This document serves as the whitepaper 2.0
Do you, fellow crypto investor, know how the NFT boom started and what drove people to buy them in the first place? The truth, unfortunately, is disappointing to say the least.
It all started in early 2021 when CryptoPunks’ price skyrocketed and got the attention of many news media outlets which further propelled the use and creation of many more NFT projects throughout the 2021 and 2022. BUT what most people don’t realize is HOW and why exactly CryptoPunks were selling for millions of dollars. Well, you’re in for a treat…
It is publicly known that Gary Vee, a successful entrepreneur with a large audience, had a meeting with (allegedly) 30 or so multi millionaires and billionaires where he told them to invest into CryptoPunks. Supposedly a convincing argument was that the CryptoPunks are “the next Facebook”. Not long after the price of Punk NFTs started to break records regularly with the biggest sales being in millions. Unbeknownst to the majority the absurd price tags for these JPEGS has been artificially increased by a group of people seeking only to have a fatter bank account. These people don’t care about the NFTs and they most certainly do not have your best interest in heart. Furthermore the seemingly amazing return of investment (ROI) made a lot of people crazy about NFTs mostly because they were expecting the next CryptoPunk or Bored Ape Yacht Club while not realizing that what they invested in will extremely likely go to zero. The sad reality is that 99.99% projects will never give you the ROI you expect. It’s unreasonable to think so and I truly hope you can see that. We’ve all been duped by a bunch of money-hungry people who have no integrity. Please check the resource section to confirm my claims.
Despite all this I still believe that the NFT technology can be utilized for promising endeavors with which a true value can be consistently delivered to all holders. For this reason I’ve decided to create a project that would bring about more clarity to investors of which projects to invest into and also create an awesome community of smart people that help each other navigate the crypto space.
The BarPunks NFT, a parody project to the original CryptoPunks is a response to the implicitly absurd nature of NFTs and seeks to change how the NFTs are viewed by offering a TRUE utility, one that will last for years to come. The main utility is passive income, given in $HBAR, the native cryptocurrency of the Hedera network. The most sustainable way to achieve this function is to run a validator node and stake the entire profits made from the sales and royalty. For those of you unaware of the term node, it’s basically a computer that uses its processing power to confirm the transactions and by doing so gets rewarded in $HBAR. The surplus of $HBAR generated would then be redistributed back every month to all those who are holding BarPunks, where the amount of them will determine how much will you receive (the rarity won’t matter).
Now onto some commonly asked questions:
What’s the total supply of BarPunks?
Currently there are about 500 BarPunks in circulation with around 9500 ready to be deployed when the demand increases. This means the max possible supply is 10K. No more than that will ever be minted.
What portion of the monthly node staking rewards will I get?
Right now with 500 BarPunks in circulation, 1 Punk gets you 1/500 of the entire rewards. By this logic 10 Punks will grant you 10/500 of the entire monthly rewards. To ensure fairness the rarity of the punk won’t matter.
Why will the rewards be in $HBAR?
Because you, the investor can quickly exchange it for fiat currency and in case you don’t, you still get a crypto coin that has a prosperous future ahead, meaning it’s likely it will only gain in value.
Why am I being a good samaritan?
There are a few reasons actually, one of them being the fact that I believe the NFT space doesn’t need to be as degenerate as it currently is. I’d like to bring some positive change by showing the people how we got fooled (me included). The second reason is answered in the next question.
How will I, the developer, benefit from this?
I won’t benefit financially from the sales because I’d like the passive income to be as big as possible for you guys (and girls). The only way to achieve this is to stake as many $HBAR to the validator node as possible. But I will benefit from the marketing and the trust I earn for doing this which means other people will proxy stake their $HBAR to the community node and by doing so ensure the portion of the rewards for validating will be given to me. KEEP IN MIND THAT THE OTHER (BIGGER) PORTION, GENERATED FROM THE COMMUNITY’S HBAR WILL ALWAYS GO TO HOLDERS UNLESS THE COMMUNITY DECIDES OTHERWISE.
Why CryptoPunks, why not something original?
The CryptoPunks are the NFTs that were used for this market manipulation so it seems fitting to repurpose them and give them actual utility.
Who am I?
Nobody, literally nobody. You can call me Nigel though :).
What are your projections on the passive income amount?
Excellent question. It’s really hard to say what kind of passive income (in dollars) can we expect. Fortunately I’ve made a separate document that explains my personal estimations. You can access it anytime via this link: https://docs.google.com/document/d/14LCx70nQBoqtgtiPEH-FX09Aeomi1Y6UQcC7u_xTrKM/edit
When is the mint?
The first drop of around 500 BarPunks have already been released and can be found on secondary marketplace Zuse and HashGuild. Below are the official links:
The second drop will happen when the demand for Hedera NFT increases.
Will BarPunks offer utility other than passive income?
Yes, absolutely. Read the new roadmap to get some idea of what’s to come
Why have you chosen Hedera Network for minting these Punks?
Not financial advice but it is in my personal opinion that Hedera is one of the best networks out there. Extremely fast and highly reliable. Check Crypto Mason’s Youtube channel to get more info about this crypto coin.
When will the staking start?
Technically it has already started. We’re using Stader Labs platform to stake our current pool of HBAR where there’s currently around 40% APY (annual return per year). However this is a temporary solution and will be replaced by running a node when Hedera enables them. According to their roadmap the validator nodes will be activated sometime in the second half of 2022.
Server equipment is expensive, who will pay for it?
Initially the idea was to allocate a small percentage of sales to the acquisition of the node but I later changed my mind and decided that I’ll take care of the costs. If you’d like to contribute you can contact me via barpunks@gmail.com.
ROADMAP 2.0
Goals for the second half of 2022 in no particular order
- Acquisition of the server equipment
- Setting up the validator node
- Automating the passive income mechanism
- Submitting regular reports of the passive income statistics
- Improving the discord verification bot
- Open sourcing the verification bot
- Regular community polls to entice community collaboration
- Regular NFT giveaways
- WL and collaboration opportunities for promising projects
- Creating a BarPunks DAO
- Website improvements and additional functionalities
- The release of the OG Holders card NFT
FINAL WORDS
Hopefully by now you’re aware of the crooked state of the NFT space. However it’s not too late to make amends, to change how the NFTs are viewed and for the first time ever, make your NFTs actually worth something. Feel free to contact me via twitter @barpunks or via e-mail (barpunks@gmail.com).
DISCLAIMERS
- Please keep in mind that investing in the crypto market, be it in coins or NFTs is highly speculative and therefore risky. Invest the money you can afford to lose. Please don’t sell your house, car or the things that are important in life to invest in crypto. Nothing in this document is financial advice.
- I cannot guarantee that Hedera will enable the staking system in the second half of 2022. I also cannot guarantee it brings you millions of dollars. Please keep that in mind.
- This project should be regarded as “just another art project”.
- This whitepaper and its promises are subject to change at any time without warning.
- I cannot guarantee to bring about passive income to this project.
- We are in no way affiliated with Larva Labs and/or Cryptopunks
- Please read this whitepaper carefully before buying. There will be no refunds.
- BarPunks are a Hedera Hashgraph parody of the Ethereum 10,000 collectible characters.
- By investing into BarPunk(s), either through mint or secondary market, you agree to all of the disclaimers.
