Step by step: IOTA introduces Genesis NFTs

In order to build up its own NFT ecosystem, IOTA is introducing its Shimmer Jerseys today. Early adopters should also be rewarded in the long term.

The preparations for the Shimmer update are in full swing at IOTA. As BTC-ECHO reported last week, the days of the coordinator in the network should be numbered. To make it easier for them to say goodbye, it would of course be good if processes work and the ecosystem has committed and hard-working supporters. This is now to be tested and ensured using the Shimmer Genesis NFTs. The press release states:

Shimmer Genesis NFTs are for the early-risk adopters in our ecosystem who are ready to explore the unique ways that NFTs empower the community.

IOTA Foundation

These Shimmer Genesis NFTs are a limited edition of 11,111 NFTs showing gold, silver or bronze shirts. These exist in different price categories and will have different degrees of rarity.

  • Gold: 1,000 for $ 3,000 each
  • Silver: 3,000 pieces for $ 2,000 each
  • Bronze: 6,000 pieces for $ 1,000 each

Depending on the level, the acquirers of the NFTs receive benefits such as access to future airdrops and a roadmap for faster ecosystem development. In addition, membership of this DAO enables participation and allocation of financial resources in community projects. The NFT jerseys will be available from November 26, 2021 in the Shimmer NFT Shop.

Bronze Shimmer Genesis NFT, IOTA Foundation

Each NFT also gives the new owner and the Shimmer Treasury the right to staking rewards. The equation for the staking boost in the press release is: “HODL Genesis NFT + Stake Shimmer Token = greater staking reward.”

It looks like those who buy and keep NFTs will be rewarded for them in the future. However, the tokens are not distributed proportionally after purchases, but only activated and distributed after a governance vote. To explain the practice of this application it is said:

Let’s assume a hypothetical scenario. If the community votes to give Genesis Gold NFTs a 15 percent staking boost, your Shimmer staking rewards will increase by 15 percent. Having two Gold NFTs increases your rewards by 30 percent, and so on. You can easily stack NFTs to increase your staking rewards for securing the Shimmer Network. For each staking boost, the corresponding amount of staking rewards for the DAO community is coined and provides the community with long-term funds for the ecosystem.

IOTA Foundation

Financial resources for the IOTA ecosystem

The proceeds from the NFT sale are intended to fund future NFT campaigns and the “development of DAOs within the IOTA and Shimmer ecosystem”. The next few months will show how much income this brings together. What is certain is that the Shimmer playground is first attempting to get participants onto the platform in this way in order to try out the future staking model.

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