HGraph Punks: 2023 Update
2022 was an exciting year for the Hedera Network and HBAR NFTs, with lots of growth and development and so many unforgettable moments. We want to start the new year with updates and announcements on our progress and plans for the first half of 2023.
Let’s dig into it!
- Voting for HGraph Punks will launch in early Q1.
- The first vote will address whether we should stay fair-launch or switch to using Coin Eyes Punks as a WL token for Drop 4.
- As a company based in the U.S. with a long term vision, we cannot mint a fungible token due to the legal liabilities. (scroll to The U.S. and Fungible Tokens for more info)
- We’re excited to announce that we’re developing a new point system for the Hedera Network that will feature mainnet auditable leaderboards and points tied to NFTs using the Hedera Consensus Service.
- The new point system will give the HGP community a new way to earn, track, and compete with each other! We can’t wait to see it in action.
- We’re hosting a Twitter space this week on Thursday Jan 19th at 6:30 PM (ET) where everyone can share their thoughts, ideas, or concerns with our team. We understand that this may not be the path we initially envisioned, but it’s the best one for the long-term success of our project.
We’re thrilled to roll out our new token-gated voting platform! Moon Shells holders have already had the opportunity to try it out during the alpha test, and it was a great success.
We’re looking forward to giving our HGP holders more opportunities to have a say in the future of our project by posting token gated holder votes in 2023.
The U.S. and Fungible Tokens:
After much consideration and multiple consultations with legal experts, we have decided not to proceed with minting a fungible token.
The current legal landscape in the U.S. regarding crypto is making it increasingly costly and challenging for offshore companies to mint tokens, as seen in the recent FTX case. Additionally, the Library case has resulted in many fungible tokens being classified as securities, requiring extensive legal paperwork and registration with the SEC.
As such, we do not see a viable path forward for minting fungible tokens, as regulation is increasingly treating all such tokens as securities. Given our U.S.-based operations, we prioritize sustainability and regulatory compliance over taking on undue risk.
Please join our AMA Twitter spaces on Thursday Jan 19th at 6:30 PM (ET) to ask any questions about these updates.
Although we won’t be introducing a fungible token, we are fully dedicated to the point system plan.
The new point system will still include the staking plans outlined in our previous whitepaper. Additionally, here are some extra details on how the points will work:
- Leaderboards for NFTs and wallets will be available for everyone to view.
- You’ll keep your HGP NFT in your wallet while staking.
- Some HGP Seasons NFTs will be able to be burnt for points.
- Points earned will be linked to the NFT, not the wallet. So, when an HGP NFT is sold on the secondary market, the points will also be transferred during the sale.
- Points can be used by the wallet that holds the NFT.
Below is a breakdown of the HGraph Punks hierarchy:
1) Glitch Punks
2) Collab Punks
3) Holographic Punks
4) Limited Edition Punks with a coin background
5) Limited Edition Punks
6) Classic Punks with a coin background
7) Classic Punks
We have so many exciting ideas for how you’ll be able to use your points and we can’t wait to share them all with you! From snagging some awesome NFTs to unlocking brand-new HGP experiences, there’s a lot in store for the new point system. More details will be released later in Q1.
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