So, lets talk about utility….💰
Utility, probably the most used term in the NFT industry….right? Ok probably not, but to say it isn’t critical to most, if not all projects, would be an understatement. At BearX Labs, we have thought long and hard on two key aspects to shape the long term plan for everyone and everything in the BearX ecosystem. In short, we believe these factors to be:
-Getting more value for holders from their initial purchase
-Continuing to provide practical, sustainable and real world use cases for BearX products.
We have spent the last few months analysing what truly adds scalable value for holders of any NFT project, and whilst some ideas and launches have brought value in the short term, the long term has always seen utility suffer the same fate = the curve (and essentially proportional value) extracted, eventually diminishes. You can look at the top 10–15 P2E games in web3 history, and eventually notice that unless the game is fun, playable and engaging — no one, (regardless of how good the tokenomics or the branding is), will play it long term enough to extract enough value for it to be worthwhile. So, beyond making BEARWORLD an engaging world, with genuine fun games and challenges, we are now bringing along a reward basis that truly stands the test of time. So let’s delve into this a little more….
There is only two ways any earning or value can be sustainable AND scalable at the same time:
-Value directly attributed to real world assets w/o diminishing returns (currently impossible with NFT projects unless it is pegged to a fixed asset (being worked on by some great minds currently, but still not close to scalable fruition)
-Your NFT yields value OUTSIDE of the ecosystem it is in. So in this case, BearX Labs has a number of products in their ecosystem (ROOTx, Genesis BearX etc). Now, what if we could take one of the products — (Genesis Bears for example), and by owning those bears, you get airdrops, exclusive benefits and genuine value from other companies?
The latter, as I am sure you’ve noticed, is the only real genuine value within NFT utility, and it is what we are focusing on more than anything else. Let me TL:DR this….if I own a fixed asset — i would want my asset to be valued based on multiple different factors, not purely on a P2E game and a floor price. So — we have rolled out a super cool, industry changing reward system for all Genesis BearX holders, which will be explained in a follow up announcement.
In the meantime, here is a short explanation of just some of the utility aspects to the ecosystem. As opposed to ‘plans’ the majority of these things are about to launch over the coming days (mid April), or has already launched. As we’ve always said with BearX, we are an experimental, innovative NFT first brand. This breeds innovation, original processes and industry defining ways to provide value. If you want copy pasta code, derivatives, or collections focused on vanity metrics (which we are not knocking), BearX is not for you. If you want to be part of an industry changing, innovative brand, then put your seat belts on — you’re about to be super happy for holding your bears through this bear market.
So in no particular order, here are some of the things we’ve worked on or are about to work on:
Non NFT — Protocol Rewards: BearX Labs is now part of the Script Network x Polygon Network (April 2022). What does this mean? More in a separate Medium post later today but in short = If you’re a Genesis Bear holder by the snapshot date (announced in detail in a separate post), you will have a chance to become a lightning node for free (normal cost at least $10,000+) and if you own 5+ Genesis Bears you get 20,000 SCPT tokens+ future airdrops (for FREE). TL:DR — hold Genesis Bears — get significantly rewarded. We cannot delve into how much — but in short, by holding, BearX will likely be in the top 3 in your portfolio for yield. Remember this message.
Product partnerships (April 2022): Tunes Headphones x BearX Labs. We are welcoming Tunes into the BearX ecosystem. We are pleased to bring genuine product partnerships where holders get free stuff! We’ve teamed up with Tunes Headphones where every Genesis Bear holder can claim a free Tunes headphones in Q2. More of this in a separate announcement.
Burn ROOTx for SROOTx (April 2022): Real time burn ROOTx for SROOTx (5:1 ratio)
Token Utility (April 2022): Current Token Rewards (expiring soon): Stake Genesis BearX = yield SROOTx
Coming up: SROOTx + ROOTx staking = yields SROOTx + ROOTx — launching this week.
BEARWORLD (Q2 2022): Rewards and prizes based on completing challenges, games, events and playing duration. We will be announcing the games, challenges and events shortly. All of these are events where you can win SROOTx tokens.
