Hey All, as we are now well into the 5th month of the year (already) we’d like to share an update on all things BearX with a bit more detail, alongside information surrounding it.
Our focus over the last few months, like many projects was to adapt, and ultimately double down on the important aspects that matter within our own mission / vision — alongside the wider space, more on this below.
A reminder of why we are here and more: BearX Labs is one of many, many, many NFT projects that got spawned on a public blockchain, and developed with a thriving community over the last few years. We felt so honoured to develop great NFT art, and build a kick-ass community. But this was never to be ‘the’ plan solely — purely because value based on community and engagement alone is never (and now more evidently in the space not now either), a sustainable way to grow. So, we set out to really focus on developing BearX products to coincide with the grand mission — to be part of a media entity (Script Network), which will bring a host of game changing incentives and aspects. These include:
- The ability to earn direct (real) earnings from ownership of Bears
- The ability to run layer one nodes and generate on-chain rewards daily from ownership of Bears
- The ability to be part of a wider community (with the likes of WBC — more below), to take part in incentives and game environments.
Team additions: We have made some great additions to the team, including Wade for socials, and an additional designer Alex joining SaintCutty for the voxel development. Our goal is to add new content writers to the team in this next period, including synergise with the wider Script Network team, to bring product managers and business developers on board. Currently the focus is social content, general online content (for discovery), and re-development of core parts to the team that needed it. We are always on the lookout for others to help strengthen the team, but for now, we are certainly excited with what has come to pass already.
Community: Our focus has been rebuilding the community, but doing it right. Not through 100s of giveaways, and not through bots. The important part was education and information. So, we spent a further $30,000 on learn and earn campaigns, influencer partnerships and (starting) ad marketing to increase the quality of average member in the community, and increase the average knowledge through education first. The downside is this method is more pricy, slower, and a little tedious, but on the plus, its genuine value of users long term. On another note, based on the clear success of NFT projects recently which ironically do not even have discord — it reminded most (if not just us), that there is a far bigger social space for NFTs way beyond just that platform. Infact, we’re pretty confident discord will not be the central hub for all conversation in the future as it is now. Because of this, our growth metrics we follow is no longer based on ‘amount of messages per day on discord’ but rather all platforms. Excited to start building out bigger plans on this side as we trial some new platforms in this period.
Alpha Calls and Collabs: Collabs are back in full force! We have the very best collabs in the game coming through — literally just be active and you’re very likely to get a WL for some of the best projects. As for Alpha Calls — we are doing some trialing atm — but Fredano has been elite with his calls over the last few months — leading with probably the call of last few months on Opepen Editions. Kind of part of our whole plan — its important that the calls, collabs and value beyond games and rewards to wallets continue — and thats what we intend to do. Be sure to keep your notifications on for those respective channels.
Sandbox and BinanceNFT: Always want to be honest with everyone of course, but this part has been a little tedious to say the least. Different to go into detail, but generally, BinanceNFT is still on hold in terms of launches at all (as you can see on their NFT side) due to significant restructuring, and Sandbox, we are pencilled in for their next ‘event period/alpha season’. This should be this July, but we are awaiting confirmation. For now, (and for us and WBC), we just want to ‘get in there’ and start trialing the experience we have built like im sure you all do too! Unfortunately none of this is in our hands but we will let you know when we know more.
Partnerships: I suppose every key partnership within the Script Network ecosystem can be celebrated, but for BearX Labs there hasn’t been any particular ‘new’ partnerships specifically. However, a key focus on strengthening and double downing on current connections we do have. Not least of all, with Wicked Bone Club — a long standing partner of which we haven’t actually kicked anything off yet with, but we are pleased to say we are finalising plans to roll out a host of stuff — all of which we will announce in this current period. This includes competitions, games, and a plan going ahead for the upcoming new mint / game experience.
Token metrics / sales / burns: We never comment on this, but feel we may as well this time round. Its been a slow period for sales, but it will be bhoyed with the airdrop season coming, giving opportunity for holders of BearX NFTs the ability to get free tokens to further their value.
On another note, we successfully completed the burn over millions of ROOTx tokens through the Golden Bookmark event, which was super successful, and saw 20 bookmarks put into the hands of lucky bears. As a final reminder, please if you hold one, verify yourself in the holders verify channel in the discord.
Beyond this, we aim to continue burning with the BearX adoption centre — an initiative explained further below.
Script Network Airdrops / Nodes: Since this is an extremely long post, we will create a seperate post for this specifically this month to outline who qualifies and how it benefits holders. In short, the more bears you hold = the better.
NOB Snapshots: This is the first of two product features we are really annoyed to have not done in April. The VRF on chain snapshot process got updated and the gas to fetch staked / unstaked NFTs was ridiculous. We attempted to wait it out, but to no avail. However, we have created a new solution for this regardless if the gas remains high. So — snapshot results will indeed follow from this month forward. For more on Notes of a Bear and the snapshots surrounding it, click here.
BearX Adoption Centre + the Gas issue: So, one key product launch we have not been able to roll out in April (which was really frustrating) is our BearX adoption centre. To clarify for those who were not aware, the adoption centre was a way for ROOTx holders to burn tokens in return of claiming a Bear from a pool, at random. This essentially means at full circle, long term holders gets more bears for free, since ROOTx is generated through the ecosystem. However, gas has consistently stayed above 70 Gwei for every day of the past 1 month. This is partly due to it being sh*tcoin season, but also partly because of MEV (and other) bots too. This ultimately means to claim, stake, unstake (anything) it will cost about the floor price to do so. This of course wouldn’t make sense to our holders, or ourselves to offer such. So we attempted to wait for it to go down but now — its even worse! Now 70 Gwei is a lucky fee, most of the time its about 80. We will continue to monitor this. This leads onto our final point of the post….
Governance Vote: So actually, beyond the common reasons of minting new NFTs and inclusion to exclusive stuff, the actual point of ROOTx/SROOTx was largely governance voting anyway, and its been a while since we’ve done a vote. In this case it would be a pretty big one — as it is the prospect or idea to move to Arbitrum. We wanted to put it out there first so the vote doesn’t miss some people, alongside having time for discussion. This will of course remove the gas fee issue (almost completely), establish volume because of it, alongside create an opportunity to develop and grow within Arb. BearX Labs will always be multi chain anyway, with BearX going live on Script Blockchain shortly after launch too. Arb does have its obvoius downsides though. For this, we of course, will go with whatever the community thinks is best, so much so, we wanted to ensure it was mentioned a few times first before even putting it to a vote. We have seen some projects move over the last few months and seen backlash based on not giving community users enough time to decide or a heads up to vote. On the flip side, we have also seen communities wallow and complain about an ongoing issue that none of us has any control over (fees), and at BearX — its our job to adapt and find solutions.
About BearX Labs
BearX Labs is a community-first NFT brand, focused on delivering innovation within the NFT space, alongside resources and experience from web2 into a web3, sustainable, scalable ecosystem. Products within the ecosystem include a limited 3700 Genesis Bear collection, a two-token economy, and a partnership that gives every holder the ability to own and run a node.
Website: https://bearxlabs.com/
Opensea: https://opensea.io/collection/bearxlabs
Twitter: https://twitter.com/bearX_NFT
Medium: https://bearxnft.medium.com
