Art Gobblers: The most avant-garde release, the "NFT version of Biosphere 2" created by the top organization Paradigm

Written by: 0xLaughing, Rhythm BlockBeats

Even if you are a newcomer to Web3, you must have heard the name of Paradigm. The investment firm, co-founded by Sequoia Capital partner Matt Huang and Coinbase co-founder Fred Ehrsam, has made Paradigm's name all over the industry in four years. The investment landscape, including FTX, Coinbase, OpenSea, dYdX, etc., has already spanned multiple encryption fields such as DeFi, NFT, and public chains.

And now, the NFT project Art Gobblers is the absolute focus of this top investment institution.

In less than a month, 4 green papers related to it were released consecutively Book (Paradigm's documentation), which has made a comprehensive innovation to the current problems in the NFT field: a progressive Dutch auction (VRGDA) with variable interest rates is adopted in the issuance of NFT, and a progressive ownership is adopted in the issuance of ERC20 Token supporting NFT The optimization model (GOO) adopts new creation tools and Pages NFT gameplay in the form of creator participation, and builds a "decentralized gallery" in the form of curation.

This is the "NFT version of Biosphere 2" created by Paradigm, a top investment institution , it has the potential to become a new paradigm for the NFT industry.

At official introduction, Art Gobblers is defined as an "experimental decentralized art factory", created by artist Justin Roiland Co-produced with crypto investment agency Paradigm.

It may be confusing to see this official definition. In summary, Art Gobblers is a big ecosystem that includes project parties, official artists, external artists, token systems, and curatorial systems. It mainly consists of three parts: Gobblers NFT, Blank Pages NFT, and $Goo Token.

These three components and the relationship between them will be explained in detail next.

Gobblers NFT

animated shorts Rick and Morty (Rick and Morty)》

The total number of Gobblers NFT is 10,000, and its artistic image is composed of Created by Justin Roiland, co-creator and executive producer of the animated short series Rick and Morty.

Distribution Method

These 10,000 Gobblers NFT is issued in two ways:

2000 NFTs are sold through the whitelist, all using 300 will be reserved for the core team, and the rest will be reserved for the community (consisting of collaborators, artists, collectors, builders, competition winners, etc.).

8000 lots are offered in a Variable Rate Progressive Dutch Auction (VRGDA). (This VRGDA will be explained in detail below)

The current method of obtaining the whitelist

According to Art Gobblers' Official tweet, there are mainly the following methods to obtain the whitelist:

1. Hold Justin Roiland's previous NFT series, and participate in the lottery on the official website, holding status The snapshot was completed on August 3rd, and the draw will end on September 21st.

Justin Roiland's previous NFT collection: Nifty Gateway (with 11 NFT collections) and OpenSea.

2. Use the official drawing tools, make your own artwork and share it on Twitter, with the Art Gobblers team picking their favorites.

3. Write a Thread and share your thoughts on "What Art Gobblers Mean to the Encrypted World" Views can be analyzed from aesthetics, culture, society, economy, etc., and the Art Gobblers team will choose their favorite views.

4. Create code that expands the Art Gobblers ecosystem, which can involve Gobbler, $Goo Token, Aspects of novel games or protocols that integrate Gobbler assets.

(Note: 2~4 need to forward this

In addition to the regular ones, there are also 10 rare "Legendary Gobblers NFTs". According to the Art Gobblers Green Book, "They will appear at certain times within the next ten years, for The game provides intermittent drama and structure."

The beginning of "Legendary Gobblers NFT" The price is set at the price of 69 regular Gobblers and auctioned using the standard Dutch auction mechanism. For each subsequent "Legendary Rank", 2 times the transaction price of the previous "Legendary Rank" will be used as the initial bidding price. The success of the auction here means "burning" the ordinary models, that is, if the price of 69 ordinary Gobblers is sold, the buyer needs to burn the 69 ordinary models.

Every time 10% of the total Gobblers NFT supply is issued via VRGDA, a new "Legendary". "Legendary" generates $Goo Token twice as fast as "burning" ordinary Gobblers NFT combination.

