The 8BitPepes Metaverse
The whitepaper does a fantastic job in encapsulating the complexities of the 8BitPepes metaverse, but really… it’s quite complicated.
This medium is going to be the TL;DR version to summarize two of the most groundbreaking features of the 8BitPepes metaverse.
The Bank of Pepes, Pepe Care Program, Pepe Freeing Program.
The Bank of Pepes
The bank of Pepes is essentially a bank…. a one of a kind bank in the NFT space that acts as a medium for users to stake their NFTs as collateral in return for ETH. In other words, as long as you can pay your dues back in time, you can reclaim your NFT back.
Of course, there is a catch to such a sweet-sweet-never-heard-before liquidity option on the NFT space.
The 8BitPepes will be the forefront project to launch this movement, with plans in the near future to expand to other projects, this is just the stepping stone to the greater picture. We will be using popular trading platforms like Opensea to aggregate the average floor price to help negotiate the lending value.
The values are designed and extracted to achieve three things:
- 1) Prevent the abuse of the lending system to ones advantage.
- 2) Provide an option for quick capital, but also provide a layer of comfort with never having to partway with a beloved NFT.
- 3) Have a circular economy where profits and cash flow are circulated to the bank; Thus, providing a solid anchor.
The Bank of Pepes is an astounding breakthrough as many NFT projects are often lead to oblivion with underselling and floor-cutting behavior from impatient holders. Now, some of the floor-cutting behavior can be negated as there is an option for floor preservation. Further, the Bank of Pepes is different from many conservative banks that we see in the real world. In this metaverse, the bank is faithful and committed to its people (The frogs). The bank will actively adopt (Floor sweep) Pepes and place them in Pepe Care.
Think of it like this: You need some quick liquid to purchase a gift for a loved one, but you don’t want to short any positions because you know it’ll ‘moon’. With Bank of Pepes, your nifty NFT collection can be used as collateral for some quick cash. As long as you pay it back in time, you can now reclaim it back after you successfully close that long.
Pepe Care is a wonderful and beautiful place where Pepes go to rest. It is a haven as well as a transition point for all Pepes.
From a technical standpoint, it is a unique hub where Pepes can circulate in and out of the metaverse.
There are a total of 10,000 8BitPepes available. On mint, there will only be 8,888 8BitPepes available to the community. This means, the remaining pepes will be resting in Pepe care. The Pepe Care system will also be a safe have when floor bought pepes also rest.
To obtain a 8BitPepe from Pepe care, one must trade 1 Pepes (ERC-20) token 1:1. Post-mint, the Pepes (ERC-20) token will have it’s own utility, one giving access to the Pepe care system [More about ERC-20 Pepes token and its utility coming soon].
Why so complicated?
Typically, it is a reward scale designed to circulate the flow of available Pepes and provide outlets and opportunities to obtain more without having to purchase one.
Recirculating our Pepes preserves the longevity of the project as EACH pepes holds the capability to access the Metaverse (e.g., Bank of Pepes, Pepe Freeing Program). Having multi-utility and a paired ERC-20 tokenemoic ecosystem, each Pepes is extremely valuable.
A typical NFT project will unleash all of their available tokens in to circulation. By doing so, there is the bleak reality of trashing the unwanted ones, keeping the ‘better looking’ ones, and manipulating the floor price in all sorts of ways. Knowing that there is a reserve of Pepes waiting for new homes, acts as collateral and a ‘reward’ as holders and ‘whales’ will be rewarded in Pepes (ERC-20) tokens.
Pepe Freeing Program
Another star of the ecosystem.
The Pepe Freeing program will make all 8BitPepes extremely valuable. The reality of NFT projects is that there will always be a misfit group of unwanted combinations. Although this is far from the truth with 8BitPepes, this program will raise the bars even higher.
The Pepe Freeing Program is quite simple.
Burn two of your unwanted Pepes (“Free them”) in exchange for an Pepes Token (ERC-20). When you ‘free’ a Pepes, they do not go to Pepe Care. They are sent off to the wild and will never be seen again.
Users now hold a very powerful ERC-20 token that will allow them to adopt a new Pepe from Pepe Care, with the chance of landing a rare Pepe that has never been claimed!