Metaversal is a Bankless e-newsletter for weekly level-ups on NFTs and the onchain frontier
Pricey Bankless Nation,
I all the time questioned what a extra crypto-native model of Reddit Collectible Avatars may 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 hundreds of thousands of crypto customers, so for as we speak’s put up let’s break down what you have to find out about this attention-grabbing new platform.
P.S. The Metaversal rebrand is kicking off on Thursday, atone for what’s leveling up! All Metaversal points after as we speak’s will come through crew@bankless.com 🧑🚀️
-WMP
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On March twenty sixth, Sofamon—“a new layer of social expression” centered round amassing 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 principal pillars embrace:
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📱 Telegram — Leveraging Telegram, a favourite app amongst crypto diehards, Sofamon permits individuals to make use of their avatars and collectible wearables as stickers.
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🎀 Customizable Avatars — Sofamon lets customers customise their avatars with quite a lot of collectible objects for individuality and expression.
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🎨 A Platform for Creators — Whereas solely the primary genesis collectibles are stay as we speak, Sofamon will finally enable artists to launch their very own collections on the platform, thereby increasing the aesthetic choices over time.
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📈 Dynamic Pricing — Sofamon makes use of a Buddy Tech-style bonding curve for its collectibles, making certain liquidity for rapid buys and sells and a responsive value mechanism based mostly on demand.
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💬 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 wise 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 on.
As a substitute, Sofamon seems to make use of a extra streamlined metadata system the place every sticker is tracked as a novel section of metadata onchain. This strategy affords 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 components.
In fact, my evaluation might be off right here. The Sofamon crew might additionally increase with added NFT components later. As for the stickers now, although, they’re non-fungible-ish however don’t look like NFTs per se. And that’s completely nice, it’s a unique however comparable strategy. Let’s see if it sticks!
Sofamon’s beta is in invite-only mode, so you will want an invitation code like one in all these already used ones to get began.
I’m at the moment clamoring for a code myself, and I feel the perfect strat this early on is to activate put up notifications for the Sofamon Twitter account, which has been dripping out new batches of invitations over the previous week. For those who do get your fingers on a code, then simply punch it in at sofamon.xyz/onboarding/invite to start.
Base is at the moment the most popular Ethereum L2, Telegram has a whole bunch of hundreds of thousands of customers, and Privy makes onboarding easy through embedded wallets.
That is Sofamon’s stack, and the undertaking is the primary of its type in relation to utilizing this actual combo. For my part, this strategy positions the platform to change into 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 basic ballpark of Reddit Collectible Avatars, and now I feel we’ve acquired our first actual reply right here in Sofamon.
To make certain, the undertaking has solely simply begun, and it could evolve far more going ahead. However I see an enthralling and promising basis that I consider the crew can construct some severe momentum round, and I’m excited to attempt it myself.
Trying additional forward, will probably be attention-grabbing 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) initiatives. Additionally, the undertaking’s expansions with new artwork releases and probably with leaps to platforms past Telegram will probably be key threads to look at!
William M. Peaster, Senior Author, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal e-newsletter on the onchain frontier, masking all the pieces from AI initiatives to crypto video games, because the crew’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 article is strictly instructional and isn’t funding recommendation or a solicitation to purchase or promote any property or to make any monetary choices. This article shouldn’t be tax recommendation. Discuss to your accountant. Do your individual analysis.
Disclosure. From time-to-time I’ll add hyperlinks on this e-newsletter to merchandise I exploit. I’ll obtain fee if you happen to make a purchase order via one in all these hyperlinks. Moreover, the Bankless writers maintain crypto property. See our funding disclosures right here.
