The FABRIC team is beyond excited to officially announce the release of our FAB PUNK NFTs. Before we get into the PUNK details, we wanted to extend a huge thank you to the FAB community on Discord for their unwavering support. A protocol is only as strong as its community, and FAB PUNKs sure are mighty!
TLDR: FAB PUNK NFT holders will gain royalty fees and FABRIC dApp fees from synthetic assets. Holders will also have a chance to win $10,000 USDC. There will be 10,000 PUNKs in total and will cost 1.5 SOL. Minting will commence at 08:00 PM UTC on 3rd October.
The year is 2044, Wallstreet’s walls are growing higher than ever. Only 1% of the population has access to trade stocks, commodities, or fiat. Our 10,000 strong army of FAB PUNKs gain exposure to any assets that they please through the FABRIC ecosystem. Being a FAB PUNK isn’t for the faint-hearted, but joining the ranks does come with benefits.
Of the 10,000 PUNKs that will be minted, 100 of them will be META PUNKs. Now if you’re lucky enough to find a META PUNK you’ll be entered into a raffle with the chance of winning our grand prize of $10,000 USDC. You’ll be able to spot a META PUNK as it will have a distinct background like the one below. If you’re using Phantom, you’ll be able to confirm that you have a META PUNK if the background property is equal to METASLICK. We’ll be announcing the winner of the #METAPUNKHUNT on the 22nd October!
It’s not just the META PUNKs that get to have all of the fun. All FAB PUNK owners will earn a share of the royalties from PUNKs sold on secondary markets. PUNKs will also earn a share of rewards from the synthetic asset trade fees once the FABRIC dApp is completed in Q1 2022. Many of you may be asking what this means. Before we decided to take the Solana NFT world by storm, we had already laid the foundations for our synthetic asset issuance protocol.
Through the FABRIC dApp, users can gain exposure to all of the most popular crypto’s, fiat currencies, stocks, commodities and more with infinite liquidity, zero slippage and no risk of front-running, all through the use of synthetic assets. Every time a synth asset is minted or burned, a fee will incur that FAB PUNK owners will earn a percentage of.
You can learn more about the FABRIC protocol and trading dApp here.
By holding a FAB PUNK, you will:
- Earn royalties from secondary sales. Half of all royalty fees will be distributed to PUNK owners.
- Earn fees from synthetic asset trading.
- Have a chance to win $10,000 USDC.
FAB PUNKs will be listed on Magic Eden secondary market. Royalty fees will be set at 6%, with PUNK owners receiving half of these fees as rewards.
Many of you may be wondering why a Defi protocol has gone through all of the trouble of creating such a large scale NFT project. The answer lies in impermanent loss (IL). Much of FABRIC’s early success can be attributed to FAB holders staking their FAB in our OSMOSIS Liquidity Pools to provide liquidity to the ecosystem and earn FAB rewards.
We decided it would be nice to airdrop an NFT to our stakers as a way of offsetting IL and saying thank you. At that moment FAB PUNKs were born. You can see a full list of stakers here. Airdrop will be sent shortly after mint completion.
We’re happy to announce that we’re partnering with GenesysGo as our primary RPC provider for both the FAB PUNK mint dApp and for our larger Defi offerings. On the mint page, you will see a dropdown for different RPC providers. This functionality is there if you want to use it, however no changes are required as GenesysGo are battled-tested.
We’re excited to continue to create as much value for our community as we can and think that our FAB PUNKs will not only benefit FAB PUNK owners, but the whole of the FAB community 👋
Join The FAB Family
We can’t wait for you to join the community and become a part of the FAB Family.