Metaversal is a Bankless publication for weekly level-ups on NFTs and the onchain frontier
Expensive Bankless Nation,
I at all times questioned what a extra crypto-native model of Reddit Collectible Avatars would possibly seem like.
That’s why cygaar’s thread on Sofamon, a digital stickers undertaking that simply launched its beta on Base, caught my consideration final week.
Sofamon has the potential to catch on with Telegram’s many tens of millions of crypto customers, so for right now’s submit let’s break down what it is advisable to find out about this fascinating new platform.
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On March twenty sixth, Sofamon—“a brand new layer of social expression” centered round accumulating and buying and selling onchain Telegram stickers—kicked off its beta on Base. Inside only one week of launching, the undertaking has already generated over 3,300 ETH in buying and selling quantity and over 95 ETH in income.
Sofamon is designed to function a brand new cultural platform for crypto natives. It’s foremost pillars embrace:
📱 Telegram — Leveraging Telegram, a favourite app amongst crypto diehards, Sofamon permits individuals to make use of their avatars and collectible wearables as stickers.
🎀 Customizable Avatars — Sofamon lets customers customise their avatars with a wide range of collectible objects for individuality and expression.
🎨 A Platform for Creators — Whereas solely the primary genesis collectibles are stay right now, Sofamon will ultimately enable artists to launch their very own collections on the platform, thereby increasing the aesthetic choices over time.
📈 Dynamic Pricing — Sofamon makes use of a Buddy Tech-style bonding curve for its collectibles, making certain liquidity for fast buys and sells and a responsive worth mechanism based mostly on demand.
💬 Collector Chats — The undertaking additionally offers token-gated Telegram channels, unique to collectors of particular objects. This creates a novel social layer, the place possession not solely offers entry to coveted stickers but additionally entry into non-public communities.
I’m not a sensible contract dev, however in scanning the Sofamon good contract, I didn’t come throughout any NFT mentions, e.g. ERC-721, ERC-1155, and so forth.
As a substitute, Sofamon seems to make use of a extra streamlined metadata system the place every sticker is tracked as a novel phase of metadata onchain. This method presents fungibility inside units of wearables and non-fungibility between them, and it additionally lends itself nicely to the undertaking’s fractional possession and dynamic pricing parts.
After all, my evaluation may very well be off right here. The Sofamon staff may additionally broaden with added NFT parts later. As for the stickers now, although, they’re non-fungible-ish however don’t look like NFTs per se. And that’s completely tremendous, it’s a unique however comparable method. Let’s see if it sticks!
Sofamon’s beta is in invite-only mode, so you will have an invitation code like one in every of these already used ones to get began.
I’m at present clamoring for a code myself, and I believe the very best strat this early on is to activate submit notifications for the Sofamon Twitter account, which has been dripping out new batches of invitations over the previous week. In case you do get your arms on a code, then simply punch it in at sofamon.xyz/onboarding/invite to start.
Base is at present the most well liked Ethereum L2, Telegram has lots of of tens of millions of customers, and Privy makes onboarding easy through embedded wallets.
That is Sofamon’s stack, and the undertaking is the primary of its variety relating to utilizing this actual combo. In my view, this method positions the platform to turn out to be a pressure to be reckoned with within the crypto social scene within the months forward.
Like I mentioned within the intro, I’ve been curious to see a extra crypto-native take within the normal ballpark of Reddit Collectible Avatars, and now I believe we’ve received our first actual reply right here in Sofamon.
To make certain, the undertaking has solely simply begun, and it will probably evolve far more going ahead. However I see a captivating and promising basis that I consider the staff can construct some critical momentum round, and I’m excited to strive it myself.
Trying additional forward, will probably be fascinating to see how Sofamon continues to place itself within the more and more crowded NFT market, particularly towards or with the reigning PFP (profile image) tasks. Additionally, the undertaking’s expansions with new artwork releases and probably with leaps to platforms past Telegram will likely be key threads to observe!
William M. Peaster, Senior Author, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal publication on the onchain frontier, overlaying the whole lot from AI tasks to crypto video games, because the staff’s lead NFT analyst. With a background in inventive writing, he writes fiction and publishes artwork on Ethereum in his free time. He lives in Washington.
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Not monetary or tax recommendation. This text is strictly academic and isn’t funding recommendation or a solicitation to purchase or promote any property or to make any monetary selections. This text isn’t tax recommendation. Discuss to your accountant. Do your personal analysis.
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