GTFO! WTF is this?
Introducing the new and completely X-rated NFT! This new non-fungible token is thoroughly audited for security by xHamsters, Xvideos, and currently undergoing its last review with xNXX. We have become so fungibly aroused at the prospect of this new offering, that we had to perform extra cron jobs over the weekend. We’d like to describe how erec…
Errr.. so sorry about that. We had a couple of interns from North Korea (Jorghino and Ichiro Suzuki) drafting these articles, and they got a little too carried away with the subject matter. We immediately fired them and are now scrambling to salvage our amazing strategic marketing campaign.
June 10
This is when the Project Galaxy campaign goes live! You can read more details below ↓ (Details on our platform launch are coming in a few weeks time.)
What is an XFT?
Everyone knows about the NFT (non-fungible token), the SFT (semi-fungible token), and now SBT (soul-bound token).
Today we are introducing the YOLO XFT
The X-Fungible Token, born directly from the YOLOrekt crypto sweatshop, is a new form of an expandable and upgradable non-fungible token designed to add new capabilities and functionalities to an existing token.
Unlike the NFT, YOLO XFTs are unique beasts. They are primarily designed and built for tracking your bid statistics on YOLOrekt. We think the YOLO XFT will be transformative, evolving to the demands of more adaptability and upgradability in the NFT ecosystem.
Using the XFT
XFTs are grouped according to a basetype, or level. Most levels are what can be considered a unique form of SFT. Though each token is uniquely identified by its participation stats (and id of course), it also shares its metadata and URI with other tokens of the same level. The highest levels contain NFTs which each have unique URIs. As mentioned above, XFTs are primarily designed and attain value through accumulating statistics, as opposed to saving URI’s. We will have more in-depth technical information on how we have extended the ERC-1155 multi-token standard to fit our needs in the upcoming articles.
What’s next?
We are teaming up with Project Galaxy, a leading collaborative credential infrastructure that empowers brands to build better communities and products in Web3. In this collaboration, Yolorekt will launch a minted XFT campaign that will continuously run for 1 month and every user will get an equal chance to unlock YOLO XFTs until supply runs out.
The first campaign will go live on June 10th, 2022. More details will be announced before launch.
Minting YOLO XFTs
Anybody with a decentralized wallet can participate in the campaign. It requires users to sign in to Project Galaxy at https://galaxy.eco, then connect the wallet to the MATIC network and complete the approval process. Once setup has been completed, users can claim their OAT (Onchain Achievement Tokens) that can be later redeemed for YOLO XFT at the Yolorekt website for $10 USDC or USDT for minting.
Why do I need a YOLO XFT?
YOLO XFTs are not essential to access YOLOrekt. These XFTs stand at the intersection between the YOLOrekt launch and its first set of loyal users. Having said that, they act as much more than a collectible because YOLO XFT bidders will earn rewards. There are 6 XFT levels with progressively increasing rewards. Each XFT is linked directly to the user who currently owns it and its user’s contributions to the YOLO markets in the form of bids. The token can be upgraded once the token meets certain bidding thresholds.
YOLO XFTs take into account the participation of holders and how much they contribute to the YOLO ecosystem through a mechanism called ‘Proof of Contribution’. This essentially means that we won’t sell any upper level NFTs into the market–unfairly pre-slotting those who are willing to shell out money to front cut the rewards line–users will have to contribute in order to upgrade their current XFTs and move up the ladder to earn better rewards. However, XFTs are NFT backwards-compatible and trade just like one. Users who build up their token stats and/or upgrade can monetize their time and money by subsequently selling their token to others.
How will the distribution work?
The YOLOrekt team won’t hold any XFTs. Each and every XFT is reserved for our community and events.
About YOLOrekt
YOLOrekt is building a comprehensive short-term prediction platform for crypto, stocks, and more. YOLO is a social and fun way to bid on the future price of an asset. Provide in-game liquidity to earn game fees and YOLO rewards.
Visit us at yolorekt.finance
