BUNs: How They Automate Exclusivity, Active Status, and Membership Intake
BUNs are versatile in their application. They act like a chameleon, automatically regulating different aspects of membership rules, making it hassle-free for members. This post outlines the simple design which allows us to:
- Control Membership intake
- Create an exclusive club
- Determine if a member is an active member
- Penalize members for not being an active member
Some Basic Concepts
First, an “active member” is defined as a member that has at least 1 BUN in their Loot NFT wallet (i.e., account).
Second, in a previous post, I described how the Oven (a time-locked wallet) recirculates tokens back to members and Loot NFT. Combining this mechanism with a limited supply of BUNs is key to how the magic happens.
Third, an “open member intake” is defined as a period where members can whitelist their email addresses to participate on Loot NFT. In the future, we’ll introduce other unique digital identifiers (such as a public key), but for the purpose of this post we’ll keep things basic.
Inviting New Members
Outside of open member intakes, the only way for new members to join is for an existing member to spend 1 BUN (currently) to whitelist an invitee’s email address. This fee acts to prevent spamming and to prove membership. Once an email address is whitelisted, the member can then tell their invitee to register. Note that there are no automated email notifications.
Registrations
To join, an invitee clicks on the register link and signs up with their whitelisted email address. At this point, a couple of checks happen. First, the system verifies whether an email address is whitelisted, then it verifies that the referrer’s wallet balance is greater than 0.
This ensures that the referrer is an active member of Loot NFT.
Immediately thereafter, the invitee must purchase BUNs to enter Loot NFT.
Previous Members with no BUNs
When logging in, members with no BUNs in their account (or without at least 1 NFT that they own on Loot NFT - i.e., neither burned nor sold) will be met by a paywall to buy BUNs. It is therefore a good idea that all members always have at least 1 BUN in their account, otherwise they will not be able to enter without first purchasing BUNs. This ensures all members have active status.
But wait…What if Loot NFT has no BUNs to sell?
Good pick up!
Since Loot NFT sells BUNs at the gate (so to speak), combined with the requirement that all members accessing the site must have at least 1 BUN in their account, if Loot NFT runs out of BUNs before the Oven redistributes the BUNs on Sunday at 00:00 UTC, no one without a BUN in their wallet can log in or sign up. They’ll have to check back after BUNs from the Oven recirculate back to Loot NFT. This is like a regulating valve that allows members in if they retain their active status, and the flow of new sign ups.
The above creates a self-regulated exclusive club. All with a BUN!
❤️ Loot NFT
