Everyone LOVES NFTs, they’re like sayin’ “I wuz there!” to the world, and we’re proud to be minting our own Pharo NFTs this Friday! (12/3/21)
These aren’t just NFTs, they’re proof you supported us when it counted, and believe us when we say there’s a BIG Thank You coming to our buyers. In addition to the standard randomized rare features when minted, each NFT will have:
- Rare features
- Dividends from ALL Pharo Markets
- 4% Royalty to the Pharo DAO
- 1% Royalty to the artist
- Pharo DAO governance
Rare Features
The Pharo NFTs are grouped into three categories: Common, Rare and Super Rare. All the Pharos come with different clothes, belts and heads, rarity depending. Accessories such as dogs, staffs, spears, crosses and others may be present and vary depending on the rarity. The most desirable of the Pharo NFTs, the Super Rares, will feature exclusive jewelry and silhouettes. These NFTs are being developed by an independent artist — Solomon — who we’re proud to introduce below.
Pharo Market Dividends
We wanted to ensure our NFTs held some intrinsic value, so we transformed each Pharo NFT into an index of ALL Pharo Markets 💰💸 Yes, an index like the Dow Jones or S&P 500. All the Pharo NFTs will collectively earn 1% of ALL fees collected from ALL Pharo markets.
Part of the idea here is to enable agents of Pharo, ambassadors, representatives, people who will evangelize because it’s in their fiduciary interest… and because there’ll probably be a party for NFT holders and other Pharo influencers. As a measure of performance, the 1% dividend will be subject to change by the Pharo DAO.
How much is 1% of all Pharo markets? Each market yields $PHRO token rewards until it stabilizes, at which point it’s a predictable money printer 💰🖨 crossing the chasm and attracting otherwise shy LPs and cover buyers. Pharo rewards the wisdom of crowds for discovering the rates at which market events occur, which covers 😏 everything from Hurricanes to rug pulls to stablecoin hacks to meme coin volatility to boomer currency pair volatility to government standards compliance to referees blowing calls… I could go on. So the question is, “How many markets do you believe Pharo will ultimately cover?”
Let’s say the Total Cover Locked (TCL) of a Pharo market, or all, is $1MM (one-million), and each week cover buyers pay a collective premium of $100K, then the Pharo NFTs would collect $200 per week! $10MM TCL yields $2k/week … $1B TCL yields $200K per week 🤯🤯
** We’ll be getting into the mathematics of Pharo market tokenomics in an upcoming blog post. Reach out if you’d like to be part of that conversation 👀
That $200K per week is the collective dividend for all Pharo NFTs. Each individual NFT will get a cut based on its proportion of the total value of all Pharo NFTs. So let’s pretend there are only two NFTs, if you both bought your NFTs for $10k or $100k, you’d split the dividends 50/50, but if yours is worth $90k and theirs $10k, then you get 90% of the dividends! 💰🖨
In other words, the more you pay for your Pharo NFT, the higher your dividends will be.
NFT Sale Royalties
We couldn’t have done this without our Pharo artist, Solomon, and we’re proud to give him 10% of the total mint and 20% of all royalties collected! Here’s a little about Solomon in his own words:
“Hi! I am a 28 year old from Lithuania and studied in Klaipeda where I earned a degree in electrical engineering. I started to take interest in crypto about 2 years ago since I have a good friend who is particularly involved in crypto space. While I don’t have a lot of technical knowledge, my ‘nose’ for big potential projects has developed. Once I find something promising I ask myself how I can add some value. With Pharo I thought to myself “it’s the place to be!”, so I needed to think how to be useful. I figured making art was a way to get involved and now here I am making Pharo NFTs.”
Pharo DAO Governance
Finally, in addition to dividends and royalties, staking your Pharo NFT will give you voting rights in the DAO proportional to its value. In time we plan to fully transition Pharo control to the DAO, with minimal executive staff to interface with the real world. Here are some capabilities the Pharo DAO will have:
Protocol Governance
- DAO will approve grants
- DAO will suggest & prioritize issues
- DAO will approve/disapprove additional features and changes to the protocol
- DAO will approve/disapprove fee schedule
Market Governance
- DAO will prioritize new markets
- DAO will set Market Manager defaults
- DAO will approve grants
Converging on Launch
The Thorchain experiment validated our approach, the Chainlink hack has introduced the first market and now we are ready to launch. Mainent is coming soon, we are at the cusp of the next big movement in DeFi. Get involved early by purchasing an NFT, get in the discord and follow our blog to take full advantage of the wave that is coming.
