Ethlings — Breakdown & Thoughts

Imagine an ARPG or RPG game. You have a character that was randomly assigned to you from a pool of 7,777 characters. Each character has different traits some being more common and some rarer than others. Then imagine you can give your character up to 13 attachments — ex. A pirate hat, a baseball bat, etc. You also have tokens for you to spend on your character giving it more attachment slots. Once you have customized your character to your liking, imagine if you can bring it to different game universes. One second your character is slaying dragons in the world Skyrim and next, you’re carjacking in the GTA verse. What you just imagined was the concepts of Ethling in a nutshell!

(Source: www.ethlings.com)

Ethling

  • ERC-721 Token
  • Supply of 7,777 customizable avatars will be minted
  • Each at 0.111 ETH on L2 for low transaction fees
  • ≤20 Ethling minted per transaction
  • Given a serial number, a random species, and a random subtype (rarity involved)
  • Given a random number of attachment slots (up to 13)

Wearable

  • ERC-1155 Token
  • The attachment used to fill 1 of the 13 slots available on an Ethling
  • Collected through 3 ways — 1. Given limited edition wearable after minting Ethling 2. Bought on OpenSea 3. Printed on the SCARCE curve that is dropped regularly
Wearables for Ethlings (Source: www.ethlings.com)

ERC-20 Token

  • Given 1000 $ET for every Ethling minted
  • Claim $ET based on the number of days you hold your Ethling since project launch — number of days/365 x 1000 [ex. Hold for 100 days = 100/365 x 1000 = 273.97 $ET]

Don’t forget to claim your $ET before selling your Ethling

  • Can be used to unlock more attachments slots in 2 ways — randomly generating a new number of attachment slots or unlocking a single locked attachment slot

SCARCE bonding curve for wearables

  • Scheduled Close and Release of Cumulative Earnings
Left: Price of Ethling is consistent throughout; Right: 4 types of SCARCE bonding curve (Source: www.ethlings.com)
  • The bonding curve will have an expiry for when sales and supply will be frozen (ex. 2 weeks)
  • Bonding curve prices follow these 4 formulae — Linear: .005 + .0001x, Polynomial: .015 + .00005x², Exponential: 1.03^x-1, Factorial: 0.25 x!
Prices for each bonding curve (Source: Ben Jones)
  • Printing: Increases supply circulation and increase the price
  • Reserve Fee: Account for 93% of fees that went into printing and is later returned as liquidity for people who burn
  • Withheld fees: Account for 7% of fees that went into printing are used for transaction fees
  • Burning: Decreases supply circulation and decrease the price of future buyers. When burnt, 95% of all Reserve Fees will be distributed to owners and 5% will go to the Ethlings team

Why I like Ethling?

  • Founders — 2 founders with Defi and engineering backgrounds. Were willing to take the time to answer my questions.
  • Built on Layer 2 — Low transaction fees.
  • SCARCE — Allows for the free market with the community deciding the prices based on demand/supply/price. Lower chances of incorrect pricing by the company.
  • Rarity — Simple and straightforward rarity. Do not include too many traits or elements.
  • Metaverse — Able to integrate into different metaverses and virtual reality [ex. Voxel]. Boundless utilities.
  • Artists/ designers — Are given 95% of royalties for the initial sale. Promotes building a community and allows artists to make money.
  • Prices — Affordable to buy Ethling and given free limited edition wearable on minting. Wearable drops will be sold in wETH.
  • Art — Currently on V1. Many updates and changes in the future. Extra attachment slots are available for the future [ex. audio, gifs]. Also adaptable art to different metaverses.
Ethling in Sandbox virtual world (Source: www.ethlings.com)
  • Long-term goals — Ever evolving in terms of utilities, art style, and collaboration with other NFT projects. The ultimate goal of incorporating Ethlings into the metaverse.

Summary

  • A top of my list for buys. Great potential and long-term utilities and collaboration
  • Good feedback on Layer 2 from whales and small collectors
  • Ethlings are affordable and promising future for future art and art styles for wearables
  • A good platform for artists
  • Exciting plans for metaverse and VR
  • Released by end of May 2021. More information at Ethling’s discord, Twitter, and website

You ever feel like you're missing out on all the cool NFT projects? Read JOGI and feel the Joy of Getting In on the newest NFT news.