Pages NFT

Pages NFT will be divided into two types: Blank Pages and Drawn Pages.

Blank Pages NFT

Blank Pages are blank pages. When Gobblers NFT was first released, there were no Blank Pages. As the subsequent Gobblers NFT can generate $Goo tokens, you can use tokens to buy Blank Pages.

At the same time, the generation of Blank Pages will also use VRGDA to adjust the relationship between supply and demand. At the beginning, 69 Blank Pages can be generated per day, and the generation speed will be along the The Logistic curve slows down until it reaches a constant rate of 10 Blank Pages per day, and then remains there forever.

The generated Blank Pages will not be assigned to the team, but every 10 newly created Blank Pages Among them, 1 will enter the treasury of community artists.

(at here to view the included parameters and release schedule)

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Drawn Pages NFT

Works in official drawing tools

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The literal translation of Drawn Pages is the drawn pages. External artists can use the Blank Pages NFT mentioned above to cast their own artwork/paintings into 1/1 NFT. The process is officially called "glamination".

These Drawn Pages NFTs will belong to the Art Gobblers Pages collection, which belonged to the one who minted them Artist ERC721 NFT, like any other NFT, they can be transferred or sold by the artist at will.

$Goo Token

$Goo Token is an ERC20 Token generated by Gobblers NFT. $Goo can be used to generate Gobblers NFT or Pages NFT. The faster you continue to generate $Goo, the faster it is generated using a progressive ownership optimization model (GOO). (This GOO progressive ownership optimization model will be explained in detail below)

Art Gobblers Ecological Working Principle

The above describes the various components of Art Gobblers, which will eventually form a closed ecosystem.

Component Association Diagram

For Gobblers NFT

Drawn Pages NFT can be swallowed by Gobblers NFT

The word Gobble has the meaning of "swallow", for Gobblers NFTs, which can swallow the Draw Pages NFTs created by outside artists mentioned above, are permanently displayed in its "belly gallery".

Normal Gobblers NFTs may be "burned" to generate "Legends".

In addition, Gobblers NFT can generate $Goo tokens, and $Goo can be used to purchase Gobblers NFT and buy Blank Pages NFT.

For Pages NFT

Starting from Blank Pages NFT, it can be purchased with $Goo tokens, attracting external artists to generate Draw Pages NFT, Some Drawn Pages NFTs may be absorbed into the Belly Gallery by Gobblers NFT holders.

Ecological overview of Art Gobblers in this chapter

What is a Variable Rate Progressive Dutch Auction (VRGDA)?

Gobblers NFT and Pages NFT are issued using VRGDA

In the Art Gobblers ecology mentioned above, both Gobblers NFT and Pages NFT are issued using this variable rate Gradual Dutch Auction (Variable Rate Gradual Dutch Auction, VRGDA), which is a progressive Dutch auction (GDA) Generalized version.

From Holland to progressive Dutch

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Azuki with 1 E The price of TH completed the Dutch auction

Dutch Auction (Dutch Auction) is also known as a price reduction auction. The auctioneer sets a ceiling price, and then the ceiling price gradually decreases within a specific time interval. The first bidder to respond wins. For example, the blue chip Azuki was released as a Dutch auction.

Gradual Dutch Auction (GDA) by Paradigm on April 4, 2022 propose. The GDA works by breaking up the sale into a series of Dutch auctions, rather than having the entire sale go through just one Dutch auction.

Presented in the Green Paper of GDA Among them, take the non-continuous GDA as an example:

“Suppose Alice wants to sell 10,000 NFTs .She's not sure about a fair price for these NFTs, so she doesn't want to sell at a fixed price.

She might choose to conduct a Dutch auction—starting with a high asking price and gradually lowering the price until all NFTs are sold. This is not necessarily the optimal solution, however, as buyers in the market may It is not enough to digest all NFT works at one time.

But if Alice auctions one NFT at a time, For example, she might start a new Dutch auction every minute for one of her new pieces. This would give the market more time to find a fair price for her NFT artwork.”

The discontinuous GDA is actually an extension of this idea.

What are the problems with the current NFT distribution method?

