SolCondoms: Protection against Rugs
SolCondoms is the founder of the $CONDOMS utility token on the Solana blockchain and the future platform creator to provide detailed research and analysis on NFT projects. We want to protect our HODLers from getting rugged in remembrance of those that forgot to “Do Your Own Research” (DYOR) and use protection.
The global market for Non-Fungible Tokens (NFTs) has witnessed an exponential rise in recent times. Data from the industry have shown that the demand for NFTs, including art, collectibles, luxury goods, games, and gambling, is now more than ever. Market tracker DappRadar suggested that NFT sales volume surged to $10.7 billion in the third quarter of FY21 (Q3FY21), which is an eightfold jump from its previous quarter. Moreover, the global spending for the calendar year 2020 stood at $1.05 trillion vis-a-vis $1.25 trillion in 2019. Although there is a marginal dip in terms of money, due to the savagery of the Covid-19 pandemic, NFTs continue to remain in vogue.
However, antagonists remain skeptical about the future of NFTs, and unfortunately, they have some valid reasons. One of the major challenges the NFT ecosystem faces are ‘Rug-Pulls’. In layman terms, a Rug-Pull is an incident when an NFT project completely disappears after making a lot of promises, running away with all investments, and leaving no trace behind. Such fraudsters erase all their presence on the internet, including their website, Twitter, Discord, and Telegram handles. For example, Baller Ape Club NFT took almost $2 million worth of Solana from their investors. The group sold 5000 NFTs of chimps at the cost of 2 SOL each ($300) on their website. Not long after the NFTs were sold out, the Baller Ape Club admins deleted their website, Discord, and Twitter accounts, scamming their investors and sending shock waves in the community.
The SolCondoms Project
A group of motivated young researchers from different parts of the world has come together with a new project SolCondoms to protect against any such Rug-pull in the future, which may run away with your hard-earned money.
In its inception phase, the project will conduct a risk assessment of upcoming NFT projects and rank them according to metrics based on five major criteria, hence providing detailed research for the community to invest in credit-worthy NFTs on the project’s website. A Decentralized Autonomous Organization (DAO) will be set up to create a crowd-sourced research platform to ensure fairness and rigor. The researchers (called Protectors) will be incentivized to provide research by generously compensating them with $CONDOMS, community ratings, and prestige. In the subsequent stages, the assessment will also be conducted with the help of an automated architecture that will be internally developed by the team, utilizing on-chain analysis, statistical analysis, machine learning models, decentralized prediction markets, and NLP.
In the later phase of the project, the team has plans to build an architecture for providing insurance for specific NFT projects that the DAO members marked as safe to mint, initially through a raffle-bases system. This will make SolCondoms the first platform to provide insurance against rugs. The details will be available on the project’s discord and Twitter channels in the coming phases.
SolCondoms and $CONDOMS is the brainchild of Professor Nash, who is a researcher in the field of mathematical logic and advanced mathematics. Pi, the other wolf in the pack, is a researcher at Microsoft and kicking ass with Bill Gates in creating consensus protocols in distributed systems. Alan, a Ph.D. student in reasoning techniques in Artificial Intelligence, is the third member of the group.
Mr. Trump (not Donald) is the guy who manages the social media and marketing activities of the project. Further, the team is composed of two artists contributing to the project with their creative vision.
Our goal is to provide a one-stop research solution — aka platform — to find, analyze, and gather information on newly minting NFT projects. Currently, a lot of information is scattered across multiple platforms, and separating information from noise is extremely difficult. A unified platform will enable investors to make better decisions and provide the first net of protection towards preventing rugs. The platform will be accessible to everyone to gather basic information for upcoming mints, while some special features and detailed research will be accessible only through a $CONDOMS-based subscription. The earnings through the subscription will be entirely used for compensating researchers for their work and towards the functioning of the DAO.
The project is developing a small and passionate community based on the early efforts of the team members and the founders. A large portion of community members is new retail investors, making it an ideal place for experimentation and education.
The personal bond between community members is strong, and the affection can be seen in the discord group. Do join the project’s discord to get a taste, say “gm” or “How to get OG?” to get started. Just be aware of one rule of our discord: No Condoms, No Entry.
Remember: Protect yourself from rugs. Always use a SolCondom.
Platform (launching in 2022) https://howsafe.is/