BitAstir | Announcement | NFT’s
Astir MasterPass Migration
Deploying our 721 & Distributing the New Collection
BitAstir Launched it’s MasterSport NFT initiative early 2022 with the introduction of the “→Astir MasterPass←”
Since then, the nft industry has gotten beaten, the crypto industry bled alongside the macro backdrop of the global economic downturn, the metaverse is still nowhere to be found & BitAstir has matured into the most mature sport authority on the blockchain (at least we think so).
However, there is always more than meets the eye.
Even with a tumultuous market the Astir MasterSport collection has managed to attract a group of 40 enthusiastic NFT collectors that have poured more than >12.5 ETH into the collection; scooping up over >80 MasterPasses. Their commitments have given BitAstir focused data, in the form of on-chain data feedback to work with on improving the metaverse lifecycle of athletes.
The First optimization made was the “Astir NFT $BITA Rebate“.
Released mid-may of 2022, the rebate came as a bi-product of assessing the operational excesses required in order to participate. The excesses we speak of are the economic entropy of blockchain systems… those of so dear Gas Fees 🙃. At an open market rate of 0.125eth per masterpass the average fee associated with processing a trade request would fall into the range of 0.021–0.043eth; or roughly ~28%! Add to this the fact that NFT transactions are layered in a multitude of other fees; Marketplace fee of OpenSea 2.5% (0.00285eth)+ the MasterPass Collection Fee of 3.3% (0.0037eth); the real cost to a user required for obtaining a masterpass landed right about 0.154 eth.
This meant every 4 masterpass purchases burned the monetary value of the 5th… this is unacceptable, nor is it indefinitely sustainable. Our solutions were Limited in scope; removing the associated masterpass collection fee of 3.3% would bring the average down to 0.15 & utilizing other platforms to reduce the marketplace fee would at most bring down the cost somewhere around 0.149 eth (assuming 0.5% less on looksrare) or at best 0.1475 on some feeless marketplace. Cutting out the most popular platform in world & their audience (OpenSea) was not an option; reducing the collection fee would hinder the treasury development of the project & reduce it’s validity.
The only solution was to find an arbitration mechanism for the gas fees. Hello $BITA token. Since the token needs to maximize its velocity & distribution, tying it to the masterpass not only engendered the system’s components more natively to each other ($BITA← →Masterpass) but it gave the token an added audience to disseminate to.
As BitAstir prepares to enter the 3rd quarter (2nd half of 2022) with a continuation to the MasterPass collection & expansion to its mastersport inventory, it demands an infrastructural upgrade to its NFT’s.
Until now, The “Astit MasterPass collection” has been implemented as an ERC-1155 standard token via lazy mint on OpenSea. This standard has served us well, however, the industry is moving to a more open standard for it’s tokens, one where the token contracts are uniquely deployed by teams rather than through centralized services. Thus BitAstir is proud to be announcing the
“Astir MasterPass Migration”
Scheduled for sometime late June/ early July 2022.
BitAstir will be deploying an ERC-721 contract for the Astir MasterPass.
- Airdropped to existing holders (1-to-1)
- Claimed by Burning / Migrating old MasterPass (1-for-1)
- Secondary Market (OpenSea / Looksrare / Rarible/ X2Y2, etc…)
BitAstir will abide by the same pricing structure as originally planned in the initial MasterPass documentation here (0.125→0.141eth).
As Originally planned: 1,111 MasterPasses
🌐→ Website: www.bitastir.io ← 🌐