Other projects (whitelist spots) (April / May 2022): Burn tokens for WL spots. This means you can use ROOTx tokens to burn them in exchange for whitelist spots for your favourite upcoming project.
Launchpad (Q2 2022): Projects can utilise the BearX ecosystem in return for a 1% SROOTx burn each respective launch. In short what does this mean? It means holders win! New projects come into the BearX ecosystem, growing the community, adding further use cases and activity to the BearX ecosystem products, whilst we reduce the supply of SROOTx at the same time — win win!
Merch (Q2/Q3 2022): Burn ROOTx for Merch. We’re working hard to create more products than a hoodie and a t-shirt. This will only launch once ready.
Future Mints (Q2 2022): Minting of BearVX, BEARWORLD Land, Accessories and more. All through burning ROOTx / SROOTx tokens.
Crypto / Industry Partnerships (TBA): Binance, (for example) is our core long term partner, and we are excited to roll out significant product developments and launches alongside them in due course.
BearX DAO (Q2 2022): The end game for the bearX ecosystem. Holders of SROOTx (% proportionate to the total supply), by way of monthly snapshots, will have a respective fractional ownership of all NFTs in the vault. All roads essentially lead to SROOTx as besides purchasing it outright, it is only possible to accumulate SROOTx through burning ROOTx, being part of the initial staking (by holding Genesis Bears), Staking SROOTx and winning more in competitions, challenges and games.
People often ask ‘what is the point of accumulating SROOTx tokens. Here is the simple answer why. Imagine by doing nothing, you can own a fraction of a 1000 ETH vault from NFTs that have accumulated value over the year? This is scalable value.
Vault growth will be through the following means:
- Initial airdrop of team NFTs to launch the vault
- Randomised mints for Whitelisted patterned projects
- Gifted NFTs from partnered projects + from NFTs that has not been claimed
- BearX ecosystem additions
- 10% of all future sales profits will be used to purchase NFTs monthly to be added to the DAO.
It’s important to the note that everything above is subject to change, based on various factors, but largely on the viability of future products, changes in the market, proposals (voting) and more.
We will roll out individual Medium posts for each respective utility, how it works, and more importantly, how you can benefit from it.
BearX including but not limited to the overall project, the token, website, smart contracts and any apps (“BEARX LABS”) as presented in this conceptual paper is not an licensed, unlicensed or exempted financial or payment service of any kind and in any jurisdiction. Any terminology used in any documentation, on the Website or within the app is intended only as a basic reference, without any effective or legal meaning of the same terms in a regulated and/or financial environment. BearX is a fully and completely decentralized and community driven project and does not have owners, shareholders, promoters, marketers, managers, directors or other figures or entities exerting any form of governance; the BearX smart contracts are open-source, security audited, permanent and non-modifiable in any way. The BearX token is strictly a utility token in any jurisdiction and is not and can not be considered as a security or otherwise a regulated token of any kind, is not in any way e-money and/or a fiat or asset backed stablecoin, whether global or limited in scope. The documentation in itself is not a contract or a contractual agreement of any kind, is not an invitation, solicitation or offer to invest in Bear X or acquire or use its Bear X tokens in any way and with any expectation of profit in any form. Any user of BearX declares to have received appropriate technical, administrative, regulatory and legal advice before and after accessing and/or reading this documentation, the website and using any portion or element of BearX (including any BearX token therein) and accepts that there is an inherent high risk in accessing, acquiring or using any kind of blockchain and/or crypto system, token, platform, software, interface including BearX and further acknowledges with full disclaimer for any community member directly or indirectly involved with BearX, that there can be any kind of damage suffered, including total loss.
NFT Contract: https://etherscan.io/address/0xe22e1e620dffb03065cd77db0162249c0c91bf01
Token Contract: https://etherscan.io/token/0xd718ad25285d65ef4d79262a6cd3aea6a8e01023
Token Chart: https://www.dextools.io/app/ether/pair-explorer/0x098e65379ab97251b4b9261fd879acc08186a16b