Categories
NFT

Johnnie Walker Announces Exclusive NFT Drop with BlockBar and Vayner3

Johnnie Walker has joined forces with BlockBar.com and Vayner3 to elevate the fifth installment in the Johnnie Walker Blue Label Ghost and Rare series, the “Johnnie Walker Blue Label Ghost and Rare Port Dundas.”

Johnnie Walker
Johnnie Walker Blue Label Ghost and Rare Port Dundas

“We are thrilled to partner with Johnnie Walker and the broader Diageo portfolio, as the company continues their journey in Web3, focusing on empowering creators and building exclusive community experiences that speak to their heritage, craftsmanship, and authenticity,” said Avery Akkineni, President of Vayner3. “The latest Johnnie Walker Ghost and Rare x Ivona Tau collaborative launch on Blockbar.com will be an opportunity to deliver new and exciting experiences for both spirit collectors and the Web3 community.”

The newest addition to the Ghost and Rare series explores the character of exceptional and rare whiskies from one of world’s most famous Grain Whisky distilleries, the Glasgow “ghost” distillery of Port Dundas. To commemorate the fifth installment in the series and the first release from Johnnie Walker Master Blender Dr. Emma Walker, collectors can secure 1 of 75 limited edition Ghost and Rare Port Dundas Master Sets exclusively available on BlockBar.com.

To create the NFT, Johnnie Walker engaged award-winning generative AI artist and photographer, Ivona Tau, whose inspiration draws from the vital element and force of nature, water was transformed into a unique work of art. Each of the 75 NFTs will differ, making them as rare as the whisky itself. The Master Set also includes:

  • A digital NFT by Ivona Tau with groundbreaking generative AI artwork;
  • A redeemable Johnnie Walker Blue Label Ghost and Rare Port Dundas bottle featuring the signature of Johnnie Walker Master Blender, Dr. Emma Walker;
  • The digital twin NFT bottle of Johnnie Walker Blue Label Ghost and Rare Port Dundas;
  • Ghost and Rare token holders get a chance to receive early access to the next exclusive DIAGEO release on BlockBar.com;
  • Exclusive access to an enlightening conversation between Johnnie Walker Master Blender Dr. Emma Walker and world-renowned digital artist Ivona Tau.

Honoring the trailblazing achievements made by Emma Walker and Ivona Tau, Johnnie Walker will help create more opportunities for women to achieve their goals by awarding business grants in collaboration with long-term partner IFundWomen. 

IFundWomenis an ongoing partner in the Johnnie Walker ‘First Strides’ initiative, which aims to celebrate and enable people and organizationsmovingculture forward.

To stay updated on the drop, visit Block Bar’s official website.

Johnnie Walker

Johnnie Walker

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Dov Falic, BlockBar co-founder & CEO

We’re delighted Johnnie Walker has chosen to partner with BlockBar yet again for the launch of its Johnnie Walker Blue Label Ghost and Rare Port Dundas. We’re democratizing access to the world’s most iconic whisky brand for everyone, anywhere in the world to participate.

Categories
Sports

Fantasy Basketball on the Blockchain? Sorare Partners with NBA

The NBA and its player association have agreed to a partnership with Sorare, a Web3 based company that’s created fantasy sports competitions which live on the blockchain. As Web3 continues to evolve, many established giants in their own respective industries continue to explore the space.

What is Sorare?
(Hint) Not Just Soccer Anymore!
Sorare

Sorare is a fantasy sports game that is rooted in blockchain technologies. This means that you own the players you use each week for fantasy competitions. They began exclusively with proper football fantasy competitions and currently have the rights to over 200 clubs around the world. The first step in expanding their platform was a partnership with Major League Baseball earlier this year. 

After securing over $600 million in funding last year, they’ve been valued at over $4 billion and have over two million registered users in over 180 countries. Recent efforts have focused on garnering a larger presence in the United States centered around these new NBA and MLB partnerships. 

Sorare and NBA
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This is far from the first time the NBA is exploring what’s capable in the realm of Web3. In 2019, the NBA partnered with Dapper Labs, the creators of NBA Topshot, a basketball card collecting platform that exists on the blockchain and NFL All Day, the football version of TopShot. Sorare differs from Topshot in the sense that it’s more than just collecting cards, you are using those cards in fantasy competitions. The NBA and NBAPA see this new partnership as an alternative investment to that of NBA Topshot and feel it won’t be a competitor. 

Sorare is aiming to launch their NBA program during the start of this season in October. You will be able to use players you acquire in fantasy competitions that are based on how the players perform in real life. Anyone over the age of 18 will be able to claim cards to participate in this new NBA fantasy competitions.

