Nov 2, 2021
Millionaire Moles — The first cryptocurrency business backed NFT project
This text is divided into two parts. The first part is the problem with the majority of the projects on the NFT market. The second part is more of a deep dive into where and why Millionaire Moles started.
Part one — The problem with the current NFT market
Let’s get this straight. Buying a digital piece of art may seem intimidating since there are so many. Some might say that the NFT market is saturated and bland because of this. We agree to some extent, but this does not mean that new projects are doomed to fail. With a good strategy any project could be the next successful bluechip.
When we looked at the NFT industry, we saw a major flaw in many of the projects. They claim to be unique, one of a kind money heavens that will make you rich if you just use your diamond hands and believe. Don’t get us wrong, the art and community are sometimes incredible and we are by no means trying to talk down on other projects. Some have had huge successes with their projects which we are inspired by. There is however a crucial flaw with the overall NFT market as we see it.
This brings us to our first problem, what do most of these projects actually give you? Sure, they give you access to a community, but how will a community alone help you make the 100x on your NFT? Yes, you might say “SMB does this”, and that is very true. They do have a great DAO and a community that HODLs their NFTs, but you can not compare SMB, who had a first mover advantage, with a new project today. To achieve something like SMB a project needs to be able to offer something special, something that other projects simply can not replicate. Their OG status and hype is nothing any new project will get, they need to put in extra work to make it happen. The new projects that promise to create value through its community as a “unique strategy” are tricking holders to buy different projects with the same core strategy, just different names and different art. It might seem like they add value with their “amazing community” but it is somewhat lacking in substance as we see it. We are sick and tired of seeing the same formula being used and reused with different names. We could even argue that this is the new era rugpull. Here is why: A community in itself is useless, unless the team has a strategy that can add real value. By adding real value they will give the holders monetary benefits from holding. Breeding and royalty percentages that go to the DAO are just short term benefits as we see it, and have no real value. Let us explain, what happens with the royalties once the hype dies or what will your breeding crypto-puppy-donkey be worth if the hype is dead? From our point of view, basing a project on temporary hype and external market conditions is a recipe for disaster. 0 x 100% is still 0 likewise with if the supply is greater than the demand, the price will drop faster than you can say Millionaire Moles. Let’s cut to the chase, because we are not here to teach you guys math or basic economics. We are here to show you how a real project will give you the profit you deserve.
This brings us to our second problem, what would a good project be like? In order for the project not to die as soon as it no longer appears on solanarts top weekly volume, there needs to be some real value behind the project. We believe this comes from three fundamental layers, having a proper long term strategy, an engaged community and a dedicated team. The foundation of a project is its project’s strategy. How does it create value? By breeding so you get more NFTs? By giving the DAO royalties? The community? These are all strategies that projects use and that might work, but as we already mentioned breeding and royalties die eventually since they are dependent on hype and speculation. The community is also essential but without a good strategy as foundation it won’t matter if you have a crew of diamond hands, eventually we need liquidity and then the floor drop begins. The team is there to keep the community and projects up to date and going. Without a good team the project is like a ship without its captain, doomed with nowhere to go.
Part two — How Millionaire Moles came to be
Our roots are in the world of business, we have run some successful companies which make us very confident in our approach to this project. When we looked at the NFT market we saw that the business part was hollow which caused problems for the holders, as explained in part one. Most projects were created by artists or developers that wanted to make a quick buck off the hype. Those who tried to do it for the long term did not really know how to run their project, since they knew nothing about how to run a business. So we decided to dig deep (pun intended) to find a way to create a project and to take it to the next level. The answer became what we choose to call Millionaire Moles, a revolutionary project strategy that we have not seen before in the world of NFTs. With the vision to combine a NFT project with a cash flowing cryptocurrency business, we are certain that this will be setting a new standard of how to provide value to NFT projects in the future.
