This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: BearMarket Degens
Currency: DEGEN (444547454E000000000000000000000000000000)
Issuing account: rLuGZGoPCEZrXj262RfHQsVuEmNKxw6rxt
Distribution accounts: rB1fAGzJBbP1AoLS2uSFHjr2pJi4FfZRo9
This is revision number 2, signed December 3, 2022 by rLuGZGoPCEZrXj262RfHQsVuEmNKxw6rxt
Description: The BearMarket Degens NFT Collection features 10,000 digital collectibles, each with a unique set of characteristics. We’ve chosen to mint on the XRPL as its fundamentals ($0.0001 tx costs, 3 seconds/tx) align with our ‘no thrills’ and ‘under dog’ ethos.
The BearMarket Degens community has been established as a space where fellow investors and traders can come together to support each other during periods of economic turmoil and market volatility. NFT holders will gain access to exclusive channels containing research and analysis, including macroeconomic updates, trading strategies and cryptocurrency/NFT investment recommendations.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
Exclusive Channels
The BearMarket Degens community has been established as a space where fellow investors and traders can come together to support each other during periods of economic turmoil and market volatility. NFT holders will gain access to exclusive channels containing research and analysis, including macro economic updates, trading strategies and cryptocurrency/NFT investment recommendations.
Profile Pictures
NFT profile pictures are digital works of art that people use to express themselves online. NFTs typically contain distinct set of characteristics or traits that lend it collectability. Twitter has unveiled a new feature which allows users to synchronize their social media account with a crypto wallet. When these two accounts are linked, Twitter will verify which NFTs are legitimately owned by the user on the blockchain. When images are verified, the user will be able to set their NFT as a profile picture on Twitter. This is a new feature and whilst XLS20 NFTs are not yet currently supported by the Twitter platform, there is a strong possibility that integration will be offered given XRPL-based NFTs are continuing to capture market share.
Royalty Charity Contributions
BearMarket degens will be minted with a low royalty fee setting of 6.0%. Each quarter, 30% of all royalty fees will be donated to a charity specializing in poverty relief efforts and or other marginalised members of the community. In the spirit of transparency, the charity will be required to accept cryptocurrency donations (for verification purposes). Being an NFT holder will allow you to passively contribute to charitable causes!
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
The collection will be minted on onXRP or XMART (subject to community input). You’ll be able to randomly mint an NFT by exchanging 1 DEGEN token.
Tokenomics
On 26/11/2022 a total of 10,000 DEGEN tokens were issued by the project’s address: rLuGZGoPCEZrXj262RfHQsVuEmNKxw6rxt.
This issuer address has been blackholed, ensuring that the supply will remain permanently fixed.
In the spirit of transparency, the project’s DEGEN token balance can be viewed at the following address: rB1fAGzJBbP1AoLS2uSFHjr2pJi4FfZRo9.
1,000 tokens have been allocated to airdrop to the broader XRPL community! To be eligible to participate in the airdrop, you are required to i) follow us on Twitter and ii) be Global ID-verified. Beginning on 29 Jan-23, 100 tokens will be airdropped each month.
500 tokens have been allocated to promotional efforts, including community events, giveaways, and engaging the services of XRPL influencers. We are cognizant of the magnitude of the current bear market and will do everything we can to grow.
8,500 tokens will be sold, with the majority sold at a bear-market-friendly price of 19 XRP each. This means that 1 NFT will merely cost a few US dollars.
Traits and Rarities
The BearMarket Degens collection will feature 120 traits. This includes variations of hats, glasses, eyes, facial expressions, clothes and backgrounds. Each NFT will be completely unique and differentiated to its fellow Degens.
Additionally, each NFT will showcase a rarity category, ranging from ‘standard’, ‘rare’ and ‘ultra rare’. Only 10% of the collection will be ‘rare’, with only 1% being ‘super rare’!
Whitepaper/sales material: https://bearmarket-degens.gitbook.io/bearmarket-degens-white-paper/
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: The issuer does not have a bug bounty program.
Legal Entity
The self-assessment is made on behalf of a legal entity (for example the issuer is a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://nftdegens.net
Website information: The website should disclose the following information:- Details of the legal entity: official name and registry code, company headquarters mailing address
- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Business plan: A business plan should entail:
- the amount of revenue and expenditure by area of activity
- obligations related to the issuing of the token
- the technical administration of the company
- operational strategy
- the intended activities related to the token
- general principles of risk management and strategy of risk management
- policy for the financing of activities.
The issuer has developed a business plan for the next 3 years.
Risk assessment: A risk assessment should include identification of, assessment of impact and likelihood and mitigation measures and status of implementation for applicable risk scenarios.
The issuer has conducted risk assessment and implemented risk management activities.
Internal policies: Critical internal policies are necessary to manage risks.
The issuer has adopted and implemented appropriate internal policies and procedures in the areas of information security, business continuity, risk management and accounting.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 2 | December 3, 2022 |
| Revision 1 | December 3, 2022 |