Metaversal is a Bankless publication for weekly level-ups on NFTs and the onchain frontier
Expensive Bankless Nation,
I all the time puzzled what a extra crypto-native model of Reddit Collectible Avatars would possibly appear 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 at present’s publish let’s break down what it is advisable to learn 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 at present’s will come by way of staff@bankless.com 🧑🚀️
-WMP
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On March twenty sixth, Sofamon—“a brand new layer of social expression” centered round gathering 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 embody:
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📱 Telegram — Leveraging Telegram, a favourite app amongst crypto diehards, Sofamon permits folks to make use of their avatars and collectible wearables as stickers.
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🎀 Customizable Avatars — Sofamon lets customers customise their avatars with a wide range of collectible objects for individuality and expression.
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🎨 A Platform for Creators — Whereas solely the primary genesis collectibles are reside at present, Sofamon will finally permit 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 Pal Tech-style bonding curve for its collectibles, making certain liquidity for fast buys and sells and a responsive worth mechanism based mostly on demand.
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💬 Collector Chats — The undertaking additionally gives token-gated Telegram channels, unique to collectors of particular objects. This creates a novel social layer, the place possession not solely gives entry to coveted stickers but in addition 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 many others.
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 affords fungibility inside units of wearables and non-fungibility between them, and it additionally lends itself properly to the undertaking’s fractional possession and dynamic pricing components.
After all, my evaluation could possibly be off right here. The Sofamon staff may additionally broaden with added NFT components later. As for the stickers now, although, they’re non-fungible-ish however don’t seem like NFTs per se. And that’s completely high quality, it’s a distinct 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 of these already used ones to get began.
I’m at the moment clamoring for a code myself, and I feel one of the best strat this early on is to activate publish notifications for the Sofamon Twitter account, which has been dripping out new batches of invitations over the previous week. Should you 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 well liked Ethereum L2, Telegram has hundreds of millions of users, and Privy makes onboarding simple via embedded wallets.
That is Sofamon’s stack, and the undertaking is the primary of its form on the subject of utilizing this actual combo. In my view, this method positions the platform to change into a drive 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 common ballpark of Reddit Collectible Avatars, and now I feel we’ve bought our first actual reply right here in Sofamon.
To make sure, the undertaking has solely simply begun, and it could evolve rather more going ahead. However I see an enthralling and promising basis that I consider the staff can construct some severe momentum round, and I’m excited to attempt it myself.
Trying additional forward, it is going to 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) tasks. Additionally, the undertaking’s expansions with new artwork releases and probably with leaps to platforms past Telegram can 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 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 article is strictly instructional and isn’t funding recommendation or a solicitation to purchase or promote any belongings or to make any monetary selections. This article will not be tax recommendation. Discuss to your accountant. Do your personal analysis.
Disclosure. From time-to-time I could add hyperlinks on this publication to merchandise I exploit. I could obtain fee should you make a purchase order via certainly one of these hyperlinks. Moreover, the Bankless writers maintain crypto belongings. See our funding disclosures right here.