For more information or to sign up to receive updates, check out sorare.com/nba

Categories
NFT

DraftKings Launch ReignMakers NFT Based Fantasy Football Program

In football, there’s a game inside the game. No, I’m not talking about the chess game that coaches play as they tweak strategies continuously throughout the game, I’m talking about fantasy football. For decades friend groups, co-workers, and even families have been getting together to participate in the fantasy game mode where you play a mock GM in an attempt to outscore your opponent every week. 

Since fantasy football has moved online, there has been no real evolution in the game. Long term dynasty leagues and other forms of bidding leagues have become more prevalent, but they’re still nothing we haven’t seen before. DraftKings is attempting to make the next big rendition of fantasy football with their new Reignmakers Football NFT based fantasy football game. Here is everything you need to know about Reignmakers Football and how to participate!

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What Is Reignmakers?

Reignmakers Football is DraftKing’s newest version of fantasy football, with an added twist that gives the user more ownership. Through the DraftKings Marketplace, which launched in August of 2021, users can buy and sell different tiers of NFT’s that correspond with NFL players, to be used in weekly fantasy football competitions. 

The rarity tiers range from Core, Rare, Elite, Legendary and Reignmaker. The scoring for the games will be the same as a regular fantasy football league, with different rules for each competition. This seems like a no-brainer for DraftKings who have already shown heavy interest in what’s possible with WEB3 technology.

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How To Play?

The best way to participate in Reignmakers Football is through DraftKings fantasy app. It’s a Seamless process for people using the fantasy app, as the Reignmaker contest’s will be listed similar to the normal weekly fantasy competitions DraftKings offers. All players available for purchase will be in the DraftKings Marketplace. 

New users will be able to find a starter pack with a set of free players to use. This starter pack will give you enough to participate in the lowest level contests and let you get an idea of how the fantasy competitions work. Weekly prizes will include a combination of cash prizes ($1 mill a week), and contests where NFT’s are rewarded. Different prizes like in-real-life experiences and potential tie-ins to other DK rewards could be announced in the future. 


I was a little skeptical to dip my feet in, but once I got to ripping packs I didn’t look back. I was able to acquire the free starter pack and pulled Allen Robinson II along with other notable players. I took my chance at the $9.99 ‘SuperStar’ pack which gives a guaranteed core player who’s considered a superstar in the NFL. My luck seemed to pay off today and I pulled a core Josh Allen, with the cheapest one on auction up for $28! This gets me even more excited to watch the NFL kick off on September 8th and to participate in Reignmakers. Find me on twitter @justincohen24 and let me know what you pull!

Categories
NFT

Meet Maika Isogawa, Founder and CEO of Webacy

Maika Isogawa calls herself a jack-of-all-trades. She’s a Stanford grad, former Microsoft engineer, and professional acrobat who became the lead of a Cirque du Soleil show at the age of 18. Now, she’s at the forefront of the tech industry as the CEO and Founder of web3 startup, Webacy.

Maika Isogawa

For those who are familiar with the figure of speech, “jack of all trades, master of none,” Maika proves it doesn’t always have to be that way.

Whether it’s performing as an aerialist in the circus, publishing a poetry book, reporting for television, or being honored on the Forbes ’30 Under 30′ list, Maika has demonstrated that it is possible to have a wide range of interests and also achieve mastery in more than one. Some would even say she’s a living example of “jack of all trades, master of all.”

ONE37pm sat down with Maika for a chat about her eclectic background and what inspired her to start Webacy.

Webacy

What is Webacy?

Webacy is a platform for securing digital assets. It aims to help people manage their social media and digital assets after they die. Its products include a backup wallet, a killswitch for hacks, and a crypto will.

Maika came up with the idea for this company after her cousin passed away.

“I had a firsthand look of what happened when she passed away,” Maika said. “In terms of asset management, both traditionally and non traditionally.”

As digital assets such as crypto and NFTs are becoming more and more prevalent over time, she knew there had to be a tech enabled solution to deal with it.

Maika Isogawa

I wanted to create a will that could be automated in distribution. You can say in your traditional will that you want your kids to have your crypto. But, they have no way to access it without your seed phrase. But we don’t take your seed phrase. It’s all coded in a smart contract and the distribution of it is set on conditional triggers all on chain.

Webacy is a solution focused on securing one’s blockchain-based digital assets. This includes all ERC tokens (20, 721, 1155) with support coming for BTC, SOL, and other chains.

In addition to web3 assets, Webacy protects web2 digital assets. Users can store their files permanently with Shoebox, choose a plan for their social media accounts, designate an Inner Circle to carry out their wishes, and more.

Preparing For The Role

While Maika was a student at Stanford, she studied Symbolic Systems, a multi-disciplinary program that combines computer science, psychology, software engineering, linguistics, and more.

She then took two years off of college to tour all over the world as an aerialist before returning and graduating.

