From 2D pixelated bird NFTs on Moonriver to a fully realized gaming multiverse expanding its branches to Moonbeam and Ethereum, Moonsama has come a long way now. And the journey has been nothing short of historic.
Today we are going to demystify one of their product, $poop.
What is $POOP ?
Moonsama recently launched an NFT marketplace named, Raresama on the Moonbeam Network. The founders wanted this marketplace to be fully community governed. So they decided to ditch the VCs and introduced a governance token, $poop.
$poop is an xc-20 asset on Moonbeam, which means $poop is a substrate native asset, but with the ability to be utilized as any other erc-20 token.
But where does this $poop came from?
How is $POOP created ?
It was a few weeks back when $poop was announced as the governance token of Raresama, but it has a long history of creation.
The journey:
This all started with the launch of an NFT collection called Moonsama, a collection of 1000 2D pixelated bird characters on the Moonriver blockchain.
To bring utility to these NFTs, the founders launched a Minecraft inspired metaverse game called Carnage. The Moonsama NFT holders received tickets to enter the carnage, where they could use their NFTs as in-game characters. During the carnage, the character could collect various resources such as aWood, aGold, etc.
To provide further utility to Moonsama NFTs, the team did a big brain move. They then decided to launch their second multiverse game called Pondsama, which is a 5v5 battle game where you require 5 alpha-fish, called aFish to get started. But how to get aFish?
The resources earned during the Moonsama carnage were utilized to craft a Moonrod, and then alpha-bait. These crafted resources can then be used to collect aFish while fishing.
The aFish holders were rewarded with aPoop for some weeks based on their holdings. And finally this aPoop got redenominated at 1:3400 into the xc-20 $poop token. This is the entire journey of how $poop was created.
Now that we have $poop, does it have any utility?
Utility of $poop
$poop serves the following utilities:
- $poop being the governance token can be used to vote on community proposals. The holders can participate in the decision-making process for the Raresama NFT marketplace.
- To mint NFTs, you need to create a user profile by paying a fee in $poop tokens. Creating a profile includes adding custom pfp, cover picture, description, and promo link.
- To become a verified creator, you need to stake some amount of $poop.
- However, it’s the community vote which decides if you should get the verified tag or not. Again, $poop token gives users the voting power.
- Being a xc-20 token, $poop can be transferred to other parachains to be utilized in DeFi protocols.
Expected future utility
Considering the track record of Moonsama team, I expect $poop to gain additional utilities in the near future.
One of them could be trading NFTs in $poop tokens. The $poop can (in the background) be swapped to $glmr for buying or selling. But the listing price in $poop will create additional demand for $poop.
How to buy $poop?
$poop is currently available on Beamswap and Stellaswap DEX. You can swap your $glmr to $poop.
Final thoughts
In the P2E season, we saw many NFT games using highly inflationary tokens to reward the players. In hindsight, this was a perfect recipe for disaster as tokens with high emissions like SLP are absolutely decimated now. The Moonsama team, on the other hand, has introduced a Craft-to-Earn mechanics which contributes to the sustainability of the token and overall reward mechanism. Thus, $poop should not be confused with any random shitcoin.
Important Links
Raresama website: https://raresama.com/
Raresama Twitter: https://twitter.com/RaresamaNFT
Moonsama wiki: https://wiki.moonsama.com/
Follow me on Twitter: Prophet Dotsama
