Introduction to RECT.ART
1. What is RECT.ART?
A collaborative image NFT generating platform which users are restricted to create NFTs by adding rectangles, and derive all kinds of forms through evolution. Every NFT in this system can be inherited by others and get a part of the revenue from the child NFTs. The metadata of these NFTs will be stored natively on chain and saved in the form of SVG.
2. What is TopBidder & rNFT?
All the NFTs minted by RECT.ART are naturally rNFTs under the rules of TopBidder(TB) Protocol.
TopBidder is a radical auction protocol based on ERC721 standard. It adopts the theory of Radical Market and implements a non-permanent owned crypto assets’ (Radical NFT, referred to as rNFT).
TopBidder protocol improves the ERC721 standard with an additional bid function. Any bidder can obtain the ownership of a rNFT as long as the bid price is 10% higher than the last round. In this way, any rNFT has a native self-pricing mechanism meanwhile compatible with the traditional NFT exchanges, thereby improving the liquidity of the NFTs and realizing the price autonomy.
3. What is the difference between rNFT and traditional NFT?
The rNFT which generated by the TB protocol has its own pricing mechanism thus do not rely on any trading platform. Moreover, rNFT does not have an auction deadline, and is always in a state of perpetual auction. In other words, bidders can own the artworks for a period of time, depending on when the next bidder will bid. As compensation, the former bidder can receive 30% of this premium as subsidy.
4. What is the rule of RECT.ART?
- All NFTs are derived from genesis NFT, anyone can add up to 8 rectangles based on it’s parent NFT, we call this an evolution
- The canvas size is 240*240, each rect must not exceed the boundary
- Any rNFT can be evolved freely, and each rNFT can have up to 255 child rNFTs
- Support up to 32 generations of evolution, so the max rects in a single rNFT is 8*32 = 256
- Each work must have a parent and can not be generated without a parent
- No fees needed to mint the rNFTs, only gas cost
- One rNFT has two basic roles: the creator and the curator. Once a rNFT is minted, the minter will be the creator and will get the 50% of the premium from each bid on it. The curator is the current highest bidder of a rNFT, they can receive the 10% premium from each bid on all of its child rNFTs
- A rNFT’s initial price is 0.05 ETH, each bidding will rise the price with 0.05 ETH in the first 10 rounds, and then increase 10% based on the price of former round since the 11th round
- Any bids on a rNFT generated by RECT.ART will reward the bidder 50 $BIDS as gas subsidy.
- The premium is calculated by the price of current round minus the price of former round
- The premium of a rNFT will be distributed 10% to its parent owner, 50% to the creator, 30% to the former round bidder, 2% to the inviter, and 8% to the TopBidder protocol’s farming reserve for weekly distribution
5. What kinds of NFTs can I create from RECT.ART?
Collectibles, Arts, Memes, PFPs, Logos or any pic NFTs you can imagine. You can build the basic elements in a metaverse like trees, roads or buildings, or you can mint limited NFT weapons in a game, or you can create abstract artworks in a metaverse gallery like cryptovoxels. Want to create some punks? No problem, just set the precision of the canvas to 10px, because the size of a punk is 24*24
6. If rNFTs are not permanent owned assets, why should I buy it?
The parent NFTs can receive 10% of the bidding premium from all their child NFTs, support up to 255 child NFTs evolved from a parent NFT. So a rNFT’s owner plays the role of the curator of the rNFTs they owned, and thus get profit from curating the parent rNFT when evolving more child rNFTs.
Supposing you are a member of a DAO, you can create artworks for your community or being a curator. You can also create items template like armors or swords for your games, then fair mint (evolved) by your players. To create cryptoart is awesome, especially the abstract arts
7. What roles can I play in RECT.ART?
- The creator. To create items for games, artworks for the galleries, logos & memes for your community, elements for the metaverse you are playing, pfps for your web3 avatar… The creators will be as the permanent stock holders for their works, they can get 50% of the premium on biddings.
- The curator. To buy & curate the talent works and earn profit from their child NFTs. Each bid on child NFTs will reward the curator 10% of the premium. If someone bid over a curator on parent NFT, they can get 30% of the premium from the parent
- The promoter. To promote rect.art with your special invite link, anyone who bid rNFTs from your link will reward you 2% of the premium
- The liquidity provider. Join the BID/ETH Uniswap market making will reward these LPs with 100,000 BID monthly
- Stake & Join the governance. Accord to the white paper, the governance will be opened one year after the protocol launched. Before that, $BID Stakers can farm the protocol’s revenue weekly.
8. Can I use these NFTs in the metaverse?
Sure, all rNFTs are enhanced NFTs, they can be displayed on any places which support the NFTs. OpenSea, Mobile Wallet, NFT social media, Cryptovoxels…
9. What is TopBidder (BID) Token?
$BID is the governance token of TopBidder Protocol. You can lock $BID in the farming pool to farm the revenue generated by the protocol meanwhile has the power to vote for the proposals.
The team has setup the BID/ETH Uniswap Pool with 2.5M USD liquidity for daily exchange according to the white paper
Each bidding of a rNFT will send 50 $BID as reward to the bidders and halved to 25 $BID once 30M tokens have been distributed, then 12.5 $BID once half of the reserve have been distributed … A total of 60M $BID (60% of total supply) will be distributed as bidders’ rewards.
10. What is the mechanism of Farming Pool?
The team will create two pools for protocol incentive. Pool1 for protocol revenue’s weekly distribution in the form of BID/ETH Uniswap LP Token, and Pool2 for rewarding holding LP Tokens.
One can get farming power by locking their $BID with a period of time up to 12 months, the power equals the number of tokens multiply with the lockup months. A locking of 100 $BID for 12 months has the same power compare to locking 1200 $BID for 1 month.
Anyone can increase the lockup period up to 12 months or append $BID for more farming power. They will maintain the advantages if they don’t withdraw after the $BID unlock time.
The foundation has reserved about 2M BID Tokens after Balancer Liquidity Bootstrapping, these tokens will be distributed to the LP Token stakers in Pool2 by multiple campaigns. The first campaign is 100,000 $BID Tokens monthly rewards.
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