As we approach the inception of NFPs we would like to make a formal announcement that there will be more announcements. We would like to fill our frog frens & pepe lovers in on what we are planning so everyone knows.
Last night was chaotic & we reeled it back to kill the hype a little. We want to figure out the best way to do this.
So let’s clarify a few things to start:
The rules still exist in our community.
🚨 VIOLATE AT YOUR OWN RISK TO HEALTH AND SOUL: Must pray to KEK daily. No racism. No bigotry. No concern trolling. Fuck XRP. No maxis. 🚨
- Please don’t FUD the project for the time it takes to do things, we are working very hard.
- We are taking measures to make it more equitable. We understand the hype created a scenario where not everyone will get an NFP. This was not planned. However, if everyone gets an NFP, they aren’t nearly as cool.
- In reference to being a little more equitable, that does not mean we are introducing a bonding curve. We are still auctioning off the majority of the NFPs (as was the original plan). Hashmasks and other projects caught flack for being a cash grab, as well. People made fun of their bonding curves. There isn’t a right way to do this where everyone is happy. Please understand that we are taking what everyone says into account but that does not mean we will do what each and every one of you in particular want.
- There isn’t a way you can stop whales from getting what they want. We’re here to sell NFPs and we have longer term plans build some cool things. We aren’t here to mint thousands of NFPs, write extensive code, & test a wide variety of minting platforms in order to cater to every single person who has a Twitter or Discord account. That’s not only impossible… it’s a ridiculous ask.
- We are still launching 11 pepes in the first drop. Then it will likely move closer to 50 at a time. We would love to get to the point we are launching 100 NFPs/day but, for now, we are trying to get them out there as fast as we can without messing something up.
- We have been clear that rarity will be determined afterwards. We want people to buy NFPs because they like them as art, not based on rarity schedules that are determined ahead of launch.
- This project is not even a week old so we’re rushing to make sure they are quality & the metadata ensures they are on chain forever.
- This project is half defi community and half NFT community. There will be some overlap where people disagree. Please be respectful of everyone.
- Art is interpretive, if you don’t think it’s art then don’t buy NFPs. If you don’t like the way we are doing it you are free to start your own project and learn from our mistakes.
- We are literally trying our best. I have BarnBridge to run and I could work on other things. Tim Kang is an avid art collector and took time to launch this and write code. I started NFP because I wanted one as my profile picture and have now realized other people do too. This wasn’t planned as much as people would like and we get that. It’s still cool in my opinion.
- Pepe likes fair and so do we, so we are letting everyone know what’s going on before we launch.
Pepe Distribution (1069 is divisible by nothing so we picked a bad number for math)
- 78 kept by contributors (38 of us + an extra 1 each for Tyler and Tim)
- 78 giveaway to community (randomized after completion)
- 36 given away to community supporters (discretionary after completion)
- 877 bounce auctions
So the community is getting more NFPs than the contributors when it’s all said and done.
Bounce Auction Parameters
- Starting price: minting price
- Minimal bid increment: $100 (ETH 0.05)
- Bid confirmation time: 15 mins
English Auction Overview
Each auction starts at a reserve price (at minting cost ~$80), which is the lowest price the item can be sold for.
Once a bid for the reserve price has been made, the auctioneer solicits further bids, usually raising the price by a predetermined bid increment. This continues until no one is willing to increase the bid any further, at which point the auction is closed & the final bidder receives the item at his bid price.
Because the winner pays his bid, this type of auction is known as a first-price auction.
NFPs will be dropped in batches (i.e. likely 50 at a time). The first drop will be 11 NFPs.
Giveaway to Community
This is a community run project out of love for Pepe to reclaim the meme from racism & hate. Pepe is love and Pepe loves you all so we have decided to do a giveaway for the community since the hype priced out people who were early and excited for NFPs.
The community will receive more NFPs than the core contributors & they will be given away in a variety of different ways.