Summer has been a hive of activity at Stargaze, marked by rapid progress and a flurry of developments from live auctions to tokenomics update. Let’s jump right in to uncover the major updates and explore the latest developments.
Live Auctions: The inaugural Stargaze live auction, introduced at the Nebular Summit in Paris by acclaimed graffiti artist Cedric Lascours (RESO), marked a groundbreaking moment. The NFT crafted during the event holds a special privilege — lifetime access to Nebular Summit events. This historic piece fetched an impressive 200,000 $STARS, with Zaki Manian emerging as the victorious bidder.
Live Auctions are on-chain events where users can list and trade their NFTs. These auctions can be customized with various durations (1, 3, 7, 14, or 30 days). Notably, if a new bid is placed within the final 15 minutes of the original auction ending time, the closing time extends by 15 minutes to ensure fairness.
Osmocon Paris France: The Stargaze team made it out to Paris France where they attended Osmocon. During this event, Shane Vitarana, co-founder of Stargaze, gave a presentation that painted a compelling picture of the transformative power of NFTs within the blockchain landscape. He began by showcasing how NFTs have transcended their initial role as collectibles, using the Bad Kids as a prime example of a standout asset in the Cosmos ecosystem. Shane then delved into the concept of NFTs in gaming and introduced the innovative idea of “token bound accounts” that enrich the functionality of NFTs.
Token bound accounts (TBAs) are a way to enhance the functionality of NFTs by bundling ERC-721 tokens and associated assets into a single profile, enabling various logic and actions such as automatic staking and reward collection, while also simplifying asset transfers and platform switching for a more user-friendly experience.
He further explored the promising realm of NFT DeFi, encompasses automated market makers and NFT staking. Shane underlined how NFTs could enhance blockchain security and facilitate cross-chain connectivity, introducing the concept of “Stargaze Outposts” to bridge various blockchain ecosystems. Altogether, his presentation showed how NFTs have evolved far beyond mere collectibles and promise a multifaceted and impactful future in the blockchain realm.
So what exactly is an Open Edition? Open Edition NFTs on Stargaze offer a unique approach to digital collectibles, combining accessibility with time-based scarcity. Creators set a specific timeframe during which collectors can mint, allowing for flexibility and experimentation. This approach makes Open Editions more affordable and appealing to a broader audience of enthusiasts. Once the set duration expires, no more NFTs can be minted, creating a sense of urgency for potential collectors.
Tokenomics Update: The recent tokenomics upgrade on Stargaze has brought about a transformative change to the STARS token ecosystem. With this implementation, the total inflation rate has been reduced by an impressive 60%. This update ensures that the Net Staking Yield remains at around +7%, effectively decreasing dilution of STARS stakers. Additionally, the community pool is now supplementing staking rewards to further incentivize participation and strengthen the ecosystem.
The max supply of $STARS has also been lowered, going from 4 billion to 3 billion. The timeline for reaching the tail-end token emission, set at 95% of the max supply, has been accelerated significantly, now projected to be achieved by 2027 instead of the previous 2040 estimate.
NoPixels: This community-focused application allows Interchain users to connect socially while expressing their creativity through pixel art. Similar to a physical whiteboard, there is limited drawing space, which adds an exciting competitive aspect. NoPixels prioritizes community development, aligning with the Stargaze philosophy of “Build what people want.”
NoPixels introduced several unique features to the Stargaze platform, setting it apart from other pixel art experiences:
Stargaze Name Perks: Minting a Stargaze Name comes with exclusive benefits, including reduced painting cooldowns and the ability to participate in the leaderboard. This enhances the overall experience for users.
Custom Pixel Cost: NoPixels leveraged Stargaze’s bypass feature to eliminate transaction fees for pixel placement. Instead, a minimal fixed cost of 0.05 $STARS per pixel was introduced, ensuring accessibility for all participants.
NoPixels features in development:
NFT-Gated Boards: Exclusive boards were created for NFT collections on Stargaze, allowing only NFT holders from these collections to paint. This feature empowers collection creators to customize board settings, including size, cooldown, and drawing parameters.
Multi-Board Support: NoPixels offered multi-board support within the same UI, enabling users to easily switch between various Stargaze boards, including the main board and NFT collection boards. This approach fosters a diverse gallery of pixel art experiences.
CryptoSlam: Stargaze has now been added to CryptoSlam, a premier NFT aggregator spanning 15+ blockchains. This integration elevates our presence within the broader Web3 community, providing users with access to vital NFT insights and collections.
As we’ve seen the NFT landscape in Stargaze evolve, let’s now shift our focus to metrics. In this section, we’ll examine key performance indicators showcasing the adoption and success of these groundbreaking developments in Stargaze’s NFT ecosystem.
Total Marketplace Secondary Sales: $6,865,528
NFT Buyers: 20,759
Creator Royalty Earnings: $431,058
Marketplace Revenue: Stakers earn real yield from half of Marketplace revenue.
Cumulative Revenue (Fair Burn): $153,448
Fair Burn fees: 50% goes back to the community (stakers), and 50% is burned (deflationary aspect of the chain).
Total collection count continues to rise. For July through August the marketplace had 74,121 mints with a $155,259 mint volume.
The marketplace has received over 1600 Auction Bids since launch.
Stargaze joined hands with the Polkadot ecosystem via @Picasso_Network and IBC.
Ojo Oracle CosmWasm contract brings a powerful price oracle to Stargaze for new use cases.
Shane Vitarana presented a talk titled “Interchain Bad Kids” at Nebular Summit in Paris on July 24, 2023.
Burn, baby burn! Burning NFTs has never been this fun. Check out burning NFTs.
You can now tag your favorite Stargaze NFTs directly within @leap_cosmos. Moreover, you can set them as your wallet PFP.
A collaboration with StakeBar was a significant step towards enhancing Stargaze decentralization. This campaign introduced an automated portfolio tool that simplified stake delegation to smaller validators with proven track records. By spreading delegations across these validators, we’re actively improving the Nakamoto Coefficient and reinforcing the decentralization of our chain.
Token factory module deployed. This allows people to create a new token on Stargaze.
Major Chain Upgrades:
Passed Prop #212: Stargaze v12 Upgrade
Community Pool Spends:
Passed Prop #200: MantaDAO — Stargaze token swap
Passed Prop #210: Community Pool spend proposal
Passed Prop #201: Marketplace v1.6.0 Contract
Passed Prop #209: DAO DAO and Polytone contract upload
Passed Prop #206: Marketplace v1.6.0 Migration
Passed Prop #208: Store Ojo Oracle Contract Wasm Code
Passed Prop #211: Recover NOIS IBC Expired Client
Marketplace sorted by category
Toggle between time intervals
List view as default
Games on Stargaze
Addition of latest lists
Estimated wallet value
August 8 Stargaze Community
August 18 @BAT_Community
Infinity Swap is planned for September if no issues arise.
IBC Minter is ready to ship. There is an ongoing governance discussion on commonwealth about the IBC Minter fees.
Interchain NFT Transfers are expected to be ready in September.
NFT DAOs are in development. Membership DAOs may be created now.
In conclusion, this summer at Stargaze has seen remarkable growth and innovation in the NFT ecosystem, from groundbreaking live auctions to transformative tokenomics updates. As we look ahead to exciting features like the Infinity Swap and Interchain NFT Transfers, we're grateful for our community's support and enthusiasm. The future looks bright for Stargaze as we continue to evolve and expand.
Start minting and trading NFTs today on the fastest and most powerful community owned platform.