Whitelist pre-sale + non-whitelist public sale (There are also various WaitList Variant)

This is still the most mainstream NFT issue way, it will dump the entire NFT series onto the market at once. There are two situations:

1. The project is very popular and can be sold very smoothly. However, this is usually accompanied by Gas War (refer to the sale of Otherdeed), which causes a lot of unnecessary expenses for those participating in the sale, and may skyrocket beyond expectations at the beginning. If the team's subsequent delivery speed is slower than expected, the price drop will hurt the community and Investors;

2. The popularity of the project is quite satisfactory, and the sale can be successfully completed. Compared with the income from follow-up operations, the income from sales accounts for a huge proportion, and many projects are in the Soft Rug state after they are released, and the team lacks the driving force for follow-up operations;

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Whether NFT players are willing to participate in the sale depends largely on whether it is profitable. If the project cannot be successfully completed at the very beginning, subsequent operations may not be sustainable, and the initial investment of the team and community members will fall short.

Ordinary Dutch shot

There are also certain problems:

1 .If the starting price is lower than the fair market price, this is equivalent to a public sale, and the possible problems are the same as above;

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2. If the initial price is higher than the fair market price, and the minimum price is also higher than the fair market price, it will lead to the failure of the sale, which will greatly affect the confidence of the community and investors (refer to Lonlypop's high open low go );

3. This is still essentially "one-time dumping", can it be done with one Completing the sale at an appropriate price that is satisfactory to the project party, investors, and the community largely depends on the quality of the NFT market, that is, the same project may explode in an NFT bull market, but may fail in a bear market.

According to the schedule linear release

Daily auction of Nouns

The most typical case here is that only one auction per day Nouns.

According to the timetable, the linear release solves the above-mentioned "one-time dumping" problem well , but it may have the problem that the release model is too simple and not flexible enough, and a fixed release rate of only one release per day may not match the speed of community expansion.

How does VRGDA work?

Example

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Greenskins at VRGDA An example is given in the book:

VRGDA Example

"Imagine such a simple schedule, we want to sell 10 NFTs per day. We set a starting price of 1 Token for the first NFT.

Assuming it is day 5, we should have sold 50 NFTs. However, we have already sold 70 as supply has been outstripping demand. We should have 70 NFTs were sold before the 7th day, so our release reached the corresponding number two days earlier than expected.

So, we want to charge a higher price in the future, and need to use an exponential curve to determine how much higher this price is than the original. Here is an example, because the release is 2 days earlier than expected, so We increase the price to the 2 power of 2, that is, the new price is 4 Tokens, and increase the price to suppress the sale of NFT.

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If on day 15, we should have sold 150 NFTs, but only sold 120, this is the amount that should have been sold on day 12, which means that the sale is three days behind .So the price is adjusted to 2 to the power of 3, that is, the new price is 0.125 Token, and the price is lowered to promote the sale of NFT. "

One sentence summary is:VRGDA can dynamically adjust the selling price of NFT, if If the supply exceeds the demand, the price will be raised, and if the supply exceeds the demand, the price will be lowered, so that the daily release situation can match the expected release timeline as much as possible.

Mathematical Reasoning

The mathematical formula given by VRGDA:

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t: Release time

p0: If NFT follows the timeline as expected Speed of selling, selling price of NFT (target price)

k: The percentage of NFT price drop in unit time without buying

f(t): Issue Schedule, amount of NFTs to sell at time t

vrgda(t): adjusted price

Paradigm Three examples of VRGDA are given

Only the above three examples are given in the VRGDA green paper:

1. One-time function, released at a constant rate, such as one released per day, the same as GDA;< /p>

2. Square root function, the total amount has no upper limit, but there is a lot of supply at the beginning, and then slow down and gradually approach Released at a constant speed;

3. Logical function, the total amount has an upper limit, the supply is high at the beginning, and then slows down, until the sale is complete.

The specific formula derivation can refer to the green paper of VRGDA, but it can be seen that because f(t ) represents the release schedule. When the project party adopts VRGDA as the release method, it can decide the number of NFTs to be sold at time t according to its own situation, that is, the custom f(t) function. The actual release methods that can be extended by VRGDA are ever-changing .

