1MillionNFTs Project Review
1MillionNFTs is an amazing NFT project with a great team working behind it. 1MlnNFTs.com is basically a smart-contract-based web3 platform on Ethereum blockchain with a 1000x1000 pixels grid. Each pixel is an ERC-721 NFT token with its location. Buying pixel is like buying a piece of real estate on the grid. On this platform, users can buy, sell, rent, and paint them to create any picture with any link inside but for painting, users need to have another ERC-20 token.
What is NFT?
Non-fungible tokens (NFTs) are a class of cryptocurrency assets in which each item, or token, is unique. NFTs also known as ERC-721 token allow developers to tokenize ownership of any arbitrary data, drastically increasing the design space of what can be represented as a token on the Ethereum blockchain.
Inspirations of the project:-
- OneMillionDollarHomePage.com:- One Million Dollar Homepage is a website conceived in 2005 by Alex Tew, a student from Wiltshire, England. The home page consisted of a million pixels arranged in a 1000 × 1000 pixel grid. The image-based links on it were sold for $1 per pixel in 10 × 10 blocks. The purchasers of these pixel blocks provided tiny images to be displayed on them, a URL to which the images were linked, and a slogan to be displayed when hovering a cursor over the link. The website aimed to sell all of the pixels in the image, thus generating a million dollars of income for the creator. He raised $999k and the last 1000 pixels were sold on eBay for $38'100.
2. Place (Reddit):- Place was a collaborative project and social experiment hosted on the social networking site Reddit that began on April Fools’ Day in 2017. The experiment involved an online canvas located at a subreddit called r/place, which registered users could edit by changing the color of a single-pixel from a 16-color palette. After each pixel was placed, a timer prevented the user from placing any pixels for a period of time varying from 5 to 20 minutes. The experiment was ended by Reddit administrators about 72 hours after its creation, on April 3, 2017. Over 1 million users edited the canvas, placing a total of approximately 16 million tiles, and, at the time the experiment was ended, over 90,000 users were actively viewing or editing.
Overcoming Drawbacks of the inspiration projects:-
These projects were mainly benefiting the creators and the rest of the people that were included in this project got nothing. That's why by making this project decentralized they gave equal opportunity to everyone to make money.
Tokens Model in this Project:-
- ERC — 721 NFT tokens:- Each ERC-721 NFT token is blockchain-proven ownership of 1 pixel.
- ERC-20 1MIL Tokens:- These are the tokens that are needed to buy NFT-pixels and PAINT them to make some pictures on the grid.
Tokenomics:-
The total supply of the project is 10,000,000.
Allocations in the Grid:-
To maintain the price of the 1MIL token, there is a lockup period for the early investors so that they can not dump the tokens on the public. That's why there are lockups and Strategic investors for example will get only 10% on TGE. So they will be able to grab and paint only 10% of Strategic TOP place but their priority right to get 100% of the strategic location will last for 6 hours. They don't have enough tokens to paint all of the pixels. Either they have to go to the market, buy more, or lose priority to get a strategic location, so others can grab it.
Three in One Platform
Public view:- Zoomable and scrollable mobile friendly 1000 x 1000 grid with all the painted NFT-pixels and users’ links.
Web3 Area:- ERC-20 wallet connect suitable dashboard, asset management, and ability to paint on NFT pixels you own.
Marketplace:- Easy to use smart- contract-based marketplace to buy, sell or rent NFT and ERC-20 tokens inside the community.
Journey of the 1MillionNFTs:-
1MillionNFTs launched their IDO on Poolz, A2DAO, and YellowRoad on April 24. After completing the IDO 1MIL tokens were listed on Uniswap and Pancakeswap reaching their all-time high of $44.
Vision on how it can develop further:-
Although, the project looks really fantastic and promising. But according to me, there is still room full of opportunities left to grow this project further.
Firstly, the founders should start a like, retweet, and comment lottery contest in which the few random participants who liked, retweeted, and commented on the post would receive the reward in 1MIL tokens. It will help in increasing the engagement on posts.
Secondly, the founders should try to reach crypto celebrities from all around the world. So that this project can reach out to a bigger and non-English speaking audience also.
Thirdly, the founders of this project should start a referral program in which the participants who will get the most no. of the referrals will get rewards in 1MIL tokens. This will help this project to grow their community and people will start getting engaged for rewards.
Lastly, the founders should keep conducting these kinds of creative contests in the future also. This will help in making the engaging community.
Also, in the end, I will say I believe that this project gonna be legendary.
I wish all the best to the creators and developers of the 1MillionNFTs project.
!1MillionNFTs to the moon