An Extraordinarily interesting NFT Project
The Non Fungible Social Experiment
I really like the idea of this project.
So what's so interesting about this project is that the value of the NFTs are based solely on almost an honor system. The NFTs are originally distributed for free through drops on Nefty. And they are bought with the sole intention of immediately listing it for sale.
A little background
To be completely honest, I just so happened to stumble upon this project. I can't remember exactly, although, I believe I saw it on an ad banner on the drops section of Nefty. I saw it and my interest was rapidly ignited. Unfortunately, I quickly learned I was ineligible for their drops. My wallet either needed to be whitelisted or you had to have a private link from the team's Discord server. After joining the server, I learned that the project was just at launch and wasn't even a few weeks old yet. The requirements to become eligible for those first Nefty drops were small. Basically just show interest in the project and be active on Discord. As I had become genuinely intrigued, this was of no issue. Not only did I obtain eligibility, I also was selected to recieve their first drop.
Below is the "Verified Wallet" NFT. Which stands as proof that you have met the requirements listed on the Discord server. With this NFT, I'll be able to recieve future air drops.
Anyway, you're probably thinking "So, what exactly makes this project so interesting."
Well, let me try to explain. Let's just say you got your wallet verified and you're ready to go. Now that you've received your air dropped card, you are supposed to relist it and start making money!! However, before you head straight to the marketplace. You should probably make sure you understand the NFT you're looking at before you list it.
The name of this NFT is #34X2.5.
As you can see, I have this NFT marked up with numbers to help explain what is going on with this card.
1: This is the NFTs mint order. In this case this was the 34th water series card minted
2: This is the most important aspect of this whole project. This is the "Intended Initial Listing Price".
3: This is the multiplier for this card.
This NFT was purchased for 100 WAX and relisted for 2.5 times that
Let's throw a good example in the mix.
In this example, let's say that you, the reader, received that #34X2.5 NFT via air drop. In order to play this game correctly you have to list it for the "Intended Initial Listing Price" and in this case it's 100 Wax. This is called "Live Staking". Live Staking is a new concept that the guys at Non-Fungible Social Experiment have introduced. When you have correctly listed NFSE NFTs for sale, you are live staking.
Quick side note:
I actually bought the particular NFT I'm using for this example so bare in mind that it wasn't originally air dropped to me. So this would be the step someone would take after they bought your air dropped NFT.
Still using this example, let's go one step further. Let's say "John Doe" buys your NFT for 100 Wax. It is expected that he is to immediately relist that same asset for sale for the multiplier amount times the "Intended Initial Listing Price". In this particular case, the multiplier amount is 2.5. So, if John Doe wants to participate in Live Staking, he would list that same NFT for 250 Wax.
Why would I want to participate in Live Staking?
There are incentives for buying and relisting. Not only are you most likely going to make a decent profit by participating. You are also eligible for future drops while you have an NFSE NFT live staked. So if you want to recieve free air drops from NFSE, get to live staking!!
In conclusion,
Although these NFTs are technically worthless, their value is all community trust based. I'm having to trust that the next guy will buy it for the price + the multiplier. As this is a new concept, there aren't any simple ways to filter the results on Atomic or Nefty to show which items have been bought and listed correctly. With the abundant amount of time I have on my hands, I decided to start working on a project to do just that. Using an API provided by Atomic, my program will search for assets and look at their previous sales and their "Intended Initial Listing Price". If everything checks out like it is supposed to, then that asset will be shown as appropriately listed and recommend purchase. I plan to add features that have three categories. Basically a sort of "red", "yellow", and "green" light system. Green assets will be perfectly listed and relisted. Yellow assets will be listed correctly currently, but have not been bought at the right price each time. Or have been bought right each time, but is now currently listed incorrectly. And the red group. These poor assets have never and probably will never be listed correctly. This program will also help the team quickly check the amount of live stakes and who is participating correctly. I will add a link to my GitHub at the bottom of the page. I Feel pretty lucky about catching this project from the beginning. It just gives a sense of pride knowing you were there for it's conception and be a part of what it will become. I'm honored to be apart of it.
TLDR:
So basically a group got together and introduced the idea of live staking. Live staking allows participants to be eligible for air drops. These air dropped NFTs have one single job. And that's to be listed on the marketplace for a specific price. They are then purchased and immediately relisted for sale for a preset multiplier, unique to each asset. They are bought and re-listed with the hopes that the community will continue the streak and everyone continues to make money. In my opinion it's a cool idea. It's new, so of course, it'll have a few kinks. I'm currently working on a program to help sort out which assets have been bought and relisted correctly. My hope is that it saves time. And my goal is not only to encourage people who are less familiar with NFTs to join the project, but also make them feel comfortable with their investments.
Notes:
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At the time of my writing (6/4/2022) They have a 24hr volume of 2,030 WAX (264 USD) and a total volume of 17,912 WAX(2,258 USD
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The collection name is nfsocialexgg. The schema name is nfse and their link on the AtomicHub is here.
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If you're more of a Nefty guy like myself, here's that link for their marketplace on Nefty.
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If there are any Python devs out there who already completely overwhelmed, feel free to check out my project on GitHub.
