Tokenomics
NFT
Every day pictures of the current day are created using AI, based on daily news and previous images. An NFT is minted based on the final picture. At the initial stage of the project development all intermediate pictures are stored off-chain.
In the 5-year period we plan to mint a total of 1826 NFT's. According to the founders of the project, each NFT is unique only based on current characteristics of the day it was minted, there are no division into "common", "rare" or other categories: this concept shows once again that #WEAREONE, although we are different.
NFT generates 0.5 WAO daily for NFTs №1-50;
NFTs №51-365: WAO generated per day = bid in ETH, but not less than 0.1. These WAO tokens can be claimed in the future, we call this mechanic "Future drop".
Each NFT has 8 characteristics in attributes:
The region which provided the news for generating the final image.
The service or algorithm used for image generation.
The primary color code of the resulting NFT (the predominant color of the image).
The name of the main color of the resulting NFT.
Twitter trend theme.
Trending Crypto.
Trending NFT Collection.
New coin with highest volume.
Example attributes: Asia, Starryai, #353f61, Bay Of Many, Halloween, Aptos, CryptoPunks, Mythos.
Users can assess the value and rarity of an NFT by themselves depending on its number or the intensity of news on the day it was generated.
Our NFTs have royalties of 8%.
Each NFT has a Description, which contains information on the winner of the previous auction and his/her phrases, a link to the Permaweb of the previous day as well as the news of the day. Also, there is "secret ingredient" - "secret hash" (sense of this will be opened in the end of the project).
You can see example of the description in this section.
WAO tokens
WAO is the accounting token of the Treasury.
Rules for accruing tokens for NFTs №1-50
WAO tokens are issued daily after a successful auction in accordance with the following formula:
where BID is the bid of the auction winner in ETH; Calendar rate (CR) is the participation rate for the current day; Collectible index (Ci) depends from amount of owned NFTs. CR starts from 1.826 and decreases by 0.001 daily. The earlier you participate, the more WAO tokens you receive, all other things being equal. Ci starts from 0 and increases by 0.03 for each WAO NFT.
Example 1: the winner of the day #1 made a 10 ETH bid. User will get 28260 tokens (10 * 1000 (1 + 1.826 + 0). Base tokens = 10 000. Calendar bonus = 18 260. Collectible bonus = 0.
Example 2: the winner of the day #100 made a 5 ETH bid. User had 3 WAO NFTs on his/her address before making bid, so Ci = 0.03*3 = 0.09. He/she will get 5 * 1000 * (1 + 1.726 + 0.09) = 14 080. Base tokens = 5000. Calendar bonus = 8630. Collectible bonus = 450.
Example 3: last day's winner made a 50 ETH bid. User had 12 WAO NFTs on his/her address before making bid, so Ci = 0.3 (max). He/she will get 50 * 1000 * (1 + 0 + 0.3) = 65 000. Base tokens = 50000. Calendar bonus = 0. Collectible bonus = 15 000.
WAO tokens do not have any initial supply and cannot be issued by the team without depositing ETH as a collateral in accordance with the current CR and Ci=0. If the team decides to issue WAO tokens for any contests or to replenish the Treasury, then ETH must be put into Treasury according to the formula: 0.8*WAO/(1000*(1+CR)), where WAO is the number of tokens issued.
Example: team issued additional 1000 WAO tokens on Day #100, so 0.8*1000/(1000*2.726) = 0.29347029 ETH must be put into Treasury.
Also each minted NFT generates 0.5 WAO tokens daily, these tokens might be claimed by NFT holder in the future.
Rules for accruing tokens for NFTs №51-731
WAO tokens are issued daily after a successful auction in accordance with the following formula:
where BID is the bid of the auction winner in ETH; ETH/WAO is the ratio of ETH and WAO for this date; Collectible index (Ci) depends from amount of owned NFTs. ETH/WAO ratio is set at 2776 WAO per 1 ETH for the NFT №51; ETH/WAO ratio decreases by 0.001 daily till NFT №365. The earlier you participate, the more WAO tokens you receive, all other things being equal. Ci starts from 0 and increases by 0.01-0.03 (it depends from boost of the NFT), maximum Ci is 0.1.
Example 1: Newcomer buys first NFT №52 for 10 ETH —> he/she gets 27 750 WAO from bid + 10 WAO per day until the end of the financial cycle.
Example 2: DAO member buys NFT №100 for 5 ETH, also there are 3 WAO NFTs on his/her address, 2 of them have 0.03 boost each and 1 has 0.01 boost —> he/she gets 13 635 WAO from bid + 954.45 WAO as collectible bonus + 5 WAO per day until the end of the financial cycle.
Example 3: DAO member buys NFT №200 for 3 ETH, also there are 12 WAO NFTs on his/her address. —> he/she gets 7 881 WAO from bid + 788.1 WAO as collectible bonus (max) + 3 WAO per day until the end of the financial cycle.
WAO tokens do not have any initial supply and cannot be issued by the team without depositing ETH as a collateral in accordance with above rules. If the team decides to issue WAO tokens for any contests or to replenish the Treasury, then ETH must be put into Treasury according to the ETH/WAO ratio, also team will have Future drop according ETH input and number of days till the end of the financial cycle.
NFTs 731+
Exact conditions will be introduced before NFT №730. ETH/WAO will be determined depending on the value of the Treasury. Amount of WAOs generated by NFTs can be changed, it will also depend on the fundamental value of the Treasury.
General information
The Treasury receives 80% of the proceeds from the auction.
The base currency of the Treasury is ETH, the number of decimal places for all calculations is 8. NFT's and WAO tokens are issued on the Ethereum blockchain.
When the Treasury is closed, the participants' funds are distributed based on the number of tokens they hold and the ratio of their share relative to all tokens. The amount to be distributed is calculated using the following formula: if the portfolio is in the black: Treasury - (Treasury - Auctions sums)*0.15; if the portfolio is in the red: Treasury.
Example: a member has 500 WAO tokens and the total supply of WAO tokens is 985 000. There is 15 521 ETH in the Treasury and 5478 ETH of those were put in Treasury during all auctions. So a member can claim = (500/985 000) * (15 521 - (15 521 - 5478)*0.15) = 7.11398477 ETH.
Revenue distribution
20% of the proceeds from the auction are distributed as follows:
40% - project's founders;
15% - core team;
20% - forming a pool for decentralized exchanges and then market making;
12.5% - marketing and integrations;
12.5% - service fees (Opensea marketplace takes 2.5% from the whole sum).
Trading
WAO is a transferable accounting token of the Treasury. As soon as a budget of 30 ETH is formed the project team will deploy a pool on a decentralized platform. WAO tokens will become liquid, the holder will be able to sell tokens and exit the project without waiting for the Treasury’s closing date. At the same time, any of the community members can open such a trading pool before the project's team.
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