KICKS Token Overview
KICKS (Loyalty Program)
The KICKS token is something that our founders Zach and Ash wanted to offer as an additional incentive to Chameleon Collective NFT owners. This is a part of the Utility provided by the Chameleon Collective NFT to incentivize membership and participation in the Collective. It is imperative to point out that this is not an ERC-20 token, and it will not be available for trade on any exchanges. From a technical perspective the tokens accrued are internal to the website, and may be redeemed for various items, perks, benefits, and titles within the website itself as the Collective decides.
Why not an ERC-20 token?
First and foremost, the SEC is still in the middle of creating guidance for security exemptions with respect to cryptocurrencies. There are many legal precedents to work through, and the reality is that a digital currency already exists that can be traded on the ETH blockchain. It’s called Ethereum. Rather than reinvent the wheel, we thought it would be better to handle this by killing two birds with one stone: Encourage loyalty via offering points that can be traded internal to the project for products and/or services, and avoid the entire security battle that is closing in on the NFT space.
One of the main issues is finding lawyers that are specialized in not only securities law but also in digital securities law, which is an extremely new field. This also goes along with the “royalties’’ question that we have gotten fairly often, but that will be covered in a different discussion. The reality is for a new project, it’s simply not wise to cut into cash flow that could be used to reinvest into the business while also pulling additional funds for legal briefs to file securities exemptions with the SEC.
What are KICKS tokens?
If you have watched the amount of chameleon footage that we have studying these fascinating creatures, you will have noticed that they have interesting feet. And those feet require interesting KICKS! Normally a crypto token will have a single design available for all of the tokens, but since we aren’t (currently) creating an ERC-20 token we have a little more latitude. We know that Chameleon Collective members have FAR too good taste to settle for a single style, so we are developing a number of different styles of KICKS!
HODLrs may earn KICKS by being early adopters, by holding a certain amount of Chameleon Collective NFTs, by holding for a certain amount of time, and possibly a myriad other ways that the Collective considers important community contribution.
The Closet
On the Roadmap you may have noticed a section entitled the “The Closet,” which has what appear to be shelves of shoe boxes. Well guess what? They ARE shoe boxes! Our vision is that you will be able to enter your closet, choose the KICKS boxes you have collected, and open them up to see what’s inside. Since these are tokens for HODLrs, we envision KICKS working in a couple of ways:
- Actual KICKS art that represent different achievements like holding NFTs, hitting certain levels on Discord, achieving a certain amount of invites to discord, or other achievements like winning trivia or art competitions.
- Loyalty tokens that accrue on your account that can be spent in various ways within the Collective as a reward for community engagement.
How can they be used?
We are working on ideas that would make the KICKS resonate the most with the Collective, so here are some initial thoughts about how they could be spent:
Purchase Chameleon merchandise
Access to special community events
Eligibility to limited time air drops (KICKS NFT?)
Participation in future Chameleon CHANGES
3D printed Chameleons
We are excited to hear the COLLECTIVE ideas for KICKS. What do you have in mind? What makes you want to HODL forever? Let us know on Twitter or in Discord!
Written by: BeardedKSum
