NCO Update — Aug 2022
The exploration of practical implementations of non-fungible tokens has always been among our defining values at RC3. Under this premise, about a year ago we published for the first time our conceptualization of a novel token sale format that’s built upon the experience of its predecessors (e.g. ICOs, IDOs, etc) while at the same time showcasing the broader reach and added value of NFTs to decentralized fundraising; the NFT Coin Offering (NCO).
The scope of the present article is to provide our community, that’d be RC3 NFT, or RCDY holders, creators, and supporters, our partners and investors, and FFF with updates in regards to the broader NFT scene’s response to our NCO, as well as share our updated tokenomics model followed by some spoilers about the public sale which will be hosted on our partner’s platform, Roll.
World’s First NFT Coin Offering (NCO) Update
Although the NFT scene has inherently been open to innovations and pioneering use-cases, there’s obviously minimal time required until the broader community picks up and embraces a new trend. Being no exception to the rule, this pattern also applied to our own innovative use-case, aka the world’s first-ever NCO.
After a long year of presenting the NCO to infrastructure providers, builders, NFT investors, and early supporters, we are extremely proud and thankful to have been backed by two (as of the time of writing this article) key players of the space.
First, it was the decentralized information storage veterans at Arweave that purchased the first-ever NCO investment slot pivoting their support and trust in this new fundraising model.
Earlier this March (2022), we were invited to present RareCandy3D at the Open Web Foundry 6 Demo Day organized and hosted by the Arweave team. This is where we had our opportunity to explain to a packed audience of NFT-native individuals our conceptualization of the NCO both as a standalone token sale format but also as a vital part and fundraising model behind RC3.
Below you can find a link to our very presentation:
Despite RC3 having been using Arweave since day 0 for data storage, our Demo Day presentation created the necessary synergy for our partnership to get upgraded to include storage of the whole dapp logic as well as technical support for interactions that involve NFTs with RFID/NFC chips, IoT, and the metaverse.
Our next tap on the back came from our friends at Defiants; the non-profit community growth accelerator agency which we have been in contact with since the early NFT days supporting and helping each other out. As both our projects matured, it was about time to establish a more formal partnership that got sealed by the purchase of another NCO investment slot.
Besides trusting our vision at RareCandy3D and investing in us, Defiants showed their appreciation and trust in an article published on their Medium account explaining why and how they backed us — an undeniably good read.
Having secured two investments is frankly a huge step for us at the RC3 fam given the effort and energy that has been spent on a daily basis for almost 2.5 years now. Nevertheless, we feel extremely thankful to our early supporters, artists, and community members that have been trusting us and resonating with our mission. Nothing would have been possible without all of you ❤
Let this be just the beginning of a new era in the NFT scene, one that’s putting utility, accessibility, and innovation at the forefront.
NCO For Dummies
Our conception of an NCO as a new fundraising & token sale format that’s native to the NFT scene still remains as fresh and contemporary as when we first published it. If you’d like a fast-track explanation of the NCO, feel free to take a look at the lightpaper. If you have ever bought an NFT in the past, it’s as simple as that.
“Almost 2 years ago, while brainstorming with Ross around tokenizing investments, we came up with the concept of an NCO. In contrast to other fundraising models, an NCO utilizes ERC-721 tokens as investment vehicles that carry access to ERC-20 tokens.
In other words, limited-edition NFTs act as investment slots, where each NFT contains a claimable link for predefined amounts of $RCDY tokens that only get accessed via the purchase of the NFT. Boom!”
-Andro, Head of R&D
Tokenomics & Metadata
As time passes, our stats are also growing. Here’s the latest overview of RareCandy:
- Roll holders: 268
- Etherscan holders: 69
- Total holders: 337
- $RCDY claimed: 135,694
- $RCDY sent: 22,205
- Circulating: 157,899
- Total supply: 6,090,570.35
- Max supply: 10,000,000
ERC-721 (RC3 Legacy Contract)
- Highest sale: $4,4k
- Floor price: $156
- Current Avg: $323
- Total Volume: $15,1k
- Total Holders: 24
- Total Transfers: 145
Holding $RCDY grants access to a series of perks and benefits (discounts, governance, hiring content creators, access to metaverse events, earning passive rewards). Besides the platform utility aspect and gamification elements that make the token a must, we want to create a deflationary bonding curve model that’s partly backed by the median value of RC3 NFT Originals. The more activity on the platform, the more $RCDY gets locked to the bond with a price relevant to the physical NFTs arsenal currently circulating. Over time, this will make $RCDY an index token that supports real-life value, utility, and tangible assets rather than a virtual currency solely relying on market conditions.
