Coin’s E-Farm is Live!
What happens when you take exclusive artwork from the most elusive NFT creators and band them together under Coin’s E-Den? You get NFT farming. And today, that dream becomes a reality.
Head on over to the Coin Artist farm page to marvel at the newest staking program for E-den syndicate members!
NFT Farming Begins!
Last week, we shared details around the launch of NFT farming, allowing COIN, CRED and partner token holders to earn shards of coveted pieces from a secret Coin Vault.
It’s with great pleasure that we’re excited to showcase Glitch Black, Diego Rodriguez and ROBNΞSS as the first featured artists!
Coin’s E-Den is passionate about the intersection of blockchain technology with art, music, video games and all things cyberpunk. We love to inspire and be inspired by our own talented community as well as creators from mainstream circles. Since beginning to accumulate works for these NFT Farms we’ve successfully pulled together content from a surprising echelon of cyberpunk enthusiasts and we look forward to unveiling an ever-increasing number of energizing works ranging from new artists to celebrities aligned with the E-Den’s vision.
Thanks to our partnership with NIFTEX, we’re sharding these artwork into 1M fungible tokens (called shards), giving stakers a chance to earn fractionalized ownership over pieces from rising, establishing and partner creators. The shards from each artwork is broken down as follows:
- 75% to stakers.
- 20% to the artist.
- 4% to the COIN treasury.
- 1% to NIFTEX.
This means that each farm will be seeded with 75% of the shards from individual artworks. Stakers will compete to earn shards over fixed time intervals, distributed based on the total amount and duration of tokens staked.
For a refresher on how this works, look no further than the genesis Coin Artist Liquidity Mining (CALM) running today!
What’s the Difference?
NFT farming requires no additional liquidity (in the form of ETH), allowing syndicate members to directly stake their COIN, CRED and partner tokens without worrying about impermanent loss.
The COIN and CRED farms will feature 3.5 day windows. The partner farms will feature 7 day windows, earned by staking the partner token. The first partner farm is ROBNΞSS and his token, $TRSH.
These ‘Flash Farms’ encourage active participation, giving E-Den members a chance to consistently earn shards from top artists based on their style and taste preferences.
How it Works
Members use the NFT farm page to stake COIN, CRED or partner tokens to earn shards of the underlying NFTs. Shards are distributed over the course of the relative time periods (3.5 days, 7 days, etc.), and claimable by stakers at any point in time.
Following the staking window, all shards for a given piece are claimable by stakers. These shards are freely transferable up until a shotgun clause is called.
The shotgun clause allows anyone holding shards to buy out everyone else with the same shards and claim the underlying NFT. The shotgun function won’t be enabled until at least 24 hours after the staking window closes, at which point anyone can place a bid to purchase the NFT outright.
Bids are placed in ETH, at which point shard holders have two weeks to buy the offerer’s shards at a higher price. If no counteroffers are made, the bid succeeds, giving the offerer full ownership of the NFT and shard holders a pro-rata share of the sale price (in ETH) relative to the amount of shards held.
After a successful buyout, all shardholders must manually redeem their shards for ETH. More details and instructions on how to do this will be shared upon the completion of the first buyout!
What’s important to keep in mind is that once a bid is made using the shotgun clause, all staked tokens and rewards become non-transferable. While you are always able to claim shards and redeem them for ETH in the event of a buyout, the ability to freely trade shards and withdraw staked tokens is turned off during the course of an auction.
This means if you do not claim your shards before the first bid is placed, you can not exit the farm until after the shotgun clause ends. All COIN, CRED, or partner tokens are also locked until an auction has been completed.
Super straight forward right? Well, this is Coin’s E-Den. We live on the edge, you knew what you were getting into!
Let’s take a look at our first heroes.
Genesis NFT Farm Partners
For the first farms, stakers will have the ability to earn shards from the following pieces.
Skull Wrapper — Glitch Black ($COIN)
From inter-dimensional hyperspace comes an apparition that tore itself from the frayed fabric of the universe. Clearly this being doesn’t belong in this world. He is Glitch Black. And he makes music to keep this dimension from falling apart. Combining retro synthesizers with a modern fast-paced tempo, Glitch Black creates darkly energetic music that both excites and terrifies.
Glitch Black has been producing music since 2013, releasing 8 albums to date and garnering over 1 million total streams combined from Spotify, Bandcamp, and Soundcloud. All 8 albums are frequently listed among the top-selling albums on Bandcamp for categories including cyberpunk, darksynth, 80s, outrun, retro electro, and retrowave.
In 2016, Glitch Black licensed several tracks for use in the videogame Defragmented, developed by Glass Knuckle Games and available on Steam. In 2019, Glitch Black went on a 5,000 mile/10 show U.S. tour with Gregorio Franco and Watch Out For Snakes.
He’ll be hosting a special synth live event tomorrow!
“Skull Wrapper” is the first to be sharded and farmed using COIN.
The Wanderer — Diego Rodriguez ($CRED)
Diego Rodriguez is a 2D Digital Artist especially known for leading the art for the game Neon District.
“This is a piece from my Neon District Original Concept Art collection. It’s one of the first pieces made to bring the world of Neon District to life.” said Rodrieguez “Originally thought as a “Human Soldier” when we were in the early stages of the development, “The Wanderer” holds a worn out katana and basic defensive gear. He lacks experience, but soars in spirit.”
Made on Procreate and Photoshop, this piece perfectly exemplifies the lore of Neon District’s virtual world.
“The Wanderer” is the first to be shared and farmed using CRED.
FRAME SENSITIVE — ROBNΞSS ($TRSH)
ROBNΞSS is one the first blockchain artists on the planet. He helped spur the beginnings of the NFT movement as a part of the RAREPEPE Trading Worldwide Underground.
HIS ’64 GALLON TOTER’ GOT HIM BANNED FROM THIS GALLERY, WHICH NOW HAS BECOME THE MOST CONTROVERSIAL AND MEME’D ART PIECES IN THE WORLD (HUNDREDS OF TRASHCAN REMIXES AND COUNTING). AS ONE OF THE HIGHEST SELLERS OF INDIVIDUAL WORKS TO DATE, ROBNESS IS A STAUNCH BELIEVER OF THE DEATH OF COPYRIGHT AND THE PROLIFERATION OF OPEN SOURCED IDEAS.
He’s also got a pretty rad Cryptovoxels $TRSH art gallery!
“FRAME SENSITIVE” is the first partner piece to be sharded and farmed using TRSH.
Let the Games Begin
The launch of the genesis NFT farms marks an ongoing wave of Coin’s E-Den rising into a premier syndicate to earn coveted artwork for being a loyal supporter of the COIN community.
We’re extremely excited to share a wide array of artwork being collected in the Coin Vault, ones that will gradually be dripped out with the release of each new set of farms.
For our syndicate members asking ‘when farm’, let your questions be answered. We’ll be hanging out in the COIN-token permissioned Discord for any follow ups :)
For artists keen to get involved in future farms, please reach out!
Until then, happy farming ;)