Maika Isogawa
Maika in her days at Cirque Du Soleil

After graduation, she worked in cybersecurity as an engineer for Microsoft. She always had an entrepreneurial spirit, but never felt like she had the right idea— until Webacy.

Even though Maika is a first-time founder, all of these experiences have prepared her for her current role.

Maika says the Cirque du Soleil taught her characteristics that are essential to her job as a founder today. Her experiences performing and training have taught her to confidently navigate challenges through discipline, flexibility (both physically and mentally) and patience.

Getting Started
Webacy

Webacy membership varies depending on the amount of features chosen. A subscription ranges from 0.08 – 0.5 ETH per year. However, users can buy a Grimmie NFT for the same features, including early access to new features

What are Grimmies NFTs?

To get full access to Webacy, you can purchase a Grimmie NFT. Grimmies is an NFT project powered by Webacy. All owners of Grimmies will have early access to the Webacy product and pricing privileges for life.

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“We wanted to create an access token for our product,” Maika said. “They’re a 10k collection of grim reapers made to look kind of cute to pay homage to our early days as a company.”

Grimmies holders will also have access to Webacy’s exclusive Discord channel with estate and tax planning experts on hand.

Grimmies is a women-led, women-designed project and is available for purchase on Opensea. You can also access the waitlist here.

Grace Lee

The Future of Webacy

“We’re really focused on locking down the smart contract infrastructure that we have,” Maika said. “Then, we’ll expand from there.”

Maika says the conditional trigger used in smart contracts can be applied to not just crypto wills, but many other situations in the future including crypto marriages, crypto prenups, and trust funds.

“The roadmap for products and services can be endless.”

Stay up to date on future announcements by following Webacy on Instagram and Twitter.

Categories
Music

Ten Major Artists Who Have Performed in the Metaverse

If the Metaverse already has nearly everything the real world has—clothing, grocery shopping, landlords—it makes sense that music will figure into its future too. While the technology is still in its relative infancy, there are already major artists who have performed in the Metaverse and begun venturing into the great digital unknown. With tours halted and the world sheltering in place in the spring of 2020, the Metaverse became an increasingly attractive option for artists who were looking for unconventional ways to connect with their audience. But still, even with artists back on the road, Metaverse concerts are here to stay. Here are 10 artists who have performed in the Metaverse and brought the future of music into the present.

1. Marshmello: Fortnite
Getty Images

The masked DJ made his Metaverse debut way back in 2019 before the Metaverse was even really a thing; his Fortnite concert in February 2019 marked the first crossover between the music industry and Fortnite’s rapidly expanding Metaverse. By today’s standards, Marshmello’s 2019 concert already seems a little primitive, but it’s still revolutionary for broadening the music industry’s horizons and exposing the world to the possibilities in the nascent Web 3 space. 

2. Travis Scott: Fortnite
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Although Travis Scott wasn’t the first artist to perform in Fortnite, his April 2020 concert was the first time that a Metaverse concert truly registered on the broader music landscape. With much of the world still in lockdown, Scott’s Fortnite performance became an indelible piece of pandemic monoculture alongside Tiger King, The Last Dance and Andrew Cuomo. Over two years later, Scott’s Fortnite appearance is still one of the most-attended concerts to take place in the Metaverse, with nearly 28 million people tuning in.  

3. Soccer Mommy: Roblox
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Whereas Marshmello and Travis Scott mega-stars who feel like natural fits for the Metaverse, Soccer Mommy’s inward-facing indie rock seems incongruent with the high-octane energy of the Metaverse. Earlier this month, Soccer Mommy promoted her new album Sometimes, Forever by hosting three days of games and events in Roblox, culminating with a concert. By being a fairly small  artist compared to her Metaverse peers, Soccer Mommy demonstrates the true utility of the medium, using it to connect with her passionate fanbase in ways that were previously inaccessible. 

4. Foo Fighters: Meta
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The Foo Fighters may be the only rock band in the world with the clout and influence to schedule counter-programming opposite the Super Bowl halftime show. Last February, the Foo Fighters tried to “Learn to Fly” into the Metaverse, but they were sadly more zero than “My Hero.” Sadly, the band’s VR concert on Horizon Venues, a platform run by Meta (nee Facebook), was plagued by technical difficulties. Fans struggled to log onto the concert after the virtual “waiting room” crashed. Unable to move on from the Foo Fighters debacle, Meta shuttered Horizon Venues last month. In retrospect, maybe it was a little unfair to expect such a Boomer-heavy fanbase to navigate the Metaverse quite yet.    

5. Justin Bieber: Wave
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On November 19th, 2021, Justin Bieber put on his first-ever Metaverse show on Wave, a virtual music platform. Interestingly, Bieber’s Wave avatar looked oddly life-like, falling in the uncanny valley between a real-life person and a cartoon-y video game character like those that populate Fortnite or Roblox. Set against a striking, evolving backdrop, Bieber performed hits such as “Peaches” and “Lonely” from his 2021 album Justice.

