Goofy Gophers Mining Club NFTs
Overview:
The Goofy Gophers Mining Club is a grass roots level NFT project. It offers holders that stake their tokens potential rewards that come from their diversified crypto mining operations. The collection contains approximately 8000 unique NFTs and these can all be staked for varying levels of potential rewards. The project utilizes a gamified approach to this and is the first community driven project of this kind on Cardano, with more such as Fuzzy Fellas to come. They are linked to the institutional level Kingdom Project and DC Mining. In a nutshell, you can purchase their tokens on Flipr and JPGStore, stake them on their website and once they have completed their burrowing period, you can collect the potential bounty that your gophers have collected! The underlying purpose of this project is to provide access to crypto mining to retail customers without them having to deal with the hassle of managing or maintaining ASIC machines. So, as a potential source of passive income, this project is both fun and promising. It functions in a similar manner to GoMining on Ethereum and Binance but without their attempted trappings of KYC.
Project Utility:
Goofy Gophers fit under the category of utility NFTs. Their utility is a share in the hash rate of the project’s mining operations. The fun comes from the different professions and skill levels that each gopher possesses and the resulting gamification.
The royals are the highest earning tokens available. There are only 99 of these and they receive a share of a 3% tax levied on all gopher payouts. They also receive 5% of secondary market royalties (10% of revenue from all gophers sold on the secondary market goes back into the project) and 3 votes in the Juniper Room (the corner of Goof Castle where the community votes on project developments).
The next rarest category are oracles. There are only 100 oracles in the collection. These NFTs offer the holder the ability to make a prediction regarding the rate of rewards in the following reward period. The oracles with the three closest predictions receive additional payouts based on these successful predictions.
The third rarest category appears to be merchants. There are 200 of these tokens and they receive 50% of all secondary market royalties collected by the project. Like royals, they also receive three votes in the Juniper Room.
Thieves round out the four categories of rare gophers. There are 399 of these and in each reward period, 50 thieves randomly steal the payout from all other thieves. These gophers don’t pay tax to the royals and are banished from the Juniper Room.
The rest of the gophers fall into three different categories: miners, wizards and warriors. Each category has its own benefits. There are three ranks of gopher within each category: apprentices, experts and masters. Masters receive two votes in the Juniper Room with apprentices and experts only receiving one vote each. Each rank also has a different level of rarity in the supply of gophers. This means that are 2003 apprentices in each category, 601 experts and 99 masters. Within this framework, the rarer the NFT, the more boosted the level of pay outs.
The coins mined are detailed in the image above. All currencies mined are proof of work and profits from mining are compounded before being paid out in ADA. It is worth noting that only staked gophers receive mining rewards. This is done by burrowing your gopher on the Kingdom Connect dashboard via GGMC.io. Reliable profits come from mining proof of work coins such as Bitcoin, Dash, Litecoin and Doge. With the riskier side of this portfolio coming from newer projects such as Nervos and Kadena.
Project potential:
The project is a pioneer within the Cardano NFT space. They have had a plan since inception on how to fund the future growth of the project. What is interesting about this is that the project does not make payouts to the founders. It also gave them no place in a pre-sale phase or on any kind of whitelist prior to the launch of the collection. To me, this shows integrity and transparency regarding the structure of the project. All decisions regarding future expansion of the project are subject to community votes in the Juniper Room. This aids decentralization and places the proportion of voting power in the rarity of the tokens held by the collection of respective investors.
Please note that I am an investor in the project and I fully support what they are doing. My personal investment interests are aligned with the success of this project. I am interested to see that they are already involved with the upcoming Fuzzy Fellas project and can see that their expansion is already happening in real time. I did not join the project at inception but have since purchased tokens on the secondary market. In this sense, I am a relative newcomer.. Personally, I believe that it is well situated to succeed in the future. It was built during a bear market and the price of coins that its treasury holds will have started to appreciate rapidly as the coming bull run ensues. One thing to note though is that the prices of tokens on JPGStore seem to be significantly lower than those on Flipr. I would recommend doing your research on this before purchasing a token to ensure that you get the best gopher for your gopherite.
I am bullish on the project overall and this is in line with my general thesis on all leading Cardano projects. Do your own research and do not treat this as financial advice. This article is for informational purposes only.
Find out more:
GGMC Website;
GGMC Ecosystem Docs;
GGMC Minepaper v2.5;
GGMC on YouTube;
GGMC on Discord;
GGMC on X;
GGMC on JPGStore;
GGMC on Flipr.
Disclaimer: this is NOT financial advice. I’m a cow and I like to eat cereal. Any knowledge gained from this post is merely incidental and you are responsible for your own financial decisions. Make investments wisely and make sure to do your own research.
