ApeSwap IAO #008 — Wut?
Understanding the next launch…
I decided to do something different this time. It was always a plan to cover the post-launch of ApeSwap’s IAO in a follow-up article but this time I felt that I needed to help do some pre-launch coverage on the upcoming project which is NFTY Labs.
When the IAO was announced just days ago, I found myself doing the usual, checking out the website of NFTY Labs and trying to understand the sale. What is NFTY Labs? What’s the tokenomics be like? What services will they offer and how will they remain sustainable? Questions like these are what I typically attempt to understand to get to know the project better.
NFTY Labs Brief Overview
Yes. They are related to NFTs but they are not a regular NFT project that you see being touted on Twitter or heard that a celebrity had aped in. They are also not a launchpad for an artist to create NFTs and sell it on the marketplace.
What NFTY Labs are is a platform that enhances the value of NFTs that have already been created, by offering the NFT project owners and their community more utility to their beloved NFTs.
An example would be one of the first offerings called NFTY Connect. This is basically what NFTY Labs term as token gating. Any URL link or Telegram/Discord channel can be put behind a token gate and only holders of NFTs can pass through the gate to access the contents within.
Now imagine that in a COVID world, musicians are now able to leverage on this to sell NFT “concert tickets”, stand-up comedians can also do that or even online auctioneers can hold special one-time sessions for their most active customers and have these instantly verifiable at the token gate.
If you have read about the launch of Pak’s cubes earlier this year, which spanned multiple days and which I felt it was as marketing success as much as it was a NFT launch, I can appreciate how much value a token gate would have brought to the table in Pak’s release.
There will also be a NFT marketplace for users to buy and sell NFTs but the focus will be more on adding utility to existing NFTs.
By the end of 2021, we can look forward to NFTY Labs plugging into the mobile community. As we all know, mobile saturation is huge and it will help drive new user adoption as well as provide convenience to existing users who can now access the services provided on the go.
$NFTY Tokenomics
A total fixed supply of 1.4 Billion native tokens called $NFTY will exist. They will exist on the Binance Smart Chain and Ethereum networks and will be bridgeable. In future, there may be plans to host $NFTY in other blockchains as well.
At the current moment, $NFTY tokens are primarily used for “payment” for NFTY Connect services as well as API access. They are also used as a governance token and can also be earned by users who participate in the “Access to Earn” feature. Royalties resulting from sales in the marketplace will also be paid out using $NFTY. As more utility is expanded into the platform, I am pretty sure that will increase the rate of usage of the $NFTY token.
Do note that the NFTY white paper does mention deflationary plans for $NFTY such as burns from use of services and buyback mechanisms.
IAO Details
This IAO looks to be another game-changer in the Crypto space. All the more so when you realize that it actually took longer for the ApeSwap team to bring this IAO to the market this round.
Instead of the regular 12 hour timeframe to commit purchases, the commit window for IAO #008 will last for 24 hours this time. There will also be 3 commit pools — $BNB and $GNANA on ApeSwap and $ETH can also be committed to purchase $NFTY tokens at CyberFi launchpad. As usual, all proceeds will be used to help launch NFTY Labs with the exception of $GNANA being fully burnt.
In order to prevent an immediate dump, a 3 month vesting schedule will apply to all 3 commit pools. As soon as the IAO ends, all successful commits will receive 25% of the tokens purchased and the remainder will be completely vested on a 90 days schedule, every 30 days.
$NFTY Labs token will be priced at $0.0125 which makes their fully diluted marketcap at $18 Million.
My thoughts and strategies
I’ll be going all in with all the $GNANA that I have. There are primarily 2 reasons.
First, there is no other project in the market like NFTY Labs that is focused on providing value and utility to already minted NFTs. Usually we will hear about new marketplaces and that’s more or less it! Same utility repackaged differently. However, NFTY Labs developers look to be more far sighted and they will become the first mover in the services that they provide. On top of this, being chain-agnostic is a plus point for me. Today, we see a lot of activity in Ethereum and Solana for NFT projects but if it ever changes, NFTY Labs could already be there while others are trying to go cross chain.
With the weight of Binance behind it’s own NFT marketplace, you can be sure that on the BSC side, NFTs will start heating up as well as an alternative to other chains.
Secondly, it is a no-brainer when I computed the marketcap of $18 Million. With the vision of the developers at NFTY Labs, I believe this is too small a figure especially when it is first in the space. NFTY Labs potentially will do so much more than that.
Summary
ApeSwap IAOs have always been very successful. The fact that all past IAOs are still BUIDLing today shows that there is a lot of commitment, both on ApeSwap and the IAO partner to ensure that us users can not only stand to enjoy the services provided, but at the same time get rewarded for believing in the value proposition.
Before I sign off, here are again some points for the folks who wants to TLDR instead.
- $NFTY is used to pay for the entire suite of utility provided by NFTY Labs
- As users use the platform, they can also earn $NFTY
- NFTY Labs core purpose will be to enhance value to existing NFTs by providing services to project owners and NFT owners
- IAO lasts 24 hours, costs $0.0125 and payable in $BNB, $GNANA and/or $ETH
- NFTY Labs is Singapore based and since I am a Singaporean as well — I support local :)
Thanks for reading to the end. I hope I made it easier for you to help decide if you want to ape into the IAO by presenting another perspective of looking at it from a user standpoint instead of just going through the prospectus documents.
Derek (JP)
Appendix
How to participate in IAO?
You can refer to ApeSwap’s IAOs docs
https://apeswap.gitbook.io/apeswap-finance/product-information/iao
What is NFTYLABS whitepaper?
https://docsend.com/view/7cpeqbxvfjbbf7eu
NFTY Links?
Website: https://nftylabs.org/
Twitter: https://twitter.com/NFTYLab
Telegram:https://t.me/joinchat/Ud9ibOvOa9WMhSkr
Discord: https://discord.com/invite/3S9nyp7Zga
When will NFTY be listed on Apeswap?
Immediately after IAO has ended NFTY will be listed on Apeswap.
NFTY total supply?
There is a fixed supply of 1,456,240,353 NFTY.
NYFTY contract address?
https://bscscan.com/token/0x5774b2fc3e91af89f89141eacf76545e74265982
NFTY LABS and APELABS related?
No, They are are not related.
NFTY initial price offering?
$0.0125 per $NFTY
