In our Twitter Spaces AMA with the project, team member Gary revealed how the project differs from traditional NFT launchpads in terms of utility and function.
Solana NFT Pad Joins Us
On January 3rd, Gary from Solana NFT Pad joined us at Solana News for a Twitter Spaces AMA. Our host Tom and Gary discussed what makes the project unique compared to the variety of other projects on the chain.
Some of the features discussed included the hierarchy, or ‘reputation’ system for holders, the way the team uses royalties, and how community members can receive exclusive airdrops.
Owning NFTs on the platform gives extra benefits to users and identifies what type of holder the user is, with incentives given to users who hold for extended periods of time.
“So the hierarchy system is when you own entities on our platform that shows your level and the level gives you such benefits and also helps us identify what kind of holder you are,” Gary explained. “For example, if you own a higher tier level, we will identify you as someone who will hold long-term.”
Gary also revealed that the team uses 50% of royalties from sales to purchase high-quality NFTs from secondary markets at a floor price. These NFTs are then airdropped to members of their community as an incentive to hold their NFTs. Certain tiers in the hierarchy will also have access to whitelist positions, which are transferable to friends.
Why NFTs for IDOs?
Gary explained the reason for this is to display the utility of NFTs to users. The Solana NFT Pad team believes NFTs have a higher potential for utility beyond JPEG art, and hope to display this capability to their team.
Capitalizing on this belief, the platform will use NFTs instead of standard tokens for projects holding IDOs through their launchpad. Not only will these NFTs boost the Solana NFT ecosystem, but they will demonstrate just one of the many potential utilities NFTs can have, according to Gary.
Whitelisting and the Hall of Fame
Tom and Gary also discussed how to join the whitelist for the upcoming public mint, which is an impressive 40,000-strong NFT collection. Users will be able to mint up to 20 NFTs and can join the whitelist by registering on the Solana NFT Pad website.
Gary also explained how their Hall of Fame projects are selected, revealing that innovation, community, and quality of project are some of the deciding factors. He also noted that while 5 projects are currently in the Hall, more will be added as the project gains collaborators and finds exciting new projects.
About Solana NFT Pad
Solana NFT Pad is a Solana-based NFT launchpad. The project distinguishes itself with its tiered system that incentivizes holders through exclusive airdrops of NFTs. This is done by the team using their royalties from the public mint to ‘sweep the floor’ of exciting NFT projects in their Hall of Fame, and then airdropping them to their community based on their hierarchy tier.
The project stringently audits any NFT project wishing to use their launchpad to ensure that users will be satisfied with their NFTs, according to the team.
For more information about Solana NFT Pad, visit the following links:
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in DeFi it is crucial to reference the following items, HERE and HERE.
Source : solana.news