Skip to main content

Skatehive NFT

1. What is NounsBuilder?​

NounsBuilder is a tool that enables the creation of projects inspired by the Nouns model, an NFT project known for its continuous auction approach and community governance. It provides a modular framework to create NFTs with unique traits and periodic auctions.

2. How Does Skatehive's NFT Auction Work?​

The Skatehive auction follows a model similar to Nouns, with specific adaptations for the skateboarding community. Here are the key aspects:

a) NFT Creation​

  • Each NFT is programmatically generated by combining different traits stored in an on-chain repository.

Image

  • These traits can include skateboard designs, decks, wheels, graffiti, or other skate-related visual elements.
  • The creation process is fully autonomous through a smart contract, ensuring each NFT is unique.

b) Continuous Auctions​

  • NFTs are auctioned in a continuous process, with a new auction starting immediately after the previous one ends.
  • Each auction has a fixed duration (e.g., 24 hours).
  • Participants place bids in cryptocurrency (such as ETH) to acquire the NFT.

c) Fund Distribution​

  • Funds raised through the auctions are distributed according to the smart contract’s rules:
    • Currently, all proceeds go to the Community Treasury, which can be used to fund projects, events, or skate-related initiatives.

d) Decentralized Governance​

  • Skatehive NFT holders have governance rights, allowing them to participate in decision-making for the project’s future.
  • For example, they can vote on proposals to allocate treasury funds or add new traits to NFTs.

Image

3. Participating in the Auction​

To participate in the auction, users must:

  1. Connect their cryptocurrency wallet (such as MetaMask) to the Skatehive platform.
  2. Place bids during the auction period.
  3. If they have the highest bid at the end of the auction, they receive the NFT in their wallet.

4. Benefits of Skatehive NFTs​

  • Exclusivity: Each NFT is unique and may appreciate in value over time.
  • Community: Holders become part of an engaged community and have a say in decision-making.
  • Support for Skateboarding: A portion of the funds is reinvested into skateboarding initiatives, promoting the culture and sport.

5. Underlying Technology​

  • Smart Contracts: All creation, auction, and distribution logic is executed via smart contracts on the blockchain (typically Ethereum or a Layer 2 like Base).
  • Transparency: All transactions and rules are public and verifiable on the blockchain.
  • Interoperability: NFTs can be traded on marketplaces like OpenSea or Blur.

6. Example Workflow​

  1. A new NFT is generated with unique traits.
  2. The auction starts and lasts for 24 hours.
  3. Users place bids.
  4. At the end of the auction, the highest bidder wins, and the NFT is transferred to their wallet.
  5. Funds are distributed according to the smart contract rules.
  6. A new auction begins immediately.

7. Final Considerations​

The Skatehive NFT auction on NounsBuilder is an innovative way to engage the skateboarding community, create value for participants, and fund meaningful initiatives. Transparency and decentralization ensure that all involved have a voice and receive fair benefits.

If you need more technical details or specific examples, just let me know! 🛹