NFT
Immediately’s most vibrant Web3 communities have been largely anchored round non-fungible tokens (NFTs) designed to function individuals’s on-line profile footage. However Rug Radio deliberately waited to launch its personal set.
Most of the most profitable initiatives to this point that make the most of NFTs—distinctive blockchain tokens that signify possession—have leveraged the PFP format to develop into recognizable icons of digital property house, such because the Bored Ape Yacht Membership, CryptoPunks, and Cool Cats.
These NFTs sometimes have a singular mixture of randomly-generated attributes, whether or not that be a background, clothes, or equipment. However their underlying artwork type is what makes a undertaking distinct, identifiable at a look, and a part of one thing larger.
Rug Radio didn’t need its decentralized content material platform to develop purely round its personal model, defined founder and co-CEO Farokh Sarmad on a current episode of Decrypt’s gm podcast, however reasonably function a spot for individuals with PFPs throughout collections to congregate.
“I did not need individuals to alter their PFPs for Rug Radio as a result of Rug Radio is the home of everybody, whether or not you are an ape, a punk, [or] a cat,” stated Farokh, referencing the aforementioned NFT initiatives. “I wasn’t making an attempt to divide individuals.”
The founder additionally famous that he didn’t need to launch a line of PFPs and not using a plan in place for the way they’d be integrated into Rug Radio’s ecosystem, which sprang into movement when the platform was launched simply over a yr in the past.
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Rug Radio is launching its personal set of PFPs tomorrow after quite a few months of planning. Designed by NFT artist Corey Van Lew, the tokens—which Farokh described as a “enjoyable undertaking”—will assist make followers of Rug Radio extra seen.
“It’s giving our group a face,” stated Farokh. “My major aim with that is only for the group to be glad [and] to have one thing to be pleased with.”
Because of Rug Radio’s inclusive angle in the direction of different NFT initiatives, the PFP undertaking is titled “Faces of Web3.” The undertaking was unveiled in early December at Artwork Basel, the worldwide artwork honest.
The startup’s identify is an homage to being “rug pulled,” a time period coined in crypto for when initiatives go sideways with zero warning, usually to the misfortune of these concerned. And whereas it’s presently only a podcast platform the place Farokh’s voice is the primary draw, Rug Radio aspires to develop far past that.
Beforehand, Rug Radio launched a line of 20,000 Genesis NFTs, which yield RUG tokens to those who maintain the photographs of the crypto-themed carpets. RUG tokens are the platform’s forex of alternate and are additionally rewarded to energetic listeners and viewers on Rug Radio’s platform.
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The tokens will play a key function in Rug Radio’s upcoming mint, the place homeowners of a Rug Radio Genesis NFT can mint one of many new PFPs so long as in addition they possess no less than 690 RUG (about $0.06 per token as of writing), or personal sure NFTs by Van Lew.
“We’re not charging [people] for the PFP, they simply must have a specific amount of RUG tokens,” Farokh stated, drawing a distinction between “Faces of Web3” and different PFP launches.
Farokh first contacted Van Lew concerning the undertaking in August of final yr, saying he was the one artist that Farokh needed to work with. He additionally famous that Van Lew will “get his fair proportion” from the undertaking for his work.
A current assertion from Rug Radio’s Twitter account defined the mint’s hyperlink will probably be shared instantly by Farokh in an upcoming Twitter house, warning about misrepresentations they may probably see.
Your each day reminder that you’ll get the mint hyperlink instantly from Farokh reside throughout a Twitter house. So please be secure and DO NOT click on hyperlinks that pop up in your timeline, DMs, or mentions.
Once more, you’ll hear his voice as he shares the mint hyperlink. That is the one mint hyperlink.
— Rug Radioᵍᵐ 🎙 (@RugRadio) February 4, 2023