ReserverETH: An Introduction
Backstory:
United by a love of retro gaming and all the friends we’ve made along the way, we have developed a unique gamified social experiment called ReserverETH.
Ever felt like you’ve been left holding the bag… or in our case, holding too many bags?
ReserverETH is the project that increases the value of your NFTs as you HODL.
At this point you’re probably scratching your head asking, “how tf does this work?”
At its core, the system is simple three part value-adding structure:
1. ReserverNFTs reserve a portion of their mint price as redeemable value
2. Royalties collected from ReserverNFTs trades are added to the redeemable value of all ReserverNFTs.
3. Burned NFTs incur a variable fee that is distributed to the reserves of the remaining NFTs
Let’s dig into this system a bit more.
Minting system:
There will be 3,333 ReserverETH NFTs available to mint. When a ReserverETH NFT is minted for 0.2 ETH, a portion of the minting price is reserved on the token as ETH. The amount reserved per NFT increases along a linear progression based on the amount of NFTs minted before it.
Linear progression. Easy to draw, easy to understand.
Here we find that:
· NFT #0001 reserves 10% of the mint cost on the token.
· NFT #1666 reserves 50% of the mint cost on the token.
· NFT #3333 reserves 90% of the mint cost on the token.
Royalties and Reserves:
Every time a ReserverETH NFT is traded on secondary marketplaces, 100% of the royalties will be shared amongst ReserverETH hodlers. This increases the reserved ETH on each NFT adding the incentive to continue hodling the token. The amount distributed to each token varies based on tokenID.
The formula to find amount to be distributed amongst followers is:
TradingFeeProfit
= (tokenId reserve/total reserve) * trading fees *((lvl+18)/(19+lvl))
Reserved, Redeemed and Released:
To redeem the ETH backing of an NFT, the ReserverETH NFT must be burned. Burning the NFT will award the ETH reserves minus a variable burn fee, starting at 5%. This fee is distributed to ReserverETH hodlers in the same way as Trading Royalties.
Levelling and Burning Charges:
Inspired by our love of Old School RPGs, we’ve added a levelling aspect to our social experiment. As time is the most valuable experience, ReserverETH NFTs will level up based on the time the NFT owner HODLs.
The Levelling Formula:
log2((seconds/ 795.534) +1) +1
Levelling table:
Levelling not only reduces the burn fee percentage charged when the ReserverETH NFT is redeemed but it also can be used as part of the whitelisting process for future projects.
The Burn Fee:
BurnFee% = 1/(19 + Level) * 100
Dignitas:
There are 3 tiers for ReserverETH which determine your Dignitas:
Primus: #0001 — #0833 (Tier 1)
Secundus: #0834 — #1666 (Tier 2)
Tertius: #1667 — #3333 (Tier 3)
Tier 1 gets more benefits than tier 2 and tier 3 — Minting a tier 1 has a greater risk due to having less ETH reserved but will get more benefits/rewards.
The Future:
Utilizing our connections within the space, we aim to use the ReserverETH NFT as a means of early access to other projects. To reward long term holders and Primus holders, will receive special benefits for higher levels as a form of appreciation. Benefits may include and are not limited to Early Access to future projects, such as Metaverse avatars, NFT whitelists, DEFI whitelists, early access to P2E games and much more. Future Projects will drip ETH into ReserverETH.
Thank you for reading and welcome to ReserverETH.
Follow this project and meet the team:
Discord: https://discord.gg/reservereth
Twitter: https://twitter.com/ReserverETH
Website: TBA
