Pirates of the Cronosphere
Why Should You?
TLDR : Based on conservative calculations, each Pirate of the Cronosphere NFT has an immediate utility that allows it to be staked and receive 32–150% of the original price paid for it (in $USD). Of course, look beyond this and understand that holders will also be entitled for further (as yet unrevealed) future benefits in the Cronosphere ecosystem and also the instant recognition of a Cronos NFT supporter.
This article will have a little math and contain my interpretation of conservative estimates on looking beyond the basic tokenomics of the Cronosphere project which has taken a few steps further, building utility around the tokenomics of the $SPHERE token.
Let’s refresh ourselves with the basics. As we are all familiar, every transaction of $SPHERE is taxed 16% where :
- 8% is reflected and shared amongst all holders of the token
- 4% is added used to deepen liquidity on it’s LP
- 3% is burnt forever
- 1% is sent to the Cronosphere Ecosystem Fund
Since the onset of the project, our lead developer, Criptoe has always been focused and sought community feedback on how to best drive as much volume as possible for $SPHERE, which is still a key metric for Cronosphere’s success till today.
The Cronosphere vault is a mainstay contributing to this “volumetric” effect as evident by it’s release in the middle of Mar 2022 and the current version 3 iteration that went live near the end of July 2022.
With the recent launch of the Cronosphere NFT Marketplace — Cronobroker as well as the genesis NFT collection — Pirates of the Cronosphere, the team is again seeking to challenge the status quo.
With 65% of the revenue collected from Pirates NFT sales converted to stake in our own vaults, not only does it accelerate the daily buy pressure of $SPHERE (keeping price floor strong or even pushing it higher), the $SPHERE earned from the vaults will be added into a special NFT staking pool for Pirates holders to obtain additional $SPHERE rewards.
Let’s take a look at some numbers.
Vault earning performance varies as in all of DeFi and isn’t a guaranteed consistent rate so I took a conservative low-high variance. I also used $USD as a means to make it easy for public consumption. The actual rewards will be in $SPHERE and yes, it’s price is fluctuating but remember, it’s supply is being reduced all day, everyday from constant burns (supply) and the vaults will perform multiple buybacks every day (demand).
But the Pirates NFT isn’t all about staking for $SPHERE. The NFT is akin to a membership of sorts to a very exclusive club of like-minded holders and a great family-oriented community to be in. Feel free to join the Cronosphere Telegram and/or Discord, I am pretty sure you will fit right in!
It is also a validation of support to the project and the team has mentioned that NFT holders will be looked after as it is now an easy way to identify true believers of the journey we are on. The team will utilize NFT ownership as a means to know who are the project’s stalwart advocates.
In summary, let’s relook at some benefits of being a holder.
- Low NFT supply of 2000
- First utility (among others) : Staking to be rewarded in $SPHERE
- $SPHERE itself is deflationary (26%+ burnt) and has daily buybacks
- Great hand-drawn PFP art by ManiZero
- Roadmap isn’t done yet — NFT holders to enjoy future benefits
- Cronosphere seeks to challenge the status quo (unique site/processes) Not a fork!
- The team may be small but are well synergized with one another — admins <-> frontend dev <-> smart contracts dev <-> artist. Most of whom are very engaged in the Cronos ecosystem as a whole
If you are a fan of being part of a solid community, being heard and building together, I would daresay that on Cronos, there is nothing better than the folks at Cronosphere. Pick up something you’d like to do for the project and go ahead with it and you most likely will have the blessings and support of the people.
A case in point would be the merch store which started as a storefront from one of the $SPHERE holders. Another example I can cite would be that the website is actually taken care of by another OG holder so that Criptoe could focus on the smart contract development. Lastly, even ManiZero, the artist for the NFTs is actually an OG too and had his talent manifested into the collection that you see today.
A true blue Web3 project made by the masses, for the masses.
That is why you should.