We’re currently in talks with Roll, finalizing the structure of the $RCDY Membership that will be hosted on their new section. Essentially it’s gonna work like Patreon tiers.
For one, we’re extremely proud as Roll was inspired by the NCO to come up with a launchpad for token-gated subscriptions to your favorite platforms, artists, and creators, but we’re also fascinated that we’re finally going LIVE, without CEXs, huge VCs, or paid bot trading liquidity pools :P Instead, we’re launching with our early partner and token issuer Roll, and the conditions of the sale will be hosted on publicly readable smart contracts, facilitating equal participation among all backers regardless of their ETH pockets, or affiliation to the platform.
Still working on a fancy way to showcase how this is gonna work but here’s a rough idea:
10000 lots, that contain 100 RCDY each will be distributed in 3 phases. Each phase has its own rules, conditions, and duration. Any unsold lots will be released from the sale contract and used to fund DEX pools, starting with Roll Exchange and Uniswap at a fixed price of 0.0025 ETH per RCDY token.
During the sale, 1 lot (100 RCDY) is the minimum amount of tokens one can purchase. Individual RCDY tokens will be available right after the first pool is LIVE. Although that’s not as flexible as saying someone with $1 could invest in the token sale, we ensured that the entry point is way lower when compared to the NCO NFT Investment Slots, and it should be more than fair to casual Web3 users. We also advised our FFF and their idea is to spend $500-$2000 to support RCDY, so that’s already more than 1 lot on average per capita.
If you still feel that’s above your current availability, you can wait until the token is traded live on DEXs, or join our Discord to learn how you can support us directly without spending ETH, but making RCDY along the way ❤
Depending on how many RCDY you hold, you get to unlock different collector tiers (here comes the Patreon part), which would also be reflected in your navigational experience with the platform and with the broader Web3 in general. Again, these are not final, and I am not talking only about the graphics lol. The idea is present for transparency reasons, but we might tweak some stuff here and there to ensure everyone who participated has the best experience. (eg. if nobody reaches the Legendary Pack, we will still distribute the merch to previous tiers, etc.)
Although there are 1000 lots for the whitelisted phase, each wallet can purchase up to 5 lots during that phase, meaning that if hypothetically, whitelisted wallets exercise their purchasing ability to the max, we would only need 200 wallets to buy 1000 lots, instead of 1000 wallets, where 1 lot would equal to 1 wallet. In parallel, we’re still in discussions with Roll, multiple market makers, and internal investors to cultivate our strategy fwd with DEX pools. Expect updates on that front in the upcoming weeks.
Why Do You Need 🍬RCDY? 🤔
- 💰 Buy NFTs with a discount
- 💸 Enjoy DeFi Tools and Services
- 🗳️ Propose, Vote, and Govern
- 💼 Hire Content Creators
- 🍬 Participate in Unique RCDY-only Drops
- 😎 Participate in Metaverse Events
- 💸 Earn Passive and Active Rewards
- ⛓️ Cross Chains with Ease
- 👚 Backed by Scarce Digital and Physical Assets
- 🔥 Deflationary Bonding Curve
The NCO is still ongoing, and the only thing that changes after the $RCDY Memberships is that the NCO NFT Investment Slots will adapt to the market pricing at the moment someone bids for a ticket. So, whether 1 $RCDY costs 0.01 or 0.1 ETH affects the total price of an NCO ticket, as it has a predetermined amount of $RCDY in it, regardless of its price. Small detail, but we had to clear that up.
The other day someone hit us on Discord saying we do wash trading referring to our last EAI003 sale. To clear things up: we never promoted the sale of EAI003, as it was a 1/1 gold-plated record vinyl with music written by our CTO, Henry, who also purchased the vinyl (and if you notice the transaction — we sent the money back) which can look suspicious, but we’re upfront about it. It’s obvious for Henry to have his first and only single edition record vinyl, especially if it’s an NFT on the platform he’s building, so we didn’t think that’s a big deal. Yet, we had to clear that up.
Stay tuned for updates, as we approach the Season 4 Update, which introduces the new platform/dapp as well as the $RCDY Memberships, which is programmed for September 21st. Join our growing community on Twitter and Discord to stay ahead of the curve, but also to share your feedback, good or bad, we’re here to listen and adapt ❤