Why Futura's Tokenomics Is One Of The Most Innovative, Fun, And Inclusive In The NFT Space
We are getting ready to launch Futura, our concept car to experiment with the release of a generative music platform we have been building for months: EB Artist. EB Artist will be a platform where musical artists can collaborate to release custom, bespoke NFT drops composed of generative music and matching, interactive visuals.
The philosophy of EulerBeats is one of empowering artists to create music in a collaborative way with royalties rightfully flowing back to creators. This project’s vision has always been about pushing boundaries in the 3D generative music and art space.
Using this as a foundation, the EulerBeats team came up with a sophisticated tokenomics framework and are now ready to reveal the why and how. We take a look behind the curtain and uncover the 5 principles that guided the talented and passionate members behind Futura to make this happen.
Music is supposed to be fun—whether you’re on the creating or receiving end. Futura resembles that. We want you to have fun remixing your NFTs, collaborating with the community, and fostering something exciting. The Futura NFT journey allows you to craft an enjoyable experience.
Here’s the timeline for the drop:
#2: Reasonable Pricing
The first two drops, Genesis and Enigma, were done in a time that was all about price discovery which is why we used bonding curves and dropped on Mainnet. Now it’s about fair drops, low fees, and encouraging usage of the drop. That’s why we implemented a Mixpass fair drop and teamed with Polygon to provide low gas fees to encourage remixing!
Pricing for the Futura Mixpass NFT (your claim to Mix NFTs) and Futura Remix is finally here!
To refresh your memory, Futura will consist of the following NFTs:
- 4040 Futura Mixpass. Generation 0 Futura Mix NFTs will only be available to those who hold a Futura Mixpass. Each Futura Mixpass holder will be able to redeem two Futura Mix NFTs. There is no additional cost to redeem the Mix NFTs, beyond gas. Each mixpass holder gets a 25% discount on remixes. Price: 0.1 ETH
- 8080 randomly generated Futura Mix NFTs. These NFTs will be provably unique, random combinations of generative music and visuals, created using a set of original musical building blocks produced by the EulerBeats team. *The 8080 number was inspired by the famous 808 drum machine.
- 10 limited edition Futura Master NFTs, hand-crafted by the EulerBeats team, to act as the official artist statement and creative introduction for Futura. Futura Master NFTs will be on sale soon after the Futura Mix redemption period starts. The Futura Master NFTs will be auctioned off English-style. (Date to be announced soon)
- An uncapped supply of Futura Remix NFTs. Remix NFTs will be created by holders of Mix NFTs. Via a fun and engaging website front end, holders will be able to select sample traits from any Futura Mix they hold, to create new, unique Remix NFTs. Remixes themselves will be able to be further remixed via the same mechanism. Futura Remix NFTs will be able to be minted, for those who possess two or more Futura Mix NFTs, shortly after the Futura reveal. Price: 0.05 ETH
We wanted to make Futura accessible to the community as we plan to onboard new artists into the space. We need to address the elephant in the room in order for this to work: gas fees. High transaction fees on Mainnet aren’t tenable to most users, so we decided to shift our technical roadmap: Futura will be minted on Polygon.
This allows us to efficiently combat expensive fees during minting, and remixing while maximizing engagement
The decision to port to Polygon came in line with Ethereum’s increasingly restrictive transaction fees and throughput. With EulerBeats’ emphasis on distributing artists’ royalties resulting from secondary market sales, transitioning to Polygon’s Proof of Stake network Layer 2 architecture became integral to the project’s success.
Charles Adkins, NFT Lead for Polygon commented, “EulerBeats is breaking new ground with generative NFTs and stands on the edge of global-scale market opportunities in the creative industries. It needs to be based on a platform that can deliver the scale, low costs, security, and open-source ecosystem that will be essential to realize its commercial and artistic potential. Polygon’s future-proof platform assures ConsenSys that its new acquisition has the right foundations in place to deliver on that potential.”
#3: Preventing Gas Wars
We want a friendly and engaged community, without gas wars ruining the game. Futura Mixpass is the solution we chose to use for a fair launch strategy.
We defined a Whitelist mechanism that enables anyone in the space to get a Mixpass and avoid the “first come-first serve” scheme. Mixpass holders will have exclusive rights to mint Futura mixes when the mixpass redemption period opens. We are passionate about ensuring the Futura drop avoids expensive gas wars for users, particularly our loyal EulerBeats community members. The staged rollout plan staggers the minting of Mixpass NFTs and Mixpass redemption across reasonable periods of time, during which token holders can choose themselves when they would like to take action. In this way, we will seek to avoid a race situation where purchasers are outbidding each other in the gas auction in order to mint.
#4: Empowering The Community
Futura has the potential to become a fantastic reflection of remix culture and generative music. That said, we want to ensure contributors are able to define and shape the quality of Remixes and Futura as a whole.
First, by taking any two Futura Mix NFTs, holders will be able to create unique Remix NFTs, by selecting which musical elements will be carried across to the Remix. In this way, you can control which new NFTs are created and added to the Futura legacy. Then, your Remix NFT can also be used to create new Remix NFTs!
The second method of control is, when creating a Remix, you have the option to burn either one or both of the Futura Mix NFTs used to create the Remix:
- Burn one, and you receive a one-off discount of 50% on that Remix.
- Burn two and your Remix is free. Not only does this make remixing even more accessible, but it also removes Futura Mix NFTs, and potentially their individual traits from the Futura token supply. Keep in mind that Futura Mix NFTs will only be mintable for a limited time via the Mixpass, so every time a Futura Mix gets burnt, this makes those remaining even more scarce!
In a nutshell, there are two main ways Futura holders will be able to control the outcome of the drop.
- Mixpass holders can redeem/burn their Mixpasses in exchange for two Futura Mixes, at no charge aside from gas.
- If the Mixpass is held, Mixpass holders will be entitled to a 25% discount on basic Remix minting (the minting that occurs where no source materials are burned)
#5: Rewarding The First EB Holders
Loyalty is precious and we want to reward the first holders who trusted and believed in the EulerBeats vision from the start.
We wanted to reward existing EulerBeats holders for their ongoing commitment to the EulerBeats community. Our community is vitally important to us and we will continue to find ways to recognize and reward it.
For Futura, this takes the form of our Community having the first, exclusive rights to mint the Futura Mixpass, and hence Futura Mix NFTs, via the Community Whitelist which all EulerBeats holders will automatically be added to, assuming they hold on the snapshot date.
A Showcase Of What’s Possible
Futura is the harbinger of a new creator economy—one that’s emergent, spontaneous and ripe with potential for artists. EB Artist will take the free flow of creativity to the next level, with credit going where it’s due. A whole new realm of creators will enter the space as we continue to make generative music and art accessible. Futura aims to live up to this mission and we hope you’re as excited for the launch as we are.