What are the advantages of VRGDA?

1. Make the issuance of NFT more flexible, no longer a "one-time dump" and Rigid linear time sale, you can customize your own sale method according to the actual needs of the project and the market environment, the rapid expansion in the early stage, and slow down in the later stage, in line with the development cycle of the project, so that the project can develop more sustainably;

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2. By dynamically adjusting the price to fit the release timeline, promote the balance between supply and demand, and help NFT investors better

3. Extend the project release time cycle, release It can always be accompanied by the delivery of the project roadmap, and crossing bulls and bears can also minimize the impact of the macro-level NFT market on the launch of NFT projects.

What is the Progressive Ownership Optimization Model (GOO)?

In the Art Gobblers ecology mentioned above, the output of $Goo Token adopts This Gradual Ownership Optimization (GOO) model is used tosolve the problem of low coincidence between NFT holders and NFT supporting ERC20 Token holders, and promote NFT and its supporting ERC20 Token The holder's binding.

The current ERC20 Token issuance method and existing problems for NFT supporting

At present, there are two main ways to issue ERC20 Token for NFT:

 Airdrop. At a certain time, all NFT holders can claim/receive ERC20 Tokens proportional to the number of NFTs they hold. For example, BAYC and MAYC holders can use their NFTs to claim $Ape Token airdrop.

 Constant Release. Through staking/tasks, NFT holders can continue to receive corresponding Tokens. For example, DeGods obtains $DUST Tokens through staking, and CoolCats holders can receive Tokens directly, and can also receive additional tokens by doing tasks.

Problems:

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In both cases,over time, the population of NFT holders may interact with There may be separation between groups of people holding the corresponding Token.

In the case of airdrops, as some users choose to only sell their NFTs, while others Users chose to sell only their tokens, resulting in inconsistent ownership of tokens and NFTs across the project, and there is no force to bring them back into alignment.

In the case of constant release, since Token is issued at a constant rate, the newly issued Token The proportion of total supply is getting smaller and smaller, and the ownership represented by NFT and Token is unlikely to be reconciled over time. Additionally, no matter how many tokens a user owns, there is no incentive to match them with a comparable number of NFTs, or vice versa. Once the groups of NFT and token holders diverge, there is nothing to realign their relationship.

How does the GOO mechanism work?

To solve the above problems and make NFT and Token holders overlap as much as possible, you need Binding the holding of NFT and the generation of Token.

The supply of GOO will increase exponentially

GOO proposes The method is simple: The more tokens an NFT holder owns, the faster it can generate tokens.

Two situations:

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Only holding enough $Goo can guarantee that the share will not be diluted by continuous hyperinflation

1. Do not hold NFT, only Holding Token: Not holding NFT means that Token cannot be generated, while other holders will always generate Token, and the continuous issuance will rapidly reduce the proportion of Token held by non-holders in the total supply;< /p>

2. Hold multiple NFTs, but only hold a small amount of Token: hold with other Compared with others, its Token output will lag behind.

For Art Gobblers, Paradigm proposed a simple and easy-to-understand formula to explain the release of Token:

mult represents the multiplier of Gobblers NFT (without revealing too much information, it should be The attributes of each NFT, the multiplier of each NFT is different), goo in tank represents the number of Tokens owned by the holder.

It can be seen that the release of Token is related to the multiplier of NFT and the holding of Token The quantity is directly proportional.

For the specific operating mechanism, please refer to GOO's green paper, which shows that if multiple Gobbler NFTs are multiplied The sum of the numbers is the same as the multiplier of a single Gobbler NFT, so they get $Goo at the same rate. That is, if you hold multiple Gobbler NFTs, the sum of the multipliers is 20. Compared with holding 1 multiplier as Gobbler NFT, the speed of generating $Goo is the same.

Art Gobblers NFT Features Summary

1. Adopt VRGDA distribution method

VRGDA can dynamically adjust the selling price of Gobblers NFT and Pages NFT. If the supply exceeds the demand, the price will be increased, and if the supply exceeds the demand, the price will be lowered, so that the daily release situation can match the expected release timeline as much as possible.

