Creator Gloves NFTs PostMint

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What happens now with Creator Gloves NFTs and holders

The minting of Creator Gloves NFTs on Yumi Marketplace is close to an end and people ask what’s next. This would be an easy question were it not for the fact that in this Bear Market we only sold around 15% of our supply.

You can still get yours at Yumi NFT Marketplace — scroll down for Creator Gloves — we designed them to have an estimated value of over $500 in 1–2 years so they’re a steal.

To understand why we’re doing what we’re doing, here’s some context about the NFT Collection.

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Creator Gloves NFTs are a utility token powering UnfoldVR, a web and VR app decentralizing asset creation for the Metaverse, built on the Internet Computer blockchain.

This is the first collection of the project and was designed to give life-time value to holders as early backers of our project. No other future utility token issued by UnfoldVR will have a similar value and utility. We go more in depth in our previous Medium post.

Given that part of the benefits includes the distribution of UnfoldVR (UVR) tokens at DAO formation we wanted to have a certain volume threshold so, we decided on issuing a little over 3K units.

Given the real value that these NFTs have right now on our live apps (web and VR) and their projected value in the future, we also decided on a relatively high price point — for the market conditions we’re in.

We couldn’t be prouder of our technical achievements so far, both on the 3D NFT front and on our product. But still, we’re left with a big percentage of NFTs, regardless of the reasons why.

To honor the promises we made and the underlying design/strategy of the Collection we need to have a high volume of them in circulation. But we also need to make sure our early backers feel secure holding and using the NFTs. We also need a decently robust distribution of them.

This leaves out burning the remaining NFTs or outright airdropping them proportionally to people who purchased them.

Moreover, we always wanted to use some NFTs to reward active users. In time, as the product evolves, we’ll have more and more tools and features that will enable users to contribute and actively grow UnfoldVR.

We’ll freeze/lock them!

We came up with a rather ingenius solution to our problem! We’ll lock the unsold NFTs in three batches of progressive time periods. Technically this means we’ll put them in a special wallet address, which we’ll make public, and also list all the indexes and their freeze time. Anyone, at any time will be able to verify that these NFTs are untouched.

After the freeze time for each batch of tokens we’ll do two things:

  • Airdrop 50% of them to a snapshot of existing holders at that time
  • Put the remaining 50% in a pool to be airdropped to active UnfoldVR users over several months’ time

UnfoldVR is a creator driven product and will thrive only if attracts creators and creatives. We have no intention on waiting for the IC to grow a big enough community until we’ll have the critical mass of active users we need in our product. We intend to directly attract VR/gaming consumers in, people with no IC or any blockchain exposure. We think giving away Creator Gloves NFTs to this type of users, those that are active and generate valuable content, is a good strategy to grow our user base.

We hope the above two points achieve exactly what we intend which is to:

  • reward people who actually believe in our product and decided to purchase NFTs during and after the minting period;
  • allow and even incentivize people that didn’t have the chance/resources/insight to purchase a Creator Glove during the minting to get one on the public market;
  • distribute our most important collection to a wider audience than a few hundred but also to those users that actively use our product
  • bring the value of the NFTs closer to our target value, much higher than the minting cost

We think the results of the sale are mostly a factor of timing, so locking the NFTs over a long period of time will give the market a chance to recover. Equally important, it gives the community a chance to watch UnfoldVR grow as a product. It will essentially hold us accountable towards the community and align our incentives to those of the Creator Gloves holders.

Easy. We’ll split unsold NFTs in three equal parts and lock each part for 6-, 12- and 18-months’ time respectively. We feel these timings, from half a year to a year and half, are most adequate.

The unlocking will happen in two stages. An instant stage where Creator Gloves holders will receive their proportionate airdrops and a months long stage where we run various campaigns and incentive mechanisms to slowly airdrop remaining NFTs to active users.

Snapshot holders will receive airdrops proportionally with how many NFTs they hold. Unfortunately, NFTs are undividable so, depending on the actual numbers, a bigger or smaller amount of randomness will be involved.

Let’s run the numbers

Say we’re left with 2400 NFTs unsold. This translates to three batches of 800 NFTs. Of 3333 total NFTs this also means there’s a pool of 933 NFTs owned by snapshot holders.

If by some miraculous serendipity, we also have 933 holders it simply means that we’ll randomly distribute 50% of 800 NFTs to 933 holders, so only 400 out of 933 holders will get one NFT each airdropped.

If, in a much more likely scenario, we have any other number of holders, we’ll airdrop the NFTs with a chance proportional to everyone’s holding count. So, in a scenario where someone holding 10 NFTs should proportionally be airdropped 5 NFTs, someone holding 2 NFTs will be airdropped 1 NFT and someone holding 1 NFT will have a 50% chance of receiving another one.

We’ll make sure to publicly announce the exact algorithm formula in advance and it also seems like a great opportunity to have Creator Glove owners vote on the exact algorithm using our Poll feature.

We hope our strategy makes sense to our community. We see it as the most logical solution. It means that in no point we’ll we re-issue remaining NFTs for sale or in any way flood the public market with them, directly or indirectly.

If you are a holder, this should be an incentive to get more if you afford them.

If you’re not a holder, this is a great moment to get one here: Yumi NFT Marketplace— scroll down to Creator Gloves listing.

Remember you only need one Creator Glove to take full advantage of the VR and web app from a strict utility point of view.

Holding more NFTs will:

  • increase your chances of getting airdrops (of unlocked Creator Gloves and other NFTs we’ll launch in the future)
  • directly support our team and development
  • increase the number of UnfoldVR tokens at DAO formation that you’ll be eligible to be airdropped
  • have a stronger say in our recurring polls as each NFT counts as one vote
  • let you flex more gloves in VR/AR/Web 3D and create your artwork in style

Creator Gloves NFTs also have the backing of many big projects on the IC. We’re actively working on integrating them with our partner projects (see medium post) and major Metaverse projects such as Shiku and IC1101, all which will unlock specific benefits in their apps.

Bring this conversation forward on our Twitter post or on our Discord

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