FTX will launch CRIPCO’s IEO pre-sale this Friday, July 8th. according toFTX Help Centerfirst level title
IEO Auction Rules
According to the FTX purchase page, the auction date for this IEO is July 8, at 9:00 pm Hong Kong time. Users who want to participate in the auction must pledge 150 FTT 24 hours before the start and pass KYC level 2.
The total number of subscription coupons this time is 2,000, and each share is 1,500 IP3 tokens, a total of 3 million, accounting for 1% of the total supply.
The minimum subscription price per subscription ticket is 250 USD(T), and the maximum is 300 USD(T) + 5 FTT. In conversion, the IP3 subscription price is about US$0.17 to US$0.2 (excluding FTT price).
Participating users need to create a sub-account of "IP3-IEO" and transfer the subscription funds to the sub-account. If the subscription is successful, the funds in the subscription IEO account will be converted into IP3 tokens in a few hours. If the subscription fails, all funds will be refunded, and all FTTs that have been successfully subscribed will be destroyed.
Auction rules arrangement:
1. Before 9:00 p.m. on July 8, stake more than 150 FTT (≥ 150 FTT) and pass FTX KYC Level 2
2. Create a sub-account "IP3-IEO" and transfer the subscription funds
3. The minimum subscription price per subscription ticket is 250 USD(T), and the maximum is 300 USD(T) + 5 FTT (the latter is recommended)
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Introduction to CRIPCO
The rise of the Metaverse concept has made NFT the most popular keyword, and major brands and celebrity singers are rushing to launch NFT. CRIPCO officials not only saw this trend, but even saw the new opportunities that NFT brought to the IP industry. For creators, the current IP monetization model is still the same as the Web2 era, which belongs to "one-way communication", while what creators need in the Web3 era is "multi-directional communication".
CRIPCO hopes to establish a new type of IP ecosystem, which is officially called the IP 3.0 ecosystem. This ecology can use the characteristics of NFT intellectual property (Intellectual Property, IP) to make IP more efficient.
The way it works is as follows: Creators authorized by DAO provide IP NFTs such as emojis, pictures, videos, etc. to the platform for CRIPCO users to purchase. After a user buys an NFT, it is equivalent to owning the creator's IP to carry out secondary creations, such as movies, virtual characters and props, and even clothes, cups and other commodities.
At present, CRIPCO has cooperated with many IP creators, including online auction platform Seoul Auction Blue, streetwear brand Kasina with annual sales of 70 million US dollars, Korean online fashion retailer MUSINSA, IP studio Marciano Meida Group, and 3D realistic character company NAVER Z, Hong Kong singer Edison Chen, Japanese street fashion pioneer Hiroshi Fujiwara and so on.
Among them, the most eye-catching one is the former LINE FRIENDS IPX, whose IPs include the familiar BROWN & FRIENDS series (BROWN & FRIENDS), and IPX is also the core initiator of CRIPCO DAO. according to"Globe News Wireimage description
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Source: NAVER Z
Pocket Universe vs. Multiverse
CRIPCO divides NFTs into two universes. The IP NFTs that are voted on by CRIPCO DAO members belong to the "Pocket Universe", while the CRIPCO platform and the wider ecosystem are called the "Multiverse".
Among them, the NFT of Pocket Universe can not only be a single work, but also a set of IP tools. Judging from CRIPCO’s official introduction, this set of tools is similar to custom tools. Taking PFP NFT (personal profile picture) as an example, IP tools provide many tools such as hairstyles, face shapes, and decorations, allowing users to design their own.
In order to maintain the quality of IP NFT in the pocket universe, CRIPCO manages it in a semi-closed manner.
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Import secondary creation tools to help creators exert their IP influence
The difference between CRIPCO and other platforms is reflected in three aspects: IP secondary creation tools, platform management mechanism, and token economy.
Generally speaking, although the current NFT trading platform provides a place for creators to sell their works, in the Web3 era, community management is multi-faceted. Obviously, the one-way transmission model cannot create maximum benefits for creators and consumers.
CRIPCO will introduce a variety of secondary production functions in stages, including support for motion capture, web comic production, POD (print on demand), sticker design, and background image design.
These second creations are not only reflected in NFT sales. CRIPCO has now cooperated with MARRPLE to allow users to print the purchased NFT on the product, which allows people who purchase NFT to print these IPs on physical items, such as clothes, sporting goods, Electronics etc. In addition to being able to use it yourself, it also realizes offline sales.
In addition, CRIPCO also importsSSO technology (Single Sign-on, single sign-on)¹, realize the synchronization of NFT property rights in different metaverses, and allow users to customize the NFT of their online identities.
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Token Economy Design
white paperwhite paper, the CRIPCO platform has two tokens, namely IP3 and IPD. IP3 is a functional token, and users need to hold it to buy NFT, while IPD is a governance token.
IP3 is a functional token on CRIPCO, with a total supply of 300 million pieces and an initial circulation of 7.875 million, accounting for 2.63% of the total supply. Its functions include listing IP NFT, staking, as a voting reward, participating in special events in the DAO community treasury, and other exclusive benefits.
IPD is a governance token, 1 IPD = 1 vote, which can be used to participate in all decision-making on the CRIPCO platform, including governance, review, NFT approval process, smart contract management, and other more DAO governance purposes.
The initial issuance of IPD is zero and there is no unlock period. IPD is generated by staking 10,000 IP3s. Therefore, the theoretical maximum supply of IPD is 30,000 pieces (300 million/10,000).
The functions of IPD include, approval of pocket universe, smart contract upgrade, platform decision, pledge reward, NFT reward, fee discount (IPD holders can get fee credit when using CRIPCO platform).
The following figure shows the distribution and unlocking schedule of IP3 tokens:
It is important to note that users of the three tokens including marketing budget, community treasury, and liquidity rewards are “unlocked”, but the distribution logic of these three items will only be unlocked as demand rises.
Among them, the tokens of IP3 in the community treasury are the pledge rewards of IPD. It is adjusted with the growth of the overall platform, which means that even if the IP3 pledged in the treasury is not locked at the beginning, the calculation of the airdrop distribution ratio will start as the network grows; similarly, marketing and liquidity rewards also have The needs will be gradually unlocked.
Therefore, although the three items are not locked, they will not immediately enter the existing liquidity.
summary
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Different from other platforms, CRIPCO utilizes the mechanism of DAO and token economy, so that creators' works can be changed from the current one-way communication to multi-way interaction.
The members of CRIPCO DAO are usually composed of creators of IP NFT, online e-commerce, auction houses, or other influential figures. In order to create a positive cycle, these members will try their best to import IP NFT and more value, and strengthen the CRIPCO ecosystem and its own brand influence.
This method allows users to use IP to create profits, such as making images into movies, game characters, and even printing them on clothes, mugs, etc. For creators, the more popular this kind of secondary creation is, the more beneficial it will be for the creator's brand value.