6. Young Thug: Horizon Venues
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On the day after Christmas last year, Young Thug gave his fans a present with a Boxing Day Metaverse concert. While streaming on Meta’s Horizon Venues platform, Thug performed alongside a giant digital tarantula, bringing his beloved pet and recording partner into the Metaverse. 

7. David Guetta: Roblox
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Partnering with Wonder Works Studio and Warner Music Group, super-DJ David Guetta put on a 45 minute set in the Roblox Metaverse on February 4th, 2021. Beyond a simple concert, Guetta’s foray into the Metaverse featured dance battles, puzzles and virtual merchandise for the attendees’ avatars. Evidently, Guetta enjoyed himself—in 2023, he’ll release the David Guetta Experience alongside French startup Stage 11, an ambitious undertaking that’ll feature a narrative element and appearances from Snoop Dogg and Akon. 

8. Ariana Grande: Fortnite
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Building on the success of Travis Scott’s Fornite appearance, Epic Games brought Ariana Grande to the Metaverse in August 2021. Calling Grande’s iteration a “concert” probably sells the experience short. Instead of statically watching a virtual Grande strut across a virtual stage, viewers were transported to a series of mini-games and interactive features as they streaked across the virtual sky.

9. Post Malone: Horizon World
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Like David Guetta, Post Malone has double-dipped in the Metaverse. In February 2021, he linked with Pokemon for a completely computer-generated performance to celebrate their 25th anniversary. Then again last week, Malone took his talents to Meta’s Horizon World for a “block party” in the Metaverse. During the 40 minute set, special guests such Roddy Ricch, the Kid LAROI and Fleet Foxes joined Posty to perform songs from his recent album, Twelve Carat Toothache

10. Daler Mehndi: Somnium Space VR

Largely unknown to American audiences, Indian popstar Daler Mehndi became the first Indian artist to play a show in the Metaverse. As part of a celebration around the unveil the first India-based Metaverse, Mehndi performed his ground-breaking concert in January 2022 for the 73rd Republic Day. As one of the biggest Indian artists, Mehndi drew over 20 million, a massive crowd that rivals that of any of the artists who have performed in the Metaverse. Most impressive, Mehndi’s concert only aired once whereas Travis Scott’s and Ariana Grande’s were both re-streamed several times over the course of many days. By bringing the Metaverse to India, Mehndi demonstrated the true global scope of this new technology and that it can have an impact on fans and artists around the world.  

Categories
NFT

Inside Afterparty: The Community Behind The First-Ever NFT Gated Festival

In Web3, you see plenty of variety when it comes to DAOs and platforms. Both general and specific applications of Web3 tech are being developed, along with the grey area in between.

What is Afterparty?

Afterparty is somewhere in the middle; they’re focused on the creator economy, but are building obscurely enough to maximize the depth of what they’re accomplishing. On their site, Afterparty describes itself as “…a community of innovative creators, artists, and builders with a Web3 platform for accessing physical and virtual experiences through NFTs. [Afterparty is] building a platform where anything is possible and creativity flourishes.”

After combing through their socials, you’ll notice Afterparty links with influencers and celebrities in a way that most brands couldn’t replicate, even if they tried.

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Afterparty’s 2 classes of NFTs:

Afterparty offers two different versions of NFTs, Utopians and Guardians, which both come with different art and sets of utility.

Utopians come with all-access passes to Afterparty’s Art and Music NFT festival in Vegas for (at least) 5 years. In addition, Utopians come with a free Guardian NFT airdrop and two free Afterparty pass airdrops. As if that’s not enough, Utopian holders receive a priority guestlist for all Afterparty and creator NFT drops, all-access and a +1 to Afterparty’s fall NFT event in LA, access to select events at the Afterparty house in LA, priority access to pop-up events like NFT.NYC, Art Basel, and more.

Guardians come with VIP access to Afterparty’s Fall festival in LA (Halloween weekend 2022), priority access to all future Afterparty festivals in LA, priority for Afterparty’s 3rd generation of NFTs and more. Only 10,000 copies are in existence, so it’s become quite a hot ticket.

In March, Afterparty held their inaugural Art and Music NFT festival in Vegas, with performances/appearances from notable names like The Chainsmokers, The Kid Laroi, Gryffin, Diablo, Charly Jordan, and many more.

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Other important info:

A large portion of Afterparty’s focus is dedicated to optimizing the connection between creators and fans. Their Creator Pass is currently in development, but is set to serve as a “passport” to the worlds of some of the most influential creators. Afterparty says to expect this function to be rolled out in the near future.

