Yammies / Yam Punks - NFT Drop Ideas

Please find below brainstorming ideas for the Yammies / Yam Punks NFT project.

Total Supply: 5-10k PFPs
Distribution: A portion distributed for free to active Yam Community Members from the past year, and most sold to raise funds for the treasury.
Initial Mint Price: TBD
Secondary Fees: 5-10%

Why Rebasing NFTs?

  • Rebasing is a fun, memetic call back to the origins of Yam. Allows for the project to help with the story behind Yam.
  • Exploring intersection between DeFi and NFTs.

Process:

  • User Mints OG Yammies NFT.
  • User Stakes OG Yammies NFT.
  • If Price of Floor NFT rises above Mint Price in an epoch, a Derivative Yammie NFT is air-dropped to the Staked OG Yammies NFT.
  • If Price of Floor NFT drops below Mint Price in an epoch, unclaimed Derivative Yammie NFTs are burned.

Creative Notes:

  • The Derivative Yammie NFTs will look different than the OG Yammie NFT.
  • Artists can collaborate on Derivative NFT drops.

Incentivize Governance Participation

  • YAM NFTs have YAM tokens included inside, and these tokens are unlocked if you participate in governance
    • Users purchase a 1155 token in ETH - the ETH builds Yam Treasury
    • User participate in governance as a requirement. After participating in governance, user burns the 1155 token and receives both a YAM NFT and YAM Tokens.
    • Pros: More governance participation! More ETH for the treasury.
    • We need a frontend to mint the 1155s as well as burn the 1155s to receive the YAM and YAM NFT and a smart contract that checks governance participation and then mints a YAM NFT and sands YAM.

If you would like to workshop these ideas, please reach out below.

Thank you!

Hey Chilly,

Here are my thoughts as a PFP skeptic:

technical questions / comments

Does a rebasing NFT contract exist in the wild that we can use or is this a custom contract?

  • Do the derivative Yammies both belong to the same collection with the same floor price?
  • Are the “unclaimed derivative NFTs” just the ones that are not claimed in the staking contract? What happens when they are all burned?
  • How do epochs work?

I have some concerns around selling the NFTs and then allowing them to be burned for the underlying YAM looking like we are selling YAM directly. We could fulfill the same needs by locking the YAM and not allowing it to be removed, ever. The YAM could probably be delegated from the NFT to the voter, and then there are less worries about it being deemed a security under some draconian crypto policy. Pure voting rights in a piece of art.

separate idea:
Another option would be to allow token holders to mint yammies and then deposit the YAM into them (similar to charged particles). Depositing YAM into them could give that YAM added voting power. This is similar to another idea I am working through (and will post soon) to give the LP tokens incentivizer a voting power boost as rewards end.

Design Questions / comments

How many different versions do we have without relying on crazy backgrounds. I find the crazy backgrounds to distract from the actual character art. Looking at the swag mockup you did on another thread solidified this for me. Much cleaner and the cool character is highlighted.

Deployment Concept

If we are just trying to get these out ASAP then a static supply may make sense. But I’m wondering if we can infuse some new mechanics into the drop. The randomness of the mint mechanism has always bothered me. Why not allow minters to craft their preferred Yammie on a first come first serve basis. It would be cool to be able to choose your body, glasses, shoes, background etc based on what hasn’t already been claimed and then mint that.

Of course this would take some more engineering effort, but it would at least be different. If we position these as a perk for existing community members and voters then being early and paying attention is valuable. We could reserve some of the good ones for give-aways and for MoFY.