An in-depth review of Revolution in Crypto Industry with 1MillionNFTs
Basics
Project type: Smart contract based on web3 platform
Blockchain: Etherium
Each Pixel: ERC-721 NFT TOKEN with its location
No. of Pixels in a grid: 1000x1000 pixels
What can I do with the Pixel? : Buy, sell, rent & paint.
How to paint? : By purchasing and spending universal ERC-20 tokens.
Extra special information: You can also add a link inside the NFT
What is it about?
1MillionNFTs.com is an of its kind game-changing NFT project that is all set to create a major rift in the NFT space. It is a smart-contract-based web3 platform on the Ethereum blockchain with a 1000x1000 grid. Each pixel is an ERC-721 token with its location. These pixels are fully customizable and you will also have the ability to input any link of your choice on them. Users will have an opportunity to buy, sell, rent, and paint them to create any picture with any link inside. But to paint pixels you need another ERC-20 token.
As mentioned, users are going to have a chance to buy, sell, rent, and paint but to do so you are going to need the ERC-20 tokens which are going to be the 1 million ERC-20 tokens.
What makes the 1MillionNFTs project so different?
A long time ago, when genius Alex Tew created a 1000x1000 grid, it was sold on eBay for a whopping $38'100 — followed by Redditt, a few years later, launched an experiment called Place where every registered user could place a pixel every five minutes for free!
This is exactly like that but a take on NFT’s and in terms of an idea, it’s something that nobody has ever done before!
The Token model in a nutshell!
So in terms of their token model, there are two: the ERC-721 NFT token which is a blockchain proven ownership of 1 pixel in the 1000X1000 grid, and then they’re going to have their token on 1MIL which is the ERC-20 token which enables users to buy NFT pixels and paint them creating some pictures on the grid.
Grid Allocation and Tokenomics — Why is this important for you?
Speaking about Tokenomics, there will be a total supply of 10 million 1 Million tokens and the token sale will distribute 10 percent of 1 Million NFT tokens. The rest is self-explanatory in the image below:
Allocation inside the grid is also quite interesting.
The good thing is that there is a lock-up period for the early investors so that they can not dump the tokens on the general public leading to the fall in the value of 1MlnNFT tokens. Hence, they are going to be able to grab and paint ten percent of the strategic top place that is the green portion of the grid up here, and their priority right to get 100% of the strategic location on the green part of the grid. This green part of the grid will only be lasting for six hours and they would not have enough tokens to actually go and paint all of these pixels. This means they will have to go to the market and buy more or lose priority to get a strategic location on the grid.
This further indicates that other people will be able to grab it. Adding some game theory into the equation, given they don’t capitalize the six-hour time window, they will lose the opportunity and other community members can swoop in and grab their place on the top.
For the TGE token generation event, users will receive some percentage of the unlocked ERC-20 tokens. They will have six hours to buy NFTs in a reserve location and paint them once. Users can either buy more ERC-20 tokens to get all their reserved NFT locations or if they don't buy, they can lose their priority to get these NFT locations.
You will be welcome to buy, sell and rent the NFTs and ERC-20 tokens on the marketplace.
Why you should go for it?
To sum it up, One Million NFTs is a community-driven NFT project. It has a lot of interest from a lot of big investors like Sky Venture and Hacking club. This project has the potential to do very well. Users are going to have the full ability to buy, sell, rent, paint and put in any link that they want inside of their pixels. This makes it truly decentralized and it is completely up to an individual to create it how they want. This is amazing for self-expression and it will be really interesting to see how things unfold in this project in the future.