Just as impressive as the intricate world of Afterparty is the four-person team behind it: David Fields (co-founder), Eytan Elbaz (co-founder), Dan Rahmel (co-founder), and Robert Graham (Chief Community Officer). Amongst the four of them, they have amassed experience from Disney, Intuit, Google, and Paradigm Talent Agency, along with eye-catching educational resumes. In short, their team looks like the textbook definition of a Web3 powerhouse.

Whether it’s the savvy operation of their mansion in LA, their two festivals, or the maze of functionality amongst everything in the world of Afterparty, there are countless reasons to learn more and get involved in their community.

After the seamless demonstration of what an Afterparty festival looks like in Vegas, the platform and its community are eagerly anticipating the Halloween weekend event in LA. So are we.

Categories
NFT

Instagram to Integrate NFT Verification

Instagram NFT verification is now on the horizon.

Instagram, the social media giant owned by Meta, will be allowing users to verify ownership of NFTs as soon as Monday. Users will be able to verify their NFT assets that live on blockchains such as Ethereum, Polygon, Solana, and Flow

In January 2022, Twitter dropped its NFT verification feature. This was available to users with a Twitter Blue subscription service which cost $2.99 monthly. Instagram plans on rolling out this feature for free as of now.

Another key difference between the Twitter and Instagram NFT verification is the increased accessibility. Twitter only allows for verification of NFTs on the Ethereum blockchain. Instagram is allowing users to verify assets from four different blockchains. 

This move comes as Meta (formerly Facebook) attempts to position itself as a bridge from Web2 to Web3. The company saw its biggest fall in stock price in February. This came after the announcement to change its name from Facebook to Meta.

According to Coindesk, the feature would be open to a select number of NFT collectors based in the U.S. It is rumored that this release will include seven NFT aficionados based in the U.S, including visual-artist Sophia Wilson.

She started her career at the age of 14 after noticing a lack of other Black women in the mainstream media.  As a result, her work aims to diversify the art and commercial worlds by representing happy and calming Black feminine figures.  Sophia has been one of the youngest contributors for Vogue, VICE, Elle, etc., and regularly creates campaigns for brands like Nike and Converse.  Over the years, she has worked extensively with Instagram and is excited to have her photos be the first-ever NFTs on the app.

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Meta has been on the cutting edge as a platform since its launch in 2004. From adding features like Facebook Marketplace for users to buy and sell physical goods in 2015, to attempting to create its own currency under the name ‘Libra’ in 2019, Meta has always looked for ways to evolve as a platform. With over 500 million active daily users, adding verifiable NFTs to the platform would make Instagram one of, if not the biggest marketplace for digital goods.

Categories
NFT

STEPN: The Web3 Running App That Pays You to Exercise

Walking, jogging, and running are things we do regularly. But, imagine getting paid to do it? That is exactly what STEPN is aiming to do with its lifestyle app.

STEPN, a web3 lifestyle app with social-fi and game-fi elements, allows players to earn money by walking, jogging, and running to earn game tokens (GST). You can also lease or sell your NFT sneakers on the in-app marketplace.

STEPN promotes daily activity through game-fi elements. It is the first project to effectively create a ‘move2earn’ concept. In fact, STEPN finished 4th out of 500+ projects at the Solana Ignition Hackathon 2021.

Its mission is to inspire millions of people to live a healthier lifestyle, while at the same time connecting people to the world of Web3. Through Nori Marketplace, a portion of profits will be used to buy Carbon Removal Credits to combat climate change.

You don’t have to be a Web3 expert to use STEPN. The gamification aspect and the move2earn core mechanic makes it easy for anyone to embrace a healthier lifestyle and earn a profit while doing so.

STEPN

How does STEPN work?

To use STEPN, you first have to equip yourself with NFT Sneakers. By simply walking, jogging, or running outdoors, you earn game tokens (GST). The GST tokens can be used in-game or cashed out for profit. To get started, follow these simple steps below:

  1. Download the STEPN app.
  2. Sign-up for STEPN. After downloading the app, all you need to sign-up is your email address. You will receive a verification code needed to enter the app.
  3. Create your wallet. To create your wallet, click on the Wallet icon in the top right corner
    of the screen. The app will generate a 12-word secret phrase. This phrase is your key to recovering your wallet if you uninstall the app or forget your password, so keep it safe. (Store your secret phrase in a safe place (not on your device) such as a piece of paper you have access to.)
  4. Transfer SOL into your in-app wallet. To buy your own pair of NFT Sneakers, you need to transfer SOL to your in-app wallet. Also, it’s best to keep some SOL in your wallet to use for gas fees (transaction fees).
  5. Purchase or rent an NFT Sneaker. Visit the in-app marketplace to buy or rent your own NFT Sneaker. You can use the Filter tool to search for your favorite sneaker.

After purchasing your NFT Sneaker, energy will restore at a rate of 25% every 6 hours (Fixed at AEDT Time 00:00, 06:00, 12:00, 18:00) This means you can start your STEPN journey immediately after the first 25% energy restoration.

