Utility vs Art
Utility is a major topic of debate within the NFT ecosystem, specifically what constitutes value. Is the value of NFTs inherently tied to the digital art represented within the token? Or is the value derived from the sum of all the incentives offered to the token holder?
There is no doubt that additional benefits can increase the value of an NFT, like private access to an exclusive community, location or even a product. But not everything needs to be a tool, an app, or a game.
The truth is that art holds immense power in and of itself. Think of your favorite painting or sculpture in your home: are you upset that it doesn't give you voting rights? Or are you happy with owning/displaying it for other reasons? Imagine showing up to a museum and you see a da Vinci on display. Would you ask the tour guide about the utility of the painting?
A painting alone can command more from a viewer than a simple perk. Beauty is in the eye of the beholder, after all. But why must we choose between the two - aesthetics or perks? A beautiful painting with useful benefits sounds like the best of both worlds.
Intrinsic value and Benefits of $EMILY NFT
The intrinsic value of the EMILY token can never be taken away as it lies within the art itself. Thanks to Arweave’s permanent storage and its unique economic mechanism, our initial hosting fee ensures that Emily's metadata is stored far beyond 200 years. No matter what the future of the project holds you will always have your Emily.
Additional value is appreciated as the total value of the Syndicate’s holdings increases, and with each subsequent service that our ecosystem gets to offer. $EMILY token holders will get to enjoy an ever-growing utility, as Peppermint Labs expands its product/service offerings.
We already told you that Emily is more than just a beautiful portrait, but as the saying goes, a picture is worth a thousand words. Let us show you what we had in mind.
During the first stage of our web3 adventure, Emily holders will receive an exclusive Syndicate membership pass, as well as unlock private access to our one-of-a-kind framing marketplace.
Staking, or as we like to call it Framing your Emily will allow you to exhibit any NFT in your possession. In other words, you have the power to curate the gallery experience with your exhibits.
Once your Emily is framed, you can select one artwork from your wallet and display it in our Genesis Gallery. Additional benefits will accrue the longer your Emily is framed indicated by an upgraded frame.
The beta version of the platform is nearing completion and should be ready for the Genesis holders to enjoy. We will provide a detailed walkthrough of the marketplace closer to the drop date.
All $EMILY NFT holders will have full access to our future ecosystem with corresponding product benefits and perks. We recommend reading the full article to grasp the whole picture but some of the benefits include:
Governance rights within the EMILYDAO
Access to the Syndicates treasury
Access to Virtual + IRL Art Galleries & Showrooms
EMILY stakers can exhibit NFT's of their choice in our HQ gallery
Access to the future Peppermint Labs & incubator project
Airdrops and discounts
Although “Who is Emily?” collection will start with a total supply of 10,000 tokens, a portion of the secondary market royalties will be used to buy back and burn $EMILY tokens, thus increasing scarcity & reducing the overall supply.
For the moment, we have decided that the supply cut will not stop until the collection is fully burned. Listed artworks will be purchased at random times on the secondary market as long as there are sufficient funds in the burn wallet. The details of this mechanism can be changed in the future and will be discussed with the EMILYDAO members.
To ensure we don't run into a problem of oversupply, the token release will be split into 3 stages. The official sale period will start with a Genesis drop of 100 pieces at a fixed price of 0.075 ETH. Presale aka The Inner Circle of 999 artworks and the Public Drop stage will inherit a fluid pricing model influenced by the floor price. We will release a detailed overview after the Presale period comes to an end.
Once the official sale period has ended, the Syndicates treasury will be funded with 25% of initial sales revenue. An additional 25% will be placed in the Launchpad wallet for incubation and funding the growth of partner projects.
To ensure we stay at the forefront of this technology-centered industry, 25% be used for Research & Development to further the innovation in our ecosystem. The team & marketing wallet is funded with the remaining 25%; these funds are dedicated to the growth of the project and team expansion. 500 Emily NFT's are reserved for promotions, giveaways & collaborations.
To accommodate further prosperity of the community treasury and foster an active secondary market, we have decided to impose a fair 5% royalty fee. This royalty fee will be evenly split between the DAOs Treasury, Burn Mechanism, and the Team.
P.S To ensure we can build initial momentum, all the funds from the Genesis & Presale stages are reinvested back in to development and growth of the project.
Conclusion Ultimately, every quality NFT project has a number of different value drivers working in its favor. While it’s hard to pinpoint exactly what is the most effective, the projects that stay consistent and keep their collectors happy have the best chance of longevity. With that in mind, we plan to keep on delivering awesome products for the Emily holders and the crypto industry as a whole. Building an ideal ecosystem of products for NFT fans & creators will serve as the north star that leads us to the next stage of our adventure. This is a rough approximation of how we believe this system can work. We are strong advocates of an agile framework that should allow us to pivot if the project requires it. We are open to constructive feedback to improve our roadmap and strategy.