, etc. The token rewards were poorly planned and likely reckless, which led to overdistribution and a high-risk outcome for anyone who may open liquidity. Due too these factors, $FTHR was (albeit never publicly stated) essentially dead in the water, so I steadily paid less and less attention to $FTHR, because I wasn't willing to abandon the concepts I'd planned, and I didn't know what to do to rectify the issues. Until Roll got hacked. The hack is a whole can of worms of its own that we won't open now, but suffice to say that it presented a unique opportunity. A very significant amount of $FTHR is held in the hacker's wallet, or whatever burner wallet it was routed through, and the event and surrounding discussions made me reconsider everything I knew about social tokens. After which I realized our NFTs can fit nicely into the money legos.
$DOWN, now my second attempt at a social token, is (to my knowledge) the first token of it's kind. The concept for $DOWN was heavily inspired by social token projects that base the value proposition of their token on the value of the NFT assets in a dedicated wallet. While the prominent examples are well-respected and reputable NFT veterans; people like to point out that there's not any tangible link between the appraised value of the wallet holding the assets. $DOWN aims to solve this problem, using composable NFTs and fractional ownership.
$DOWN, as a fungible token, is supported by the value of the $DOWN Depository; an Emblem Vault NFT (an NFT that acts as a functional multi-coin wallet) containing first and single edition original works by BruceTheGoose, assorted tokens, and a variety of in-demand NFTs. The vault NFT itself, can only have assets removed after the vault is 'cracked' to reveal the private key. (This is notable because on the Emblem Finance platform, every vault clearly displays whether the private key has been extracted) and has been locked into a smart contract to issue 10mm 'Down Depository Shards' as an ERC-20 via Fractional. Without the ability to directly interact with the NFT, now held in a smart contract instead a personal wallet, none of its contained assets can be removed. But thanks to the nature of public/private key functionality, anyone can still deposit any asset into the vault.
As a proof-of-intent, the Down Depository has been stocked with several NFTs prior to it being fractionalized. Among them, a very rare Avastar, an original 'BTC Keys' Curio Card, a cryptoskull, and several 1st edition or single edition artworks by BruceTheGoose; as well as a small amount each of $ENS, $ETH, and $BSW. More NFT's and tokens will continue to flow into the vault over time, hypothetically driving up the value of the tokenized shares of the accumulating assets. Perhaps most important to mention in this generalized overview (exact tokenomics will be another post) is that 10% of the total supply of $DOWN, equalling 1mm tokens, have been deposited into the vault. Hypothetically, 10% of the value of the vault, is stored back in the vault, so if the vault's value increases $10000, the contained tokens would increase in value by $1000, causing the vaults value to increase $1000, which would lead 10% of the tokens that represent its value, to increase by another $100; then rinse and repeat.
Detailed tokenomics, as well as plans surrounding DeFi, token-gated access, and exclusive NFTs will be detailed in an upcoming post; but to provide some fuel for your imaginations, and to wrap up this announcement, I'll lay out a couple ideas:
- Primary NFT sales, as well as royalties from secondary sales of my work will be levied for a 10% tax, to be deposited to Aave to acquire interest-bearing assets to deposit to the $DOWN vault.
- Token holders above a certain threshold will have guaranteed places on the whitelists of any future projects developed by BruceTheGoose/DappGoose Labs
- Many assets from my personal collection will be migrated into the $DOWN vault. Assets I don't intend to ever sell would be better served as a support to the value of $DOWN.
- Additional fractional tokens from blue-chip NFTs that have been sharded (by myself or by others) will be included in the vault
- Some included NFTs will accumulate airdrops of NFTs and tokens
- Any enthusiastic hodler can donate more NFTs/tokens to the vault at any time.
- It's likely safe to assume that some people will deposit NFTs/tokens simply to explore the project, while others will do so in the hope of pumping their bags.
- $DOWN will be accepted by Bruce as payment for services, while also providing a discount.
- Re-claimed $DOWN (from accepting it for payments) will be evenly split between Bruce and a community wallet.
- $FTHR may become an integrated factor of the tokenomics
- $DOWN will be bridged as efficiently as possible to become a cross-chain asset.