2. Use GOO to issue NFT supporting tokens

Issuing $Goo Toke through the GOO mechanism, so that the holders of Gobblers and $Goo Token overlap as much as possible.

3. "Decentralized Gallery" attracts outstanding artists into the ecosystem

Every Gobblers NFT is a "decentralized gallery", everyone is a curator, Gobblers NFT can Continuously enrich the content by "swallowing" Pages NFT, such as Gobblers NFT that can build a certain theme.

External artists are available via the Blank Pages N Created on FT, ok Art works will be absorbed into this ecology, and Paradigm envisions a positive flywheel:

 As artists create good works of art, Art Gobblers' Cultural relevance will increase

 As cultural relevance grows, collectors will demand more of Gobbler art

 Artists are seeing increased demand from collectors The higher they are, the better art they will create

Also, through When drawing on some art platforms, you can play back the entire drawing process of each work stroke by stroke, and you can see how each work is drawn from the initial outline to the final masterpiece. This To a certain extent, direct theft of works and plagiarism are avoided, and the phenomenon of "replacing the liver" will also be reduced.

4. Game

Weighing the holdings of Gobblers NFT and $Goo Token has become an interesting game. Conditions that require competition:

1. How to adjust the holding ratio of Gobblers NFT and $Goo Token , to maximize the generation rate of $Goo;

2. When the holder's $Goo Token reaches a certain amount, it is to spend $Goo to buy another Gobblers NFT to increase the multiplier, or buy Pages NFT to allow artists to create and sell, or choose to keep pledging without spending $Goo, which of these situations can maximize subsequent benefits.

Possible problems

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1. Smart contract security issues

It can also be seen from the above that, unlike other NFT projects, Art Gobblers has a lot of interactions within the ecosystem, and its operating logic needs to be supported by the development of many smart contracts, including Gobblers NFT and Pages NFT Sale, $Goo Token generation, $Goo Token consumption, conversion of Blank Pages and Drawn Pages, etc. Therefore, in order to ensure that the ecology can run smoothly and safely, it is first necessary to ensure the security of the smart contracts in it.

On September 20, Paradigm open sourced code and post related Green Book, and started an audit contest< /a>, in order to ensure the security of the system. Previously accepted by samczsun and Riley Holterhus The internal review process, which also hired Spearbit to audit the protocol when its development was complete, did not reveal any major vulnerabilities.

2. Follow-up unmanned operation, long time period

At Art Gobblers Green The roadmap in the paper reads: "Neither Justin, Paradigm, nor the Art Gobblers team have plans to build anything entirely new after the upcoming free mint. Art Gobblers is not the first phase of the Gobblers Metaverse. This It is a whole alien technology that we unleash on an unsuspecting populace."

This seems to mean that the team will no longer impose external intervention on this Art Gobblers ecology and let it develop on its own. According to calculations, the issuance cycle of Gobblers NFT is as long as ten years. If Paradigm does not participate in the operation in the future, it is difficult to imagine whether it will go to destruction.

Conclusion

Paradigm has always attached great importance to paradigm shift. Using the theory of paradigm shift, Paradigm believes that it is the new paradigm that can subvert the industry, not the innovation of the old paradigm. Art Gobblers has brought comprehensive innovations from the way of NFT issuance, the release of supporting Tokens, the form of artist participation, the form of curation, and the gameplay mechanism. This is Paradigm's "Eureka moment".

The entire ecological vision of Art Gobblers is that the internal interaction without external intervention will eventually realize self-circulation, Let us wait and see whether this "NFT version of Biosphere 2" built by the top encryption investment institution can be successfully launched and run smoothly.

Reference

[ 1] Art Gobblers

[2] Variable Rate GDAs

[3] GOO (Gradual Ownership Optimization)

[4] How to play 0xMonaco

[5] Open Sourcing the Art Gobblers Smart Contracts

[6] Paradigm: Perfectly buy Bitcoin with strength, new The Road to the Top of Paradigm Investment

[7] VRGDA - Why is it a better NFT issuance model

[8] Rice Daily 20220915 - WTF is art gobblers

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