The launch of Trans.Ex on kollection.app has been a success!
After just over a week around 33% of the collection has been minted. It's clear that the unique utility we have integrated into the NFTs by paying back $KOIN to Rare+ minters has been attractive to many. But why stop there?
We feel that there is even more utility we can add for Trans.Ex NFTs, which is made possible by the unique design of the free to use chain #Koinos!
Rewarding NFT holders with KOIN!
- We will use all of the income from Trans.Ex sales and deposit them into the "Koinnoisseur's max VHP pool" on fogata.io for 1 year
- To simplify the process we will add 10k of VHP into the pool (which is roughly equivalent to the max amount of all sales when converted into VHP)
- The return from this reward pool will then be shared with all Trans.Ex NFT holders! To make things more interesting we will also add the following mechanisms:
- Rarity levels will give an additional bonus to the share from this pool:
| Rarity | Bonus to share of pool |
|---|---|
| Common | 1x |
| Rare | 2x |
| Epic | 4x |
| Legendary | 8x |
An example: 30 NFTs have been minted with 2 Epics, 4 Rares and 1 Legendary. An address holding 1 common will then hold a share of 2.1% of the pool. An address holding 1 Legendary will hold a share of 17% of the pool. An address holding 3 commons and 1 Epic will hold a share of 14.8% of the pool.
The formula is as follows: Type owned by address divided by / 23 Common + 4x2 Rares + 2x4 Epics + 1x8 Legendary
=> 1 Common 1 / 47 => 2.1%
=> 1 Legendary 8 /47 => 17%
=> 3 Commons and 1 Epic 7/47 => 14.8%
The other element we want to introduce is that the total payouts from this reward pool will be based on the mint % status of the collection. In other words, if e.g., 60% of the collection has been minted, the total payouts would be capped at 60%.
An example: After 1 month the pool will hold around 58 Koin at 7% APY. 60% of the collection has been minted. The total amount of payouts going out to NFT holders will be (58x0.6) =34.8 Koin. This sum in turn will then be split up among all NFT holders depending on their share of the pool.
- If we assume that the pool is giving around 7% APY (it has varied between 6% and 8% in the past), this would mean that around 700 $Koin would be distributed to NFT holders over a year.
- Since this has to be distributed manually, the snapshot dates will occur on a monthly basis (in case this is very labor intensive it could be changed to a quarterly payout)
- Finally, we want to release this upgrade two weeks after the collection launched which will make this the 10th of March 2024!
- For the snapshot occurring 1 month after, be sure to hold your NFT(s) throughout that day! (which would be 10.04.2024)
- The total payouts from the reward pool will also be determined on that day
TLDR;
Trans.Ex NFT holders will receive around 700 $Koin (which is round $800-$900 at today's value) over a one year time span. The share of this amount for every holder will depend on the amount of NFTs owned as well as their rarity level.
To our knowledge this is a first in the #Koinos space and we are excited to give our NFTs this unique utility!