Moreover, you don’t need to own an NFT Sneaker to participate in move2earn. You can rent Sneakers for free from other users. Your earnings will be split between you and the owner at a 30/70 rate (coming soon).

STEPN

STEPN Game Modes

The STEPN app offers three different game modes that allow you to have fun while earning money: Solo, Marathon, and Background Mode.

Solo Mode: Solo mode allows you to earn tokens simply by moving. The amount you earn is based on two factors; your level of physical activity and the rarity of the NFT Sneakers you own.

Marathon Mode: You can register for weekly and monthly Marathon competitions in Marathon Mode. Just make sure to register for each race 24 hours before starting your marathon.

Background Mode: You can even earn GST while the STEPN app is turned off, using Background Mode. All you need is one pair of Sneakers in your wallet to be eligible for this feature. The app will then pull your step count directly from your device’s Health Data. The best part about Background Mode is that walking, jogging, and running will not reduce the endurance of your sneakers.

STEPN Marketplace

The STEPN marketplace is where you can rent, lease, buy, and sell NFT Sneakers, badges, and Gems. The marketplace offers several features aimed to eliminate the barrier to entry often experienced in the NFT and Web3 space. These features include a rental and credit system.

STEPN Rental System

The rental system allows you to rent NFT Sneakers. To do this you will have to apply for a rental. Once paired with a leaser, you will need to agree to their terms.

A rental contract generally lasts 24 hours. After, the Sneaker is returned to the owner for repair. A Rental Agreement can last up to 7 days if the renter’s credit rating is good. However, failure to fulfill the terms of the Rental Agreement will result in a 1-star deduction from the renter’s rating.

When a renter completes the term in Solo Mode, the smart contract distributes the earnings according to the rental agreement. Both the renter and leaser earnings are fixed. Additionally, the system will reward renters with 0.1 credit per successful Rental Agreement fulfilled.

Ultimately, the rental system allows new users to participate without owning their own NFT Sneaker and enables owners to benefit from being able to lease their sneaker.

STEPN

Credit system

The credit system is set up to help new users understand the fundamentals of the app. Therefore, renters are required to complete a set of ‘scholar’ quizzes to increase their credit rating. These quizzes prevent renters from underutilizing the app, which would likely result in yielding no returns. Only once a user’s rating reaches ⅖, can they begin renting Sneakers.

STEPN utilizes two types of tokens. The governance token (GMT) and their utility token (GST). Both of these tokens play an important role in the STPEN ecosystem. Let’s break them both down to better understand how they are used.

STEPN’s GMT Token
STEPN

The GMT is minted at the Token Generation Event (TGE), with a total supply of 6 billion minted on March 9, 2022. You can view the contract here.

30 percent of the GMT supply will be distributed to users through move&earn Governance participation. The total release of GMT will halve every three years, ensuring the longevity of the STEPN project. You can learn all about the GMT distribution and vesting schedule here.

GMT earning is only available to users once their sneaker reaches level 30. Also, it is mandatory to have at least three Energy in order to start earning GMT.

Each day, a set number of GMT is unlocked to earn. The daily release of GMT follows an exponential decay pattern. That means that on the first day of the 3rd year, the daily GMT unlocked is exactly halved compared to the 1st day of GMT available to earn.

Earning can be unpredictable because the system automatically adds randomness to users’ GMT earnings. The settlement of GMT will be done in several mints to avoid any extrapolation of earnings. Moreover, the more users earning GMT at a given time, the less GMT earning will be available per person, and vice versa.

STEPN’s GST Token
STEPN

The GST has an unlimited supply and is earned when a user moves in Solo or Background Mode. To provide liquidity, 60 million GST was created. The current price of GST sits at $6.15 with a circulating supply of 3,597,242.47 tokens.

GST is burned (destroyed) by participating in a number of events, including:

  • Shoe minting
  • Repair
  • Leveling up Sneakers
  • Gems upgrade
  • Unlocking socket

Overall, STEPN is a Web3 lifestyle app featuring aspects of social-Fi and game-Fi. Users with NFT Sneakers may walk, jog, or run outside to earn GST, which can be used to level up and mint new Sneakers. Users can lease or sell their NFT Sneakers on the in-app Marketplace, and their GST earnings are saved in the in-app Wallet. 

To learn more about STEPN, you can view its whitepaper here or download the STEPN app.

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NFT Tech

What is IPFS?

The web as we know it today is controlled by centralized servers and accessed by location-based addressing. With that comes potential issues in the chance that a server is hacked, or if it happens to crash. This would leave the user that is requesting the data with nothing but an error page. That’s where IPFS can be of assistance.

What is IPFS?
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An Interplanetary File System (IPFS) is a peer-to-peer file-sharing system created by Protocol Labs. IPFS is used for storing and accessing files, websites, applications, and data. IPFS uses content-addressing to identify each file in a global namespace connecting all computing devices.

