Galactic Punks: Beaten, Battered, and Still Building
Galactic Punks (GP) has widely been considered the grail PFP collection in the once-thriving Terra ecosystem. It was worn with pride by self-proclaimed LUNAtics, who helped drive Terra’s ecosystem growth.
Like many Terra projects, Galactic Punks had its treasury decimated from the collapse of Terra in May 2022. Since then, many projects have moved on to different blockchains, while Galactic Punks stayed with Terra and began migrating its collection to LUNA 2.0 on July 30th.
As someone that holds multiple GPs, I recognized a lot has changed over the last six months, and many have been out of the loop. So, here’s a quick overview of where things stand.
Galactic Punks Utility (As of Dec 2022)
Galactic Bounty — The Galactic Bounty is a unique gamified content creation program that benefits GP content creators and the broader Cosmos community. The program leverages the Galactic Punk community and its thought leaders to create content for the Cosmo ecosystem.
Working with handpicked Cosmos projects, Galactic Punks creates bounties that incentivize creators to produce educational content with cash prizes and giveaways. The program’s objective is to establish Galactic Punks as a content creation hub that advances the growth and adoption of decentralized economies & finance within Cosmos.
Community Poker Game — Galactic Punks like to have fun too. GP hosts monthly members-only poker tournaments with prizes for top places.
NFT & Metaverse Education Course Scholarship — The University of Nicosia currently offers a free online course on “NFTs and the Metaverse.” Upon course completion, an NFT certificate can be minted for 0.25 ETH. Galactic Punks is sponsoring the cost of minting (0.25 ETH) for the ten most active participants in the course.
Validator Governance — Galactic Punks Terra Validator votes on proposals as a collective. As a Galactic Punks holder, you get a say in how the GP validator will vote whenever there are Terra governance proposals.
Own the IP — Holders of GP NFTs own the commercial rights over their Galactic Punk’s IP.
For more information refer to ( “Galactic Punks Holders — You Own Your IP” )
Looking Ahead
The bear market has made it more challenging for Web3 projects, Galactic Punks included. At the current burn rate, Galactic Punks has less than a year in runway capital under current estimates, which should be a cause for concern. Necessary adjustments will likely need to be made to improve sustainability.
However, I remain optimistic; Galactic Punks is reestablishing the Galactic DAO and going through its first council election since migrating to Terra 2.0. With the fresh ideas and more hands-on deck, expect to see exciting new developments on the Galactic Punks’ roadmap.
How to Support Galactic Punks
Stake with GP Validator — Galactic Punks is a community-centric project that relies heavily on validator revenues to fund operational expenses. It has enabled Galactic Punks to continue to build through the bear market and contribute to the growth and adoption of Terra and the broader Cosmos ecosystem.
An easy way for LUNA holders to support Galactic Punks is to stake their LUNA with Galactic Punk’s validator.
Buy a Galactic Punk and Join the Community — The Galactic Punks’ community is made up of LUNATics and Cosmos enthusiasts; if that sounds like you, consider picking up a Galactic Punk and joining the community of like-minded individuals. A small portion (4%) of secondary sales goes to the DAO treasury. You can buy Galactic Punks from RandomEarth.io and Knowwhere.art
Or better yet use TFM, Cosmos first and only NFT Aggregator.
Closing Thoughts
Galactic Punks has always been more than just another NFT project. It’s a community that believes in building a world with greater financial inclusion through decentralized economies. And a community that has contributed to fostering the growth and adoption of those ideas.
I still believe in those ideas despite Terra’s collapse. So, if Galactic Punk’s mission is to help foster the growth and adoption of the Cosmos ecosystem by becoming a hub for educational content creation. For me, that’s something I can stand behind and support.
