The Frahm Genesis Drop has been successfully conducted. This blog post serves as an overview.
Frahm is building a platform around digital, premium frames tokenized as NFTs. Establishing and pioneering a new segment in the NFT market. With that, we are democratizing the frame creation process, creating an own economy and marketplace around digital frames in the Metaverse.
The Frahm Genesis Drop enables you to become a stakeholder within the Frahm community. Genesis frame NFTs are unique pieces of art created through a generative art algorithm by our artist Lucas Swick. Genesis holders are early stakeholders of Frahm and receive premium access to the Frame Development Kit (FDK), Frame Galleries and the Frahm Dao in the future.
Mintlist Mint: 28th of April 16:00 CET
Mint limit: 2 NFTs per wallet
Public Mint: 29th of April 16:00 CET
Mint limit: 10 NFTs per transaction
Reveal: 30th of April 16:00 CET
Burn*: 30th of April 16:00 CET
*All unminted Genesis NFTs will be burned gradually within 48h starting with the Reveal
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On the 28th of April at 16:00 CET, the Mintlist Mint phase of the Frahm Genesis Drop will commence. During this period, minting is only available for registered wallets in the mintlist. If you are signed up for the mintlist, you will have 24 hours in which you can mint a maximum of two Genesis NFTs.
On the 29th of April at 16:00 CET, the Public Mint phase will commence. During this period, anybody can mint a maximum of 10 NFTs per transaction. All remaining Genesis NFTs from the Mintlist Mint phase are available to mint.
On the 30th of April at 16:00 CET, the Reveal will take place. From the start of the Mintlist Mint until the Reveal, the Genesis frames and individual properties have not been revealed yet. Even though the NFTs itself have been transferred into your wallet already. Only with the Reveal, each frame and unique properties are revealed. You will be able to see the Reveal on our own website or on OpenSea.
On the 30th of April at 16:00 CET, the Burn phase will start with the Reveal. The Burn will gradually destroy all Genesis NFTs which have not been minted yet. In this process, it will reduce the supply of the Genesis collection to the actual number of minted NFTs. Remaining Genesis NFTs can be rescued by minting them if they have not been burned yet.
We will take a snapshot of all unminted Genesis NFTs at the time of the Reveal and divide this number by 48 hours. This is how we determine the gradual burn rate over a 48-hour period until all unminted NFTs have been burned.
Example: At the time of the Reveal, 1004 of 1100 Genesis NFTs have been minted. 96 NFTs have not been minted yet. Burn formula: 96 NFTs / 48 hours = 2. In this scenario starting with the Reveal, 2 unminted Genesis NFTs will be destroyed each hour. If no more Genesis NFTs have been minted during the Burn phase, the final supply of the Genesis collection is 1004.
We want to maximize value for our early supporters. By potentially reducing the supply to the actual demand during the Genesis launch, we will settle on the optimal balance for the Genesis collection. This way, we can guarantee no remaining unminted supply. At the same time, burning provides an interesting mechanism design around the minting event.
The Frahm Genesis Drop consists of a limited supply of unique frames based on generative art. In other words, digital frames tokenized as their own NFTs. Each one will be a unique artwork consisting of various properties. This will lead to a rarity distribution within the Genesis collection.
Frame Properties: Each frame has a set of frame properties which represents the individual elements of the frame as unique piece of art. These include aspect ratio, frame style, color, cartouches and more.
Tickets: Each Genesis NFT has a property called “tickets” with a random number between a minimum of 1 and a maximum of 10. Tickets allow you to mint additional frames once we launch the FDK. Tickets are NFTs as well which can be claimed and traded shortly after the Genesis launch when we deploy the FDK Ticket token contract.
Gold Tickets: Across the Genesis collection, there are 10 Gold Tickets available as another rare property. A Gold Ticket bears the right to receive a custom frame designed by Frahm and minted out of the Frahm Exclusives collection. Gold tickets are NFTs as well which can be claimed and traded shortly after the Genesis launch when we deploy the FDK Ticket token contract.
Coordinates: Each Genesis NFT comes with specific X- and Y-coordinates as additional properties. Creating frames for the Metaverse, Frahm will need to have it’s own representation in the Metaverse. This representation will be made up of 1100 parts represented by 1100 Genesis NFTs. Essentially, turning each Genesis NFT into a piece of future on-chain real estate. This lower metadata fidelity shall invite the community in imagining and remixing this concept into higher resolution interpretations.
Frahm Genesis NFT Project Reserve
During the Mintlist Mint, Frahm will mint the first 50 Genesis NFTs into a dedicated Team Wallet. These NFTs function as a project reserve for future business development activities. This includes on-boarding of partners incl. artists, collectors, and projects into the Frahm ecosystem.
Use of Minting Proceeds
30% of minting proceeds are allocated to the Frahm treasury to incorporate, fundraise, and continue to build out our platform. Remaining funds are utilized to cover expenses and team allocation.
Interested in participating? Join our Discord