Textarea is a text derivative of NFT, which provides NFT with more value.

🧬 This project is an experiment that will explore using textual information to carry the value attributes of NFTs (such as personalized signatures or messages, etc.) in the WEB3 world over its more popular PFP derivative.

TEXTAREA is a text derivative of NFT, which aims to provide NFTs with more value.

💭 Why are we doing this project?

  1. Text is inherently cool
    Writing is a product of human evolution over thousands of years, it is cool stuff by itself and has been embraced by everyone in this world.

  2. NFT should have the function of expressing and displaying the owner's personality in a diversified manner
    In WEB2, no matter what the user's avatar is, they have a BIO area to display the information they want to display. In WEB3, users should also have infrastructure with similar functions.

  3. Text information needs a more decentralized storage method

    We needed to decentralize the information and ensure that it could be permanently stored and perpetuated under the premise of interactivity. Currently, the only foundation that can achieve this is Ethereum, so we chose Ethereum and built TEXTAREA based on it.·

🧱 TEXTAREA’s basic elements consist of words and sentences.

🟢 Words

  • Consists of consecutive letters and numbers.

  • Special symbols cannot be used in words.

  • Words are not case-sensitive.

  • The same word cannot be generated repeatedly; every word is unique.

  • The following 24 words are considered common, will not be claimed by anyone, and will not incur any cost when used to create sentences, they are:

    I; You; He; She; It; Am; Are; Were; Is; Was; Be; Do; Does; Did; Have; Has; Shall; Should; Will; Would; Can; Could; May; Might.

🟢 Sentences

  • Consists of one or more words displayed within a fixed pixel area.
  • The minimum number of words that make up a sentence is 1, and the maximum cannot exceed a fixed pixel area of 11 lines.
  • Word holders or non-word holders can both create sentences.
  • Sentences with the exact same content cannot be generated repeatedly; every sentence is unique.
  • Punctuation; space; enter; will be considered as the basis for judging sentence differences.
  • No space can be added at the end of the sentence.
  • Sentences can be changed in color using a six-digit color number. Sentences with different colors but the same content cannot be created repeatedly.

🟢 Words and sentences have a certain “Economic value”

  • Words can be claimed for free
  • The cost per sentence depends on the number of words. Every new word added to the sentence will increase the generation cost by 0.01 ETH (words that are reused will not incur additional costs). The 0.01 ETH will be distributed to the word owner as a reward.
  • When a word in a sentence has no owner, the 0.01 ETH generated based on that word will be allocated to the ETH pool and rewarded to TEXT liquidity providers.
  • Punctuation; space; enter will not incur any charges.
  • 5% royalties will be charged for secondary transactions of words and sentences.

🧠 Based on Sentence and NFT, we have created some "Innovative Functions"

🟢 Synthesis

Users can stake their NFT & sentence into the open-source contract provided by TEXTAREA to generate a NEW NFT. The process of synthesizing will generate TEXT tokens, and the amount of TEXT tokens generated depends on the ranking of the all-time total TVL of the NFT project.

🟢 Dismantling

Users can disassemble the synthesized NEW NFT at any time to redeem the original NFT and sentence immediately. After the disassembly, the NEW NFT will be destroyed. The act of disassembling will consume TEXT tokens, and the amount of TEXT consumed is the same as the amount of TEXT produced during the initial synthesis.

🟢 Record

The NEW NFT generated by synthesizing an NFT & a sentence can continue to be synthesized with another sentence. This process can be replicated again and again without a limit. Based on the pure text representation of TEXTAREA, all generated data will be permanently stored on Ethereum. WEB3 is the foundation.

📈 TEXT Token

🟢 Information

TEXT token is the official token of Textarea project.

The total supply of TEXT token will be 170 million.

TEXT Token distribution currently consists of the following structure:

  • 15% to team members.
  • 25% to stake rewards.
  • 50% to synthetic rewards.
  • 5% to initial liquidity.
  • 5% to mirror crowdfunding.

