Saudis AMA: What’s in the crate sheikh?
Primer: The Saudis NFT collection is continuously pushing the frontier of the entire NFT space. After the innovative soul-bound token (SBT), the team introduced the bazaar where one can exchange the oil that is pumped out daily from the SBT for a crate. This crate can now be upgraded and the word in the streets is that the crate will open up to a new NFT collection. Find out more in our highlights of the AMA below.
Mission objectives
It’s the mission of the Saudis to raise the bar for what an NFT project can do
Will do everything they can to raise the value of the Saudis holder
“North Star” metric is to increase the network effect of the project
The value of any blockchain or any large NFT community comes from this network
Goal is to increase the number of unique holders
Will also work to increase the overall utility of the Saudis NFT
Much more than a PFP project
Will introduce additional items that can be purchased with oil
Merchandising opportunities so that holders can earn passive income
Want to increase the number of holders yet avoid the dilution of the existing collection - had to balance between these two goals
Introduced soul-bound tokens (SBT) for that purpose
Want to reduce the number of paper hand holders so that only the diamond hand holders will get the reward at the end
Crates
What’s in the crate?
Leak in Discord about the crate containing an NFT of a cheetah - cannot confirm nor deny
The crate does contain an NFT and it’s an exotic pet for each Saudi
Will have a royalty tax for every single crate
This tax will be used to buy the Saudis floor and burn the supply to increase the buying pressure
Will be released in the next 2 to 3 weeks (around Sept 2022)
Collaboration with people outside the crypto world for the marketing campaign
Crate upgrades
If you have diamond crates, it’ll increase the chances of getting a rarer NFT
If you have gold or silver crates, the chance of getting a rare NFT goes down
Crate upgrading is a one-time thing e.g. once you’ve upgraded to silver, you can’t upgrade again to a gold
Will have a dashboard upgrade to make it easier to filter based on crates and oil so that people can make secondary trades easily
Artwork
All done up by Saudi Picasso @SaudiPicasso
Includes the 3D assets and bazaar
Animation
Also doing the unique art collection for the crates
Had worked with the Saudis team for more than a decade
Post crate opening
The oil rig will stay with the SBT and will keep pumping oil
Oil will be exchangeable for a token (more details later)
Fairness of crate upgrading
Kept diamond crate upgrading to one per wallet
Did not want anyone to hoard all the diamond crates to make it a fairer launch
The merchant in the bazaar will be open until the supply runs out
Oil Token
Will be launching an ERC-20 token
Each Saudi has an SBT attached to it that pumps oil on-chain 24/7
Will be collaborating with some DeFi people for this launch
Tokenomics, utility and other information will be released in the next few weeks, likely after the crate opening event
WIll have some utility related to upgrading attributes
Many NFT collections launched tokens but had no real utility
They will do it differently and will make the token a very important part of the ecosystem
Holding the Saudi will have access to this token
Oil collected on the SBT will allow one to claim it and eventually trade it on a DEX
Merch and collectible store
Will do it in such a way that it gives Saudi holders royalty rights on using their NFT for physical product
Imagine turning the Saudis NFT into a physical toy, then earning royalty from each transaction
Will be collaborating with a very large collectible toy manufacturer
Will be launching this after the crate opening event
Physical Event
Will be holding an event in early 2023 exclusive for Saudis holders
Collaborating with some artists and influencers for this event
Will have more updates toward the end of 2022
Oil production rates
Currently, all Saudi NFTs are producing the same oil output per day
There are plans to change that sometime next week
Will be based on rarity ranking and the number of Saudis a wallet is holding
Updates will come next week
Team
Culture of the team
A lot of the team members come from the startup background
They understood the importance of having momentum and executing quickly to find the right path
Speed is the most important thing
All these laid out here are just the beginning
Collaboration and partnerships
Many people wanted to collab with them but they are very selective to ensure that the partnership brings value to each Saudi holder
3 to 6 collaborative requests daily
Also, the reason why they are doing royalty to the individual Saudis holder and not just to the team
Marketing
Important to market to people outside the crypto world in order to grow
One of the first to do live-action content with Sheikh Roberto @roberto_saudi
Planned the content, and filmed it weekly
Wanted some passive content too, like how BAYC is featured in music videos
Diamond contracts
Used the diamond contracts as it represents the right level of modularization
The other contracts make it hard for a team of people to work on
That’s the reason why the NFT collections are usually done by 1-2 people - hard to scale
The team comes from a tech/engineer background
Have the ambition to build a world-class organisation from the Saudis
Hence wanted to begin with a very scalable and modular contract architecture
Diamond contract is flexible enough to add a whole bunch of new features
Possible to add a new ERC standard to the current diamond
Makes it super future-friendly
Not a lot of NFT collections use it because it is fairly complex
Involves splitting up contracts into pieces and deploying them
Also not a lot of people are aware of diamond contracts
Going to release a series of videos to teach people how to create diamond contracts
Will be out in about a month’s time
Want to be at the forefront of adopting the best technology and promoting it to the rest
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