The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
I’ve always wondered what a crypto-based version of Reddit Collectible Avatars would look like.
That is why cygaar’s thread about Sofamona digital sticker project that Base just released in beta, caught my attention last week.
Sofamon has the potential to captivate Telegram’s millions of cryptocurrency users, so in today’s post we’ll break down what you need to know about this exciting new platform.
PS Metaversal rebranding begins on Thursday. Keep up with rising levels! All Metaversal issues after today will be delivered via: team@bankless.com 🧑🚀️
-WMP
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March 26th, Sopamon—“A new layer of social expression” centered around on-chain Telegram sticker collection and trading—Base has launched a beta version.. In just one week since launch, the project has already generated over 3,300 ETH in trading volume and 95 ETH in revenue.
Sopamon is designed to serve as a new cultural platform for cryptocurrency natives. The main pillars are:
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📱 telegram — Leveraging Telegram, the most popular app among cryptocurrency enthusiasts, Sofamon allows people to use avatars and collectible wearables as stickers.
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🐾 Customizable avatar — Sofamon allows users to customize their avatars with a variety of collectible items for individuality and expression.
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🎨 Platform for creators — Currently only the first Genesis collectibles are live, but Sopamon will eventually allow artists to release their own collections on the platform, expanding aesthetic options over time.
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📈 Dynamic pricing — Sofamon uses Friend Tech-style bond curves for its collectibles, ensuring liquidity for immediate buying and selling and a demand-responsive pricing mechanism.
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💬 collector chat — The project also offers a Token Gate Telegram channel that is only available to collectors of certain items. This creates a unique social hierarchy that not only provides access to coveted stickers, but also provides access to a private community.
I’m not a smart contract developer, but I’m scanning. Sopamon Smart ContractI haven’t found any mention of NFTs like ERC-721, ERC-1155, etc.
Instead, Sofamon appears to be using a more efficient metadata system where each sticker is tracked as a unique segment of on-chain metadata. This approach provides fungibility within and between wearable sets, and is also suitable for fractional ownership and dynamic pricing elements of the project.
Of course, my analysis may be wrong here. The Sopamon team may also expand by adding NFT elements in the future. But now in the case of stickers irreplaceable But it doesn’t appear to be an NFT per se. And that’s perfectly fine. It’s a different but similar approach. Let’s see if it sticks!
Sopamon Beta is an invitation-only mode, so the following invitation code is required. One of the ones already used To get started.
I’m currently struggling with code and the best way to do it initially is to turn on post notifications. Sopamon Twitter account, there have been a lot of new invitations pouring in over the past week. Once you have the code in hand, just punch it in. Sopamon.xyz/onboarding/invite Start.
Base is currently the most popular Ethereum L2 and Telegram is hundreds of millions of usersAnd Privy is Simple onboarding via built-in wallet.
This is Sofamon’s stack, and this project is the first to use this exact combo. In my opinion, this approach is positioning the platform to become a force to be reckoned with in the cryptocurrency social scene in the coming months.
As I said in the introduction, I was hoping to see a more cryptocurrency-based take on the regular ballpark of Reddit Collectible Avatars, and now I think I’ve got my first real answer here at Sofamon.
Clearly, this project is just getting started and could go much further in the future. But I see a compelling and promising foundation on which I believe the team can build significant momentum, and I’m excited to give it a try myself.
Looking further ahead, it will be interesting to see how Sofamon continues to position itself in the increasingly crowded NFT market, especially against or alongside the dominant profile picture (PFP) projects. Additionally, expanding the project through new art releases and potentially leaping onto platforms beyond Telegram will also be key threads to watch!
William M. FeasterThe senior writer has been with Bankless since January 2021. He has been immersed in Ethereum since 2017 and has been writing: Metaversal Newsletter Senior NFT analyst on a team that covers everything from AI projects to cryptocurrency gaming at the on-chain frontier. With his background in creative writing, he writes novels and publishes art on Ethereum in his spare time. He lives in Washington.
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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