IPFS allows users to host and receive content in a decentralized manner via peer-to-peer file sharing. This means that user-operators hold a portion of the overall data which creates a strong system of file storage and sharing.

Any user in the network can serve a file simply by its content address, and other users in the network can locate and request that content from any person who has it using a distributed hash table (DHT).

So, rather than being location-based, IPFS addresses a file by its content. To identify certain content, IPFS uses a cryptographic hash of the content at that address, and the hash is unique to the content it came from. In reality, IPFS aims to create a single global network. 

For example, if Alex and Nick publish a block of data with the same hash, the users downloading the content from Alex would exchange data with the ones downloading it from Nick.

How does IPFS work?
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Normally, when you put a URL into your browser, your computer asks another computer for that specific page you are requesting. However, that’s not the only way you can retrieve that page, rather, if there is a mirror of that page stored on IPFS you could use that.

Instead of asking a single computer for a page, your computer uses IPFS to ask several computers around the world to share the page with you. That means you can get the page you’re requesting from anyone around the world who also uses that page on IPFS, not just a single computer.

Keep in mind that when you use IPFS, you aren’t just downloading files from someone else, your computer also helps distribute them. This is true for any kind of file a computer might store, whether it be a web page, document, email, or database record.

Overall, there are four main components to IPFS, lets take a look at each one.

Distributed hash table (DHT)

A data hash table (DHT) is a data structure that implements a structure that can map keys to values. A DHT uses a hash function to compute an index—aka hash code—into numerous slots, from which the desired value can be located. This means data is spread across a network of computers and coordinated to enable efficient access and lookup between nodes.

The advantage of DHTs includes decentralization, fault tolerance, and scalability. DHTs can scale to accommodate a ton of nodes, and even if a node fails or leaves the network, the system will still function properly.

Block Exchanges

BitTorrent, a popular file-sharing system, is able to coordinate the transfer of data between countless nodes by relying on a data exchange protocol, but, it is limited to the torrent ecosystem.

That’s why IPFS implemented a more general version of this protocol called BitSwap, which operates as a marketplace for any kind of data.

Merkle DAG

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Merkle DAG is a combination of Merkle Tree and a Directed Acyclic Graph (DAG). The Merkle Tree is responsible for ensuring that data blocks exchanged on p2p networks are correct, and not altered in any way.

The verification is done by organizing data blocks using cryptographic hash functions, which is a function that takes an input and calculates a unique alphanumeric hash that corresponds with that input. Ensuring that an input will result in a given hash is simple, but it’s very difficult to guess the input from a hash.

A DAG is a method of modeling topological information sequences with no cycles. A family tree is a basic representation of a DAG. A merkle DAG is essentially a data structure in which hashes are used to refer to data blocks and objects. The main principle of IPFS is modeling all data on a generalized merkle DAG.

Self-Certifying File System

A self-certifying file system (SFS) is a distributed file system that doesn’t need special permissions to exchange data. The data served to a user is simply authenticated by the file name, which is signed by the server. Meaning, you can securely access remote content with transparency of local storage.

The decentralization of IPFS
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When it comes to decentralization and IPFS specifically, there is one main goal: make it possible to download one file from many locations that aren’t managed by one organization. Of course, this comes with many benefits including:

  • Supports a strong internet. If someone decides to attack a specific web server you are using, or the server happens to crash, you can still retrieve those same web pages from others.
  • Increases the difficulty to censor content. Since files on IPFS can come from numerous locations, it’s harder for anyone to censor content.
  • May potentially speed up your request if you are far away from the server that is sending you the request. If you are able to retrieve your request from someone nearby opposed to someone who is further away, you can retrieve your request quicker.

I know. There are a lot of complex terms and technology when discussing IPFS, but the main point is that IPFS aims to change how networks of people and computers communicate. Web 2.0 is structured on ownership and access, meaning whoever owns the file is the same person that serves you the file.

With IPFS, however, the structure is based on possession and participation, meaning multiple people possess each others’ files, and by participating in consuming the file, you are also distributing the file.

Best practices for storing NFT data using IPFS
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When it comes to storing an NFT’s metadata, the data is only as good as the server storing the data. That means if the server were to crash, you would lose all the associated metadata to your NFT.

What is NFT metadata? NFT metadata is the content and description of the content described in the contract that is stored on the blockchain.

Considering it is difficult to change an NFT’s metadata and where it’s stored, it’s a good idea to think about how the data for your NFT is stored.

IPFS allows users to store and retrieve content based on a CID (cryptographic hash). You can put IPFS CID into an NFT so that it references the data itself rather than a traditional HTTP link, which is likely to fail over time. This means as long as one copy of the CID exists on the IPFS network, it can be accessed.

