Crypto Tribalism
Are we all mere apes?
Combining NFT’s with DEFI and Game theory!
This came across my desktop today… TBH I have not yet aped into the NFT space as much as I should have (with the exception of Street Fighter). Mainly because I am far more interested in yield earned from DEFI projects (which now seems to be a forgotten relic of 2020)
But this is what interests me about Crypto Jerseys…
So the concept is that you back your favourite crypto by means of claiming a ‘Jersey’ and that jersey (which currently looks like a basketball singlet) is an NFT with your name (or alias) on it!
Nothing special right? Just bragging rights… BUT!
To claim the jersey, you need to back the NFT contract by minting it with the quantity of token the jersey represents… E.g. If your favourite crypto is UNISWAP and you want the jersey UNI-10 then you would need to stake 10x UNI to mint that jersey.
This would mean that as an NFT no one else can own UNI-10 plus the jersey has the intrinsic value of 10x UNI tokens staked within it…
That’s pretty useful for a collectible!
So there is an element of scarcity involved as well. As far as I can tell the number of jerseys per team (team = crypto project) can only ever go up to 99…
(The website claims a total 1500 NFT’s can be minted: 15 crypto's x 100 mint-able numbers = 1500).
So I imagine that the lower numbers would get snapped up faster than the higher numbers as they obviously have less tokens staked within the NFT therefore cheaper… (99 ETH would be one expensive Jersey!).
No longer want to support your team? (i.e.… Jumping to Sushi Swap. Lol.) Then send your NFT back to the contract address and your stake is returned. I quizzed the discord on this and the worst case scenario is that you lose 10% in fees + GAS…
FEES & YIELD?
The FAQ States there is a 10% minting fee for all Jerseys (with 10% of that total being donated to Orangutans International)
ETH01 requires a stake of 1 ETH + a fee of 0.1 ETH to claim. UNI33 requires a stake of 33 UNI + a fee of 3.3 UNI to mint.
Fee’s are sent to the contract owner as jerseys are minted. There is no way for the contract owner to withdraw funds from the contract.
However, there is a renaming fee when jersey’s are sold to new owners that gets distributed to all other jersey holders. If you don’t want a custom name, you don’t have to pay the fee.
When your team members rename their Jerseys, a percentage of the fee paid is shared amongst all Jerseys. Even unclaimed Jerseys earn yield. The higher the number of your jersey, the more yield you will earn relative to the other members on your team. For example, ETH99 earns 99x more fees than ETH01.
Note: There is Minting and there is Renaming. Minting !== Renaming. And Renaming is not Re-minting. First mint gets a free name, all renames after this have the renaming fee (where the yield and the donation is distributed)
The wrap up
If I was to surmise, the creators are playing to the tribal nature of being human (crypto platforms = tribalism). Or that we typically want to belong to a team (team sports = jerseys). But the value proposition reaches beyond our herd mentality. Obviously, NFT artwork has a commercial value because of being unique, one of a kind, and these ‘jerseys’ are unique NFT’s that have an underlying asset backing them. It’s almost like a gamified collateral contract…. Coined a new crypto term right there!
Oh and the donations helping fellow APES is a freaking cool thing to do as well! APE’s looking after APE’s.
Twitter
https://twitter.com/crypto_jerseys