🟢 Staking

TEXT liquidity providers will receive double the rewards received from WETH & TEXT.

  • WETH rewards: 0.01 ETH x the number of unclaimed words appearing in all sentences.
  • TEXT rewards: In the beginning, the TEXT reward pool produces 237,037 amount of TEXT tokens every day, this is halved every 90 days for 720 days, with a total of 42,500,000 TEXT tokens produced.

🟢 Synthesis and disassembly

As mentioned above, the synthetic action will reward TEXT tokens, and the disassembly action needs to consume TEXT tokens.

🟢 Vote

We are building a platform dedicated to sentence-making competitions. On this platform, the word holder can initiate a competition based on word-themed sentence making. Those who wish to participate in the competition will need to use the themed word for sentence making. Participants can place their sentences for voting; Holders of TEXT will have the right to vote. Participants with the greatest number of votes will win the competition. Rewards will be prizes provided by the initiator.

👣 Team & Roadmap

🟢 Team

We are a WEB3 team with four developers, including a product manager, a contract development engineer, a front-end development engineer, and a Marketing Manager. We are working round the clock, committed to developing the TEXTAREA project and will remain anonymous.

As TEXTAREA is a decentralized WEB3 project, all our code is open source. We want our followers to focus on our product and not on us, just as we focus on Ethereum and not Vitalk Buterin.

🟢 Roadmap

  • April - June, 2022: Development of basic functions: Word; Sentence; Synthesis; Disassembly.

  • July - August: 2022: Rinkeby Testnet; Building social media.

  • l September 2022: Project main net online; Mirror crowdfunding (5% of total TEXT). TEXT token released.

  • October, 2022: Sentence contest platform development.

  • November, 2022: Sentence contest platform launched.

  • December, 2022: Subsequent funding and feature updates.

  • Q1 2023: TEXT listed on the exchange.

  • Q2 - Q3, 2023: Development and Construction of Text Metaverse.

  • Q4 2023: TEXT Gamefi; TEXT Defi; TEXT Socialfi.

🌅 Vision

Now, almost all PFP-type NFT projects are artificially creating scarcity by pre-determining the total number. This method is not healthy, because the value of an item cannot be judged directly based on how small or large it is. The real value should be reflected in the application scenarios of NFT, which is exactly what TEXTAREA is pursuing. We prefer to compare TEXTAREA to a text version of the metaverse, which is based on an infinite combination of words and sentences that can expand on a huge WEB3-based TEXT ecosystem.

👏TEXT Pre-Crowdfunding

We are now starting the crowdsale for $TEXT tokens, funds from pre-crowdfunding are mainly used for the team's early development and the addition of LP liquidity pools after the TEXT mainnet goes online.

Pre-Crowdfunding price: 73666TEXT / ETH (crowdfunding price:56666TEXT / ETH)

Pre-Crowdfunding goal: 23ETH

Pre-Crowdfunding deadline: September 5, 2022

Total amount of pre-crowdfunded TEXT: 1,700,000TEXT (1% of total)

The mainnet of TEXTAREA will be launched in a month after the crowdfunding, and the TEXT tokens of all users participating in the pre-crowdfunding & crowdfunding will be unlocked immediately after the mainnet is launched. If you participate in the pre-crowdfunding & crowdfunding, please follow our social media updates so that you can claim your $TEXT tokens as soon as possible.

📢 we are now testing on the Rinkeby testnet!

🔒 https://test.textarea.xyz

✅ Word Contract (Rinkeby)

0x8D45FC59143C1741807d4A1F03956A5AeC303463

✅ Sentence Contract (Rinkeby)

0x26572469B798327978DBA222e8bCC500528d9dB5

✅ Merge Contract (Rinkeby)

0xE679571C9FbbF69AE1eEE1823eEa780A40f990B6

✅ TEXT Contract (Rinkeby)

0x305Db03d3E0D2067daf33A0bF751c77ACb7808D2

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🟢 Gitbook

🟢 Github

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