Metaversal is a Bankless publication for weekly level-ups on NFTs and the onchain frontier
Expensive Bankless Nation,
I all the time questioned what a extra crypto-native model of Reddit Collectible Avatars would possibly appear like.
That’s why cygaar’s thread on Sofamon, a digital stickers venture that simply launched its beta on Base, caught my consideration final week.
Sofamon has the potential to catch on with Telegram’s many hundreds of thousands of crypto customers, so for at the moment’s put up let’s break down what it’s good to learn about this attention-grabbing new platform.
P.S. The Metaversal rebrand is kicking off on Thursday, atone for what’s leveling up! All Metaversal points after at the moment’s will come through crew@bankless.com 🧑🚀️
-WMP
👉 Kraken NFT is constructed for safe NFT buying and selling ✨
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F57e91cb5-0e8a-4648-aef1-a71dd0dd69e2_1195x489.jpeg)
On March twenty sixth, Sofamon—“a brand new layer of social expression” centered round accumulating and buying and selling onchain Telegram stickers—kicked off its beta on Base. Inside only one week of launching, the venture has already generated over 3,300 ETH in buying and selling quantity and over 95 ETH in income.
Sofamon is designed to function a brand new cultural platform for crypto natives. It’s foremost pillars embrace:
📱 Telegram — Leveraging Telegram, a favourite app amongst crypto diehards, Sofamon permits individuals to make use of their avatars and collectible wearables as stickers.
🎀 Customizable Avatars — Sofamon lets customers customise their avatars with a wide range of collectible gadgets for individuality and expression.
🎨 A Platform for Creators — Whereas solely the primary genesis collectibles are dwell at the moment, Sofamon will finally permit artists to launch their very own collections on the platform, thereby increasing the aesthetic choices over time.
📈 Dynamic Pricing — Sofamon makes use of a Pal Tech-style bonding curve for its collectibles, making certain liquidity for rapid buys and sells and a responsive worth mechanism primarily based on demand.
💬 Collector Chats — The venture additionally offers token-gated Telegram channels, unique to collectors of particular gadgets. This creates a singular social layer, the place possession not solely offers entry to coveted stickers but additionally entry into non-public communities.
I’m not a wise contract dev, however in scanning the Sofamon good contract, I didn’t come throughout any NFT mentions, e.g. ERC-721, ERC-1155, and so forth.
As an alternative, Sofamon seems to make use of a extra streamlined metadata system the place every sticker is tracked as a singular phase of metadata onchain. This method affords fungibility inside units of wearables and non-fungibility between them, and it additionally lends itself nicely to the venture’s fractional possession and dynamic pricing parts.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f555572-7d5d-46c8-87d9-3ded086a557d_1600x1072.jpeg)
In fact, my evaluation may very well be off right here. The Sofamon crew might additionally develop with added NFT parts later. As for the stickers now, although, they’re non-fungible-ish however don’t seem like NFTs per se. And that’s completely wonderful, it’s a unique however comparable method. Let’s see if it sticks!
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07393fa1-b487-4ff3-a9fb-5e7aee4f905d_675x523.png)
Sofamon’s beta is in invite-only mode, so you will have an invitation code like one among these already used ones to get began.
I’m presently clamoring for a code myself, and I believe the very best strat this early on is to activate put up notifications for the Sofamon Twitter account, which has been dripping out new batches of invitations over the previous week. In case you do get your arms on a code, then simply punch it in at sofamon.xyz/onboarding/invite to start.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbf1c944e-dd96-4a9e-a9f1-e6e19e86efd6_726x535.png)
Base is presently the most well liked Ethereum L2, Telegram has a whole bunch of hundreds of thousands of customers, and Privy makes onboarding easy through embedded wallets.
That is Sofamon’s stack, and the venture is the primary of its sort on the subject of utilizing this precise combo. For my part, this method positions the platform to develop into a drive to be reckoned with within the crypto social scene within the months forward.
Like I mentioned within the intro, I’ve been curious to see a extra crypto-native take within the normal ballpark of Reddit Collectible Avatars, and now I believe we’ve acquired our first actual reply right here in Sofamon.
To make sure, the venture has solely simply begun, and it may evolve way more going ahead. However I see an enthralling and promising basis that I imagine the crew can construct some severe momentum round, and I’m excited to strive it myself.
Wanting additional forward, it is going to be attention-grabbing to see how Sofamon continues to place itself within the more and more crowded NFT market, particularly towards or with the reigning PFP (profile image) tasks. Additionally, the venture’s expansions with new artwork releases and probably with leaps to platforms past Telegram shall be key threads to look at!
William M. Peaster, Senior Author, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal publication on the onchain frontier, protecting every little thing from AI tasks to crypto video games, because the crew’s lead NFT analyst. With a background in inventive writing, he writes fiction and publishes artwork on Ethereum in his free time. He lives in Washington.
Kraken NFT is among the most safe, easy-to-use, and dynamic marketplaces out there. Lively and new collectors alike profit from zero fuel charges, multi-chain entry, fee flexibility with fiat or 200+ cryptocurrencies, and built-in rarity rankings. Be taught extra at Kraken.com/nft
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd794fc7e-9b4f-4ed2-abd9-21c5d03a19e7_1053x592.webp)
👉 Go to Kraken.com to study extra and open an account at the moment.
Not monetary or tax recommendation. This article is strictly academic and isn’t funding recommendation or a solicitation to purchase or promote any property or to make any monetary choices. This article isn’t tax recommendation. Discuss to your accountant. Do your individual analysis.
Disclosure. From time-to-time I could add hyperlinks on this publication to merchandise I exploit. I could obtain fee if you happen to make a purchase order by one among these hyperlinks. Moreover, the Bankless writers maintain crypto property. See our funding disclosures right here.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5152f701-2229-4678-ad7e-541bad97855d_1546x226.png)