Metaversal is a Bankless publication for weekly level-ups on NFTs and the onchain frontier
Pricey Bankless Nation,
I at all times questioned what a extra crypto-native model of Reddit Collectible Avatars may appear to be.
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 immediately’s publish let’s break down what it’s essential find out about this attention-grabbing new platform.
P.S. The Metaversal rebrand is kicking off on Thursday, compensate for what’s leveling up! All Metaversal points after immediately’s will come by way of workforce@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 most important pillars embody:
📱 Telegram — Leveraging Telegram, a favourite app amongst crypto diehards, Sofamon permits individuals to make use of their avatars and collectible wearables as stickers.
🎀 Customizable Avatars — Sofamon lets customers customise their avatars with quite a lot of collectible objects for individuality and expression.
🎨 A Platform for Creators — Whereas solely the primary genesis collectibles are dwell immediately, Sofamon will finally permit artists to launch their very own collections on the platform, thereby increasing the aesthetic choices over time.
📈 Dynamic Pricing — Sofamon makes use of a Good friend Tech-style bonding curve for its collectibles, guaranteeing liquidity for speedy buys and sells and a responsive value mechanism primarily based on demand.
💬 Collector Chats — The undertaking additionally offers token-gated Telegram channels, unique to collectors of particular objects. This creates a singular social layer, the place possession not solely offers entry to coveted stickers but additionally entry into personal 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 an alternative, Sofamon seems to make use of a extra streamlined metadata system the place every sticker is tracked as a singular phase of metadata onchain. This method presents fungibility inside units of wearables and non-fungibility between them, and it additionally lends itself effectively to the undertaking’s fractional possession and dynamic pricing components.
After all, my evaluation might be off right here. The Sofamon workforce might additionally broaden 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 high-quality, it’s a unique however comparable method. Let’s see if it sticks!
Sofamon’s beta is in invite-only mode, so you’ll need an invitation code like certainly one of these already used ones to get began.
I’m at present clamoring for a code myself, and I believe the most effective 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. 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 present the most well liked Ethereum L2, Telegram has lots of of hundreds of thousands of customers, and Privy makes onboarding easy by way of embedded wallets.
That is Sofamon’s stack, and the undertaking is the primary of its sort on the subject of utilizing this precise combo. In my view, this method positions the platform to turn into a power to be reckoned with within the crypto social scene within the months forward.
Like I stated within the intro, I’ve been curious to see a extra crypto-native take within the normal ballpark of Reddit Collectible Avatars, and now I believe we’ve acquired our first actual reply right here in Sofamon.
To make sure, the undertaking has solely simply begun, and it will possibly evolve rather more going ahead. However I see a captivating and promising basis that I consider the workforce can construct some severe momentum round, and I’m excited to attempt it myself.
Wanting 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 in opposition to 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 might 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 every part from AI tasks to crypto video games, because the workforce’s lead NFT analyst. With a background in artistic 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 text is strictly academic and isn’t funding recommendation or a solicitation to purchase or promote any property or to make any monetary choices. This text isn’t tax recommendation. Discuss to your accountant. Do your individual analysis.
Disclosure. From time-to-time I’ll add hyperlinks on this publication to merchandise I take advantage of. I’ll obtain fee if you happen to make a purchase order by certainly one of these hyperlinks. Moreover, the Bankless writers maintain crypto property. See our funding disclosures right here.