The Team
To pull this off, we put together a world class team which can relate to our ambitious vision. We strive to perfect the NFT project process, all the way from the artwork to the value for everyone holding. In an environment where rugpulls are more common than moles, we decided to go with a very reputable development team, Nova Launch. They have handled several projects already where most of them have sold out. This provides stability to the entire project and minting process for everyone. Our art director is a passionate and talented 2d artist that could turn water into wine with the amount of skills he possesses. Based on our long term vision it was a no brainer to keep the artist in house. This will give us a lot of flexibility and ability to create more custom projects during the process. Current ideas include Gen2 that will consist of banners that will also have special benefits to its holders, but more about that later.
The Crypto Business
You are surely wondering what this unique cryptocurrency business idea is. We can proudly announce that it won’t be a game, marketplace or show, since this has already been done. We could dig into how a game or a show won’t give any value to its holders but we will let you guys figure that out for yourselves. The cryptocurrency business that we plan to create to support Millionaire Moles will be a casino. Yes, a crypto casino that will support solana and other cryptocurrencies.
The Casino
When deciding on what kind of business to create, it was important for us that it would be crypto based and have solid margins. This would allow us to capture the growth of the future economy, but at the same time allow for sufficient cash flows to burn tons of Millionaire Moles.
The casino will use 50%* off its profits to throw moles down the hole (burn). The other 50%* will be used to further improve the business so it can grow and evolve. From a business perspective, it would be unrealistic and not feasible to use 100% of the profits to burn Millionaire Moles in the long run. Our goal is to turn this into a successful business, which will send the prices of our NFTs rocketing. Since the casino is not dependent on any NFT hype the floor will be steady even during bad times.
The future
Just imagine this, the casino starts buying the floor until it eventually reaches 10, 20, 50 or even higher. The demand from the casino will be completely inelastic due to our policy. The supply will decrease as more and more NFTs in the collection will be burned. What will the last Millionaire Mole be valued at?
To be honest, we don’t even know ourselves what the prices could look like. Just for fun let us take a look into the potential future of Millionaire Moles: Solana is above $1000, no more paperhands in the community and only 200 moles left out of the original 415 supply. The casino has thrown 4555 into the hole (burned) and the most recent sale went for 1500 SOL ($1.5m). Would there even be any Millionaire Moles on the market or would everyone HODL? At what price would the ones still holding their Millionaire Moles sell them for? If there are no moles to buy, the designated money from the casino will stack up until eventually someone puts one out on the market. What will the market look like for our Millionaire Moles? The purpose of the Millionaire Moles is to make our holders millionaires which we believe will be possible with the casino. It is difficult to speculate about the potential scenarios, but we are about to find out…
Royalties
We will also give 75% of our royalties from secondary markets sales to the DAO. 50% off these will go to Millionaire Moles DAO wallet where the community has all the control over what to do with it and the rest will go to burn moles. This will not be our primary focus but it will be a good start until the casino is up and running. Check our roadmap to see when we think that we will have the Millionaire Moles casino ready to go and other exciting steps.
In conclusion the NFT scene is getting increasingly more competitive and saturated with hundreds of projects trying to get your attention. There are so many projects out there that claim to be providing value to its holders. We simply do not share the current vision of what value creation is in the NFT market and want you to consider how you spend your hard earned money twice. Do you want to take part in a project that offers a “unique” community, or a project that will create monetary value by having a business buying and burning the supply as its core strategy?
Join our discord: https://discord.com/invite/uhPqK3a7
Website: https://millionairemoles.com/
Twitter: https://twitter.com/millionairemole/
Summary (TL;DR)
- 415 NFTs to be minted fair at 1 SOL each.
- Mint assets will be used to open a crypto based casino.
- Profits from the casino will be used to burn NFTs in the project.
- Target is to burn every NFT, prices should become high eventually (Holders will eventually be able to set their own price).
- 75% of secondary sale royalties will be allocated to the DAO.
*=Can change in the future but this is the current goal.
