SatoshiFaces — Step into Satoshi’s world.
SatoshiFaces, otherwise known as “Faces” are digital art collectibles comprising 4999 unique portraits. All of the pieces and elements within are created by British artist Ed Merlin Murray. This iteration marks the start of a rapidly developing NFT x Defi ecosystem created by the team.
Evolving from what has become industry norms, the creators have developed some “piéce uniques” to provide a glimpse of what you the user can expect from them in the future.
These include; hand-drawn then digitized artworks with both explicit and implicit rarity subsets, a platform-exclusive artwork reveal process, an intuitive gallery and wallet section as well as a plethora of use cases for the ecosystem-specific token, SFT. These SFT’s will only be generated by holding artworks. There are no pre-minted team or advisor allocations. Embodying Satoshi’s ideals of decentralization.
This is your opportunity to participate in the first NFT x Defi-specific ecosystem of its kind, commencing with the sale of 4999 digital collectible artworks.
The SatoshiFaces ecosystem will become an all-encompassing NFT suite moving away from the transient nature of current collectibles. The 4999 Faces will combine both artwork and digital collectability with a value hierarchy determined by explicit and implicit rarity subsets. Explicit rarity being categorized by listed numerical differences such as character type, eye color, items, etc. Implicit rarity being hidden variations within the pieces as well as, most importantly, the name associated with the painting by the owner. To add to the mystery and enhance the unveiling experience, each artwork will unlock one segment at a time, at a rate of one per 2 days. After 16 days the artwork will be fully unveiled, and rarity stats will be revealed. After the 5th segment of each artwork is unlocked the naming function is activated and the owner may participate by adding their own personal touch to the piece.
The creators aren’t stopping there. The 4999 unique artworks provide the perfect foundation for what’s to come. The first NFT x Defi solution of its kind. A user-friendly platform allowing owners of any listed NFTs the opportunity to use them as collateral when acquiring lending, and lenders the chance to lend against what will become, in time, a stable tokenized asset class.
The SFT, solely generated by the 4999 Faces collectibles, will be the utility token of choice when performing various functions within the ecosystem. The decision to break away from industry norms by not pre-allocating Team or Advisor tokens with aggressive vesting schedules exemplifies the creative team's desire for longevity and the preservation of Satoshi’s ideals of decentralization.
NFT x DeFi
Two market-leading solutions within the industry combined into one. Commencing April 1st, 2021, the development team will begin work on what will be the first dedicated Defi platform for NFT’s of its kind. You can expect the platform to be built using the same fundamental principles as Faces but heavily expanded upon. A secure, easy-to-use solution that allows owners of permitted NFT’s the opportunity to, rather than sell their unique items, use them as collateral for loans. This not only solves immediate liquidity issues but also allows for infinite scalability as further tangible and digitized items of value become tokenized.
The solution will allow lenders to lend against a multitude of tokenized assets at agreed loan to value and interest rates making the proposition arguably more appealing than current currencies of collateral within the Defi space. With the hopes of not oversharing, there will much more information to come as progress is made
How it works
There are a total of 4999 unique Faces. Each one was created by renowned artist Ed Merlin Murray. They have varying backgrounds, characters, hats, eye colors, and items as well as other attributes. Whilst all Faces are rare, intrinsically, some will be rarer than others.
To distribute the artworks fairly, SatoshiFaces utilize a 7 day distribution period at the start of the sale, whereby participants will not know which Face they have purchased. At the end of this period, an on-chain mechanism is used to randomly assign artworks to each NFT. This method ensures a fair and unbiased distribution. This means that 7 days after the start of the sale, all owners of a SatoshiFace NFT will be able to view their unique artwork. Any NFTs purchased after the initial distribution period will have the artwork immediately assigned and available to the owner to begin the segment unlocking process.
Artwork Distribution
All artworks throughout the sale period will be sold unseen. Similar to any collectible, this ensures an unbiased distribution of rare pieces. To maintain fairness throughout the distribution process, all artworks are randomized and then sequenced from 0–4998. This sequence is used by the provenance records and final proofs then immutably embedded into the SF smart contract. A 7 day distribution period beginning on the 5th of April 2021 at 12:00 GMT will be utilized. Participants in this initial period will receive their Face NFT immediately after purchase but the artwork assigned to each NFT will not be assigned yet. At the end of the 7 days, on the 12th of April at 12:00 GMT, an on-chain mechanism is executed to randomly assign a starting index to the collection. This index is applied to the sequence and all artworks are then distributed to their holders. Any artworks purchased after the 12th of April 2021 will become immediately available and part viewable to the owner to begin the unlocking process.
Artwork Unlocking
Artwork unlocking, one of our piéce uniques. An additional feature that will enhance the experience of revealing your next collectible artwork. When you first purchase your Face NFT the artwork will initially be covered up by 9 equally-sized segments. The first segment will be removed immediately allowing you to view a small portion of your artwork. The remaining segments will be automatically removed at a rate of 1 segment every 2 days from the time you purchased, meaning after 16 days all the segments will be removed and your artwork will be revealed in its entirety. To keep the process interesting, after 5 segments are unlocked the naming feature becomes available giving you the chance to name your artwork.
