With SafeCoin now having full NFT capabilities, as a result of the recently launched Ledamint NFT software suite based on Metaplex, we are launching the SafeBoys collection. The SafeBoys collection is the first crypto-backed NFT collection to launch on SafeCoin.
To celebrate the launch of NFTs on SafeCoin, I wanted to create an NFT collection that was unlike any other NFT collection currently out on the market. Furthermore, unlike many other NFT projects, I wanted the SafeBoys to have a purpose and a use case. So after a lot of brainstorming, the idea of crypto-backed NFTs was born. The crypto backing of the SafeBoys will mean that each NFT will have an intrinsic value making each NFT valuable regardless of its rarity. The SafeBoys collection consists of a proposed maximum of 1000 SafeBoys that will be sold on the market based on demand.
No NFT collection is complete without its art. The SafeBoys is a collection of 1000 uniquely generated NFTs based on the art created by a close friend of mine. In addition, the SafeBoys have a tone of different attributes ensuring that no NFT looks similar to another.
The backing of SafeBoys will be a pool of native SafeCoin assets where a share of the pool backs each SafeBoy. On launch, the backing will consist of $SAFE and staked $SAFE. Through proposals made by SafeBoy holders, the assets backing the SafeBoys can change over time.
As mentioned earlier, the pool of assets backing SafeBoys will be used to generate revenue for the NFT holders, increasing the intrinsic value of each NFT. At first, the majority of $SAFE backing the SafeBoys will be staked to capture staking revenue. Still, as DeFi on SafeCoin gets rolled out, other strategies to capture value can be introduced. Aside from using the backing pool to generate revenue for SafeBoy NFT holders, 60% of the trading commission will be directed to the SafeBoys backing pool, increasing the value of each NFT every time one gets sold. The other part of the trading commission will be directed to the treasury to develop the project and cover operating costs.
Below is an overview of how revenue will be distributed between the backing pool and treasury.
As you can see in the above image, SafeBoy's revenue is split between the backing pool and the treasury. This model ensures that the project can sustain itself as treasury funds can be used to pay for the development and other market-making activities, providing smooth, sustainable activity. As is often said, a strong treasury means a strong project.
SafeBoys will not be redeemable for a share of the backing pool due to the economic complexity introduced by the staking part of the backing pool. However, SafeBoys offered for a significant amount below the intrinsic value of the NFT can be re-purchased by the treasury to be sold later for its native value generating more revenue for both the treasury and NFT holders.
The SafeBoy collection is dedicated to helping grow the SafeCoin ecosystem and is open to working with any project looking to launch on the SafeCoin blockchain.
More information about the launch date and the mint price will be released in a future blog post. If you are interested in the project or want to collaborate, feel free to send me a dm on Discord.