PartyApes are Here!
Early Monday morning, my time, PolkaParty released our first set of Objective NFTs called PartyApes. PartyApes consist of 1,000 Partying Apes who each hold certain utility depending on their rarity and subsequent tier. As we all know, there are five tiers of PartyApes with common being the most abundant and Platinum being the rarest, with only 32 minted out of the total one-thousand. We hope that the early minters took advantage of the cheap gas fees and quick blockchain verification times that came along with these NFTs.
Now that a couple days have passed since the launch of our minting site PolkaPlace.xyz, I would like to detail some of the specifics of not only the PartyApes, but the minting platform itself.
PartyApes carry three major utilities
First, each Ape can be seen as a “buoy” nestled atop the Etheruem blockchain ocean. We use this buoy in order to signify a location or wallet that a portion of PolkaParty’s revenue should be deposited. This portion of revenue will be tracked using a party named “PartyApes” on PolkaParty.io come platform launch. Each Ape is what we consider a “Party Pass”. A Party Pass is an NFT that allows users access to a whitelisted party. PartyApes are in no way a security or certificate. They are simply a Party Pass.
Second, PartyApes are used to generate liquidity come token launch on August 20th. Every USDC token spent on the PartyApe collection will go directly into liquidity at launch. As far as we are are aware this the first NFT liquidity generation event. We hope that this provides the community with the notion that we truly are innovative and are ready to not only dream big dreams, but also put those dreams into action.
Finally, the top two tiers will receive POLP tokens upon listing. These top two tiers are Gold and Platinum (see graphic for percentage and token amounts). As the collection on Opensea states, in order to receive POLP tokens from these NFTs, users must be holding a Gold or Platinum PartyApe on August 19th 12 AM EST in order to receive the POLP tokens. If you minted a Gold or Platinum PartyApe and decide to stake, auction, sell, farm, or transfer. You will not receive any tokens upon POLP token listing. YOU MUST HOLD THE NFT IN AN ERC-20 TOKEN COMPATIBLE WALLET ON AUGUST 19TH 12 AM EST IN ORDER TO RECEIVE POLP TOKENS. The snapshot will occur on AUGUST 19TH 12 AM EST, recording all wallets holding the the Gold and Platinum NFTs.
Lastly, I’ve heard some questions about failed transactions and I would like to walk you through the smart contract functions that occur when minting a PartyApe. Each Ape is represented on the blockchain with a hash. When minting a PartyApe the smart contract contacts our API and returns a hash. Sometimes the hash return has already been minted causing a failed transaction. As we move closer to zero there will be a larger chance of failed transaction. Now, this may seem like friction on the minting site, but it does the PartyApes a few favors.
First, this is the most verifiably random way to mint an NFT without Chainlink’s VRF. All random mints on PolkaParty from now on will be done with Chainlink’s VRF. Sadly, we didn’t have time to implement VRF on the pApes smart contract and this has created many failed transactions on the site. In retrospect, we should’ve deployed this contract to Polygon since the transaction fees would’ve barely existed. Moving forward I vow to trust my gut as a founder more since I had a feeling Polygon deployment was the way to go because of these fees.
Second, PartyApes will be more scarce because of this. Increasing the rarity of the earliest apes creates a secondary marketplace for these NFTs even before all are minted. Making these NFTs liquid, meaning that hopefully you can sell them before all of them are minted. This helps the community because we all want freedom to spend our money/tokens as we please.
I will leave you all with a thought I had last night. When I first started this project I began building it as a way to empower anyone. Proposed legislation in the United States recently has shown me that PolkaParty needs to bite down hard on the morals that got us off the ground. Decentralized finance means that anyone can play. I just want to say F**K anyone who want to prohibit the growth of this industry and if they are scared of us then lets make them even more scared. I promise I will be build a layer 3 application that allows users liberty and security on the blockchain. Which is not just the future of finance, but the future of governance in the new world. We will tear down centralization, and from the ashes of a sad and broken system we will build a new order of equality and accessibility.
As always, glad to have you here!
Timothy Baldwin
Founder PolkaParty
