Cardano DePIN Project Snekkies Mints Out
4/18/2024
This week the Cardano community witnessed the launch of Snekkies, the first Snek Pit project to launch. Snekkies is a novel project that combines the power of memes with the innovation of community owned decentralized physical infrastructure. This new approach may be set to revolutionize how we think about NFT utility and community involvement. This article delves into Snekkies, its mint, and more.
What is Snekkies?
Snekkies is a community-led project launched by the Snek Pit, a community project incubator powered by Snek, and is the official Snek pfp collection. There are 7,777 NFTs in the collection which includes several 1/1 pieces. Snekkies is a DePIN ( Decentralized Physical Infrastructure) project that purchased crypto miners from mint funds. The crypto generated from these miners will provide holders with passive income paid out in $SNEK.
During the first 90 days of operation for each mining unit, 90% of all revenue generated will go towards compounding and obtaining more crypto miners, and 10% will go towards project development. Once a mining unit has been operational for 90 days, 50% will go towards holders staking their Snekkies NFT, 20% will go towards compounding, while 10% goes towards holder flex, 10 for project development, and finally 10% will go back into the Snek Pit treasury.
Project Mint
The Snekkies mint was launched on April 16th, 2024 for the price of $77 per NFT. The mint was highly anticipated especially within the Snek community who was eager to show their support by the first Snek Pit project. Snekkies quickly sold out during the whitelist phase and did not make it to the Snek holders phase of the mint, underscoring the popularity and high demand for the collection. The project now has a war chest of just over $500,000 USD to spend on miners and operation costs. Within 36 hours of mint, Snekkies reached the milestone of 1 million ADA in secondary volume sales, despite the fact that NFT markets are still currently in a bear market.
Conclusion
The Snekkies project exemplifies a creative fusion of meme culture and decentralized physical infrastructure (DePIN), establishing a novel model for community-driven economic systems within the blockchain space. By leveraging the universal appeal of memes paired with the practical benefits of DePIN, Snekkies not only captivates but also sustains a vibrant community through its innovative approach to generating passive income. It will be interesting to see how the Snekkies project develops over the coming weeks and months.
You can find out more about Snekkies at the following link: https://snekkies.com/
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem.
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