Artwork Staking
What will intrinsically differentiate this iteration of digital collectible artworks from any other are the SatoshiFinanceToken (SFT) rewards generated from holding them. These tokens won’t just serve as a tool to allow the changing of artwork names but rather form the functional basis of our developing ecosystem. An ecosystem that will include the first NFT x Defi combined platform of its type.
There will be no token sale, private or public, and importantly no pre-minted team or advisor tokens with aggressive vesting schedules. The only way new tokens will ever be generated and brought to market is through the holding of Faces. Thus truly embodying Satoshi’s vision of decentralization.
Artworks held by an owner in their wallet will accumulate 5 SFTs a day for the first year, reducing by 25% a year for a total of 10 years at which point the final SFT token will be minted. To claim your accumulated SFTs please click the claim all button on the wallet section of the site. Once claimed, the tokens will be transferred to your wallet to either utilize on the platform, hold or sell.
Explicit Rarity
To provide general guidance on the hierarchy for the digital collectible art pieces, the creators have provided a set of explicit characteristics with differing degrees of rarity. For example, male characters are much more common than their Ape counterparts. The explicit characteristics will be defined within the categories section on the gallery. Individual rarity statistics can be viewed by clicking the icon on the artwork. This function will be available as soon as the piece has been fully unlocked. Rare traits can, therefore, be established before all artworks are sold out. The image below illustrates the various explicit rarities that can be found within a collectible. Beyond the initial bounds of explicit rarity, there is a second layer of scarcity imposed via implicit traits and the naming process.
Implicit Rarity
When it comes to art, especially those created by hand, no two artworks are the same. The enigmatic differences within the pieces seek to establish additional bounds of implicit rarity. These rarities take many forms, from colors of the clothing to subtle variations within items.
The final and most substantial form of implicit rarity is the “Name” chosen by you, the owner. A name that once etched on-chain cannot be duplicated. In the year 1500 Da Vinci named his most prized piece the Salvator Mundi and as we move through time every great piece since has had an equally synonymous name associated with it. We might not have created the next Mundi but an owner’s interpretation of their art and subsequent naming of it still holds a certain gravitas.
The images below illustrate two identical artworks with differing items. Whilst the 8 Ball is a vastly more common item compared to the Bitcoin Book, the wording within it, whilst subtle, appears less often, making the item implicitly rarer. The implicit rarity traits and variations will not be categorized or calculated, they are left as an enigma for the community to decipher.
Satoshi Finance Token
The Satoshi Finance Token or “SFT” is the native token of the SatoshiFaces ecosystem. This utility token will be used to complete functions and access features on the Faces platform such as naming artworks, with more to come soon! Beyond that, SFTs will be used as the core utility token when interacting with the upcoming NFT x Defi solution.
To ensure decentralized distribution of these tokens is maintained, there will be no allocated or pre-minted; Team, Advisor, Marketing, or Development tokens. The only way tokens will ever enter the circulating supply is through the 4999 Faces. The new token generation will follow a deflationary mechanism with rewards given to artworks reducing by 25% a year until the final tokens are minted in ten years from the start of our Faces sale date.
Max total supply is — 36,912,116.1 after 10 years. After the first year, the max supply is — 11,622,675.
Each SatoshiFaces NFT accumulates 5 SFT per day
The owner can claim these tokens to their wallet at any time
All NFTs purchased in the initial sale will receive an additional 500 SFT one-time bonus. After this point, the only way to earn SFT will be to buy and hold a SatoshiFaces NFT.
NFT owners can change the name of their artwork for 250 SFT
The Future of SFT
The creative team plan to keep building upon the ecosystem created thus far with the implementation of additional means of customization and viewing of the digital art, all of which will be redeemable through the use of the SFT token. The unlocking mechanism of the artworks will not be the last interactive experience enjoyed by owners. The goal will always be to create an immersive, interactive, and innovative ecosystem built with NFT technology as its core. Note, the digital artworks themselves are immortalized on-chain and will never be altered, added to, or amended in any way.
Commencing April 5th, 2021 the team began the development of an industry-first NFT x DEFI platform allowing permitted NFTs to be used as collateral to lend and borrow with customizable mutually agreed on terms through the Ethereum Blockchain. Further information regarding the rollout of this supplementary platform will be released on a webpage. Upon its release, the SFT token will play a significant role in the functioning of the platform.
Whilst not currently confirmed, there is the possibility of the Satoshi team working on additional limited run iterations to add to the ecosystem. These iterations will be completed by different artists with different subject matters. Purchases of these future artworks may, in part, require payment via SFTs.
Come and join our Community and create DEFI on NFT’s with SatoshiFaces
SatoshiFaces:
- Website: https://satoshifaces.com/
- Twitter: https://twitter.com/SatoshiFaces
- Discord: https://discord.gg/RMdQK5ZTwS
