Megapont Developer Update November 8th 2023
Welcome to the first Megapont developer update.
What are these Megapont developer updates? The intention is for them to be concrete updates to things in progress that we are working on, picking up in the immediate future or want to share with the community.
“Give people what they want in the SIMPLEST way possible.”
In our latest newsletter, we spoke of our commitment to update the Megapont community more frequently. We had planned to kick off these developer updates in the new year with a video format featuring editing and other shiny goodness. Fuck it. For now, we will give you updates in the simplest possible form.
You want to know what we are working on and when things are coming, so here we are.
MegaPixe Teleburn Application
Original Release Date: November 8th.
Updated Release Date: November.
Above is an internal early sequence diagram that we put together to illustrate some of the interactions involved in the Teleburn application. The final technical design has slightly changed, but the core flows remain.
Our focus is on simplifying the experience for the collector.
When the application is live, you will have 3 things to do:
- Pick what NFTs you want to teleburn
- Pay with either BTC or $PIXE for the new inscription
- Complete a TX to burn old NFTs
You can teleburn multiple NFTs simultaneously, but this will require approvals for the smart contract to transfer all the required NFTs. The application will handle this.
The inscription must happen before you can burn your old NFTs, as the inscription ID is needed to create the teleburn address.
This process is irreversible. Your old NFTs are not coming to us. We can’t undo the process for you. This is why we have attempted to abstract away as much complexity as possible. Can you do this without us? Sure. We’re just here to make it easier.
Wen!?
We had initially hoped to get the teleburn application live today, but we need more time. Why? We are destroying people’s assets in exchange for another one. If someone goes wrong, we can’t simply update metadata.
We also needed to spend time and energy focusing on shipping the Teleburn Verification API we discuss in this update.
MegaTools
Like many other NFT projects, Megapont has struggled with a monetisation path that makes sense over a multi-year time horizon. Coinciding with that, we have spent significant energy discussing how we deliver value back to our community.
As a project, we have always intentionally avoided getting caught up in the speculative hype of NFTs within our collections. The reason for this is simple.
Financial ruining someone is worth avoiding even if it means we don’t financially liberate another.
Our NFT drops in the past 12 months have been free, $15 or $50. And we have disclaimers on our mint websites. We are trying to make it clear. Do not speculate
Bored Ape Yacht Club traded at $500,000, Cyberkongz at $500,000, Art Gobblers at $50,000, Azuki at $40,000, $APE at $25, and Megapont Apes at $10,000. It might seem obvious to everyone now, as those collections are all 90% down, that the good times could never have gone on forever.
During those good times, it feels like they will go on forever — number-only up vibes. Those peaks were when FOMO was at its highest, and people were piling into the projects.
The Ordinals community is going through its third speculative bubble. I expect this one to be just as crazy as the prior two. As a project, we will not be following suit and promoting NFTs as generational wealth, early buy opportunities, good entries, and historical art.
So what are you going to do?
Be a home for the misfits and the rebels of Web3. Our community is the best. If not a little bit annoying, looking at you — the community Pixel account and a certain red-eyed jedi warrior.
We will also focus on delivering value to holders by providing the tools to build the next Megapont, create the next memecoin, save money when inscribing, and create your own crypto startup.
MegaTools are one arm of that vision. I am excited about MegaTools because they are a bunch of developer APIs and SDKs that we can ship often and in pre-release alpha states.
WEN, WEN. This week for some tools…
Teleburn Verification API
Release Date: This week.
Teleburning NFTs bring about several challenges.
How do I know if this inscription has a teleburned NFT?
Here’s what you need to do right now:
- Obtain the teleburn address from the NFT
- Go to an Ethereum explorer
- Browse any NFTs at that address
- Iterate through all NFTs to see if any match the inscribed NFT
“That’s not difficult” you might say. We should be making Web3 easier to use, not more difficult. Asking a user to go to 3 websites and click 12 things isn’t a good user experience. Not to mention the fact no one in crypto can read.
We will be releasing an API that will take an inscription ID, return details of any NFT tokens at the teleburn address and also return any media matched teleburns.
Media Matched Teleburns
A Media Matched Teleburn is one in which the media at the teleburn address matches the inscription.
Our API will validate if the media is a match and return details of any media matched teleburns. There could, of course, be several. The API will additionally accept a filter parameter for media matched teleburns.
A marketplace could request that we verify a teleburn with a contract address for the original Ethereum collection. Thus, a counterpart collection of Ordinals could be traded as the official teleburned collection.
This would require no approval or acknowledgement from the original collection. Rugged communities of great PFP art could detach themselves from the Ethereum smart contract and migrate to Bitcoin.
To use the MegaTools Teleburn Verification API this week, you must hold a Megapont Ape, MegaKong, MegaPixe NFT, Megapunk in Emblem Vault or a Megapunk inscription. We will share details of how to access the API and manage your keys when we release the API.
Inscription Service
Release Date: This month.
A free-to-use inscription service for our holders.
Pay with Ethereum, Bitcoin, PIXE, Solana and more, with no service fee. You read that right. Create your inscriptions with Ethereum or Solana.
Did we tell you there was no service fee? Anyone can use this inscription service outside Megapont, but there will be a service fee.
I hope the existing inscription service follows suit in providing a no-cost way to inscribe and availing multiple forms of payment to inscribe.
Until next time, stay safe and degen responsibly.