The main reason to store your NFT’s metadata on IPFS isn’t to provide it with permanent storage, rather, it helps prevent the link rot that commonly occurs with HTTP links. However, it doesn’t completely solve where off-chain data is stored.

If you are considering storing or minting your NFT’s metadata on IPFS, some good options are NFT.Storage and Pinata.

To learn more about best practices for storing your NFT’s data using IPFS, go to docs.ipfs.io.

What can you do with IPFS?

With IPFS, you have the ability to do many things, such as:

  • Desktop applications 
  • Share your files or sell copies of it
  • Dead drop
  • Collaborate on written documents
  • Version control
  • Connect event attendants
  • Exchange messages
  • Store assets

Althought this list is rather broad, you can learn the specific details by visiting docs.ipfs.io.

Ultimately, if IPFS is successful, it will provide a strong foundation for the future of the internet. The aim for the future of the web is to be transparent, secure, and distributed so that it’s not under the control of one main entity, and IPFS can help achieve this goal.

Portions of this page are reproduced from work created and shared by Protocol Labs and used according to terms described in the Creative Commons 3.0 Attribution License.

Categories
NFT Tech

What is Mainnet and Why Should you Know About it?

The Web3 space is full of technical terms that appear to come straight out of a sci-fi movie, but that’s because there is so much innovation happening in the space and new platforms that require completely new infrastructures.

One of these terms is mainnet. If you know about Bitcoin or Ethereum, then you have likely heard the term mainnet tossed around a few times. 

Below is a beginner’s guide to what a mainnet is, and the process required to develop a proper mainnet.

What is mainnet?
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Mainnet is best described as a blockchain that has been fully tested, developed, deployed, and is running its own network with its own technology and protocol. This means that all transactions are actively being broadcasted, verified, and recorded on a digital public ledger (blockchain).

The tokens on a mainnet have monetary value, whereas the tokens on a testnet do not.

Initial coin offering (ICO)
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Before the mainnet is fully deployed, the team will set up an initial coin offering (ICO) along with anything else that might help raise funds and further grow their community.

An initial coin offering is the Web3 industry’s equivalent to an initial public offering (IPO). Essentially, an ICO is used by developers to raise money to create a new token, DApp, or an entirely new mainnet.

When developers of a mainnet are looking to raise money through an ICO, the first step is to determine how the ICO will be structured. There are several ways you can structure an ICO, including:

  • Dynamic supply and static price: The amount of funding received determines the supply.
  • Static supply and dynamic price: The amount of funds received in the ICO determines the overall price per token.
  • Static supply and static price: The company sets a specific funding goal, meaning each token sold in the ICO has a set price and a fixed supply.

Unlike ICO, an Initial Exchange Offering (IEO) is conducted solely on crypto exchanges like Coinbase and enables project developers to reach users of cryptocurrency exchanges.

So, the main difference when comparing an ICO to an IEO is that the project developers handle the sales of their tokens themselves rather than using a cryptocurrency exchange to gain exposure.

The funds from an ICO are then used to develop prototypes of the mainnet blockchain network known as a testnet. Without the ICO phase, it would be very difficult for developers to get the funding needed to further develop and test the mainnet.

Testnet phase
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The testnet is a parallel blockchain or network to the mainnet, and is not fully developed or running to its full capacity. Generally, a testnet is used by developers to test and troubleshoot all the features of a blockchain to ensure the system is secure and ready for the full launch of the mainnet.

Once any bugs or other issues are fixed and the performance is optimized, the mainnet version of the blockchain is finally launched. The testnet phase is extremely important because it acts as the test before the real deal.

Imagine if you were to send thousands of dollars worth of crypto before ever testing if the blockchain functioned properly, and you end up losing all your money. Obviously, developers want to avoid that from ever happening, hence why the testnet phase acts as a safeguard to prevent that. Essentially, all transactions are in demo mode during the testnet phase.

Additionally, addresses on the mainnet have different prefixes compared to addresses on the testnet.

Mainnet addresses generally begin with 1, 3, or bc1, while testnet addresses begin with 2, m, n, or tb1.

For example, you can find a list of prefixes that are used in reference to the Bitcoin blockchain on Wikipedia.

Also, tokens on the mainnet can’t be sent to the testnet, and vice versa. If you tried, the tokens would essentially be destroyed and unrecoverable.

How important is the mainnet?

Mainnet is important because the launch of a mainnet increases the value of an asset simply because it means that the team has executed the terms in their whitepaper accordingly. However, a mainnet launch is just the beginning, to continue driving value to a mainnet, continuous upgrades are vital. 

Ultimately, a mainnet is the final form of a blockchain or network. However, before deploying a mainnet, it is crucial to ensure you have covered the steps leading up to the full release of a mainnet, otherwise, the entire network could be compromised.