EyesFi: NFT value discovery tool based on Like to Earn

Since the Axie Infinity fire has led the concept of Play to Earn to spread throughout the chain game field, the dual-currency model of utility tokens and governance tokens created by it has also been adopted by various project to emulate. Not long ago, the rising star Stepn frequently broke the circle and led a number of applications using the X to Earn model to rise rapidly.

Detailed project

EyesFi is a Like to Earn concept Center, a Web3 application with both Game-Fi and Social-Fi elements.

EyesFi is equipped with a complete NFT valuation system, NFT asset management, 3D gallery and other tools, and will be officially launched in the second quarter of 2021 online. However, the original EyesFi was only used as a unilateral NFT value discovery tool. EyesFi collected and displayed information, and users received it passively. But EyesFi has gradually realized that individuals who passively receive information can also be used as carriers of information.

It's like the transformation of traditional paper media (such as newspapers) to the current network media (such as Weibo) information transmission. In the era of paper media, users can only receive information unilaterally, while in the era of online media, users can express their opinions through comments, likes, etc. The number of interactions can also reflect the weight of information. People gradually shift from one-way information transmission to Two-way transmission.

Each user is very important to the feedback of information, each individual is an important carrier of information release and dissemination, and also Should be an important participant in value discovery. Based on this understanding, the EyesFi team redefines the information platform at the beginning of this year and integrates Like to Earn into it, which will be officially launched in the third quarter.

EyesFi as a Web3 application based on Ethereum A program that allows users to earn income by curating and liking valuable NFTs. This is a social system based entirely on real information. Whether it is the user's own Profile, the EyesFi assets held, or the information posted by the user, they are all authentic and verifiable, ensuring the authenticity and participation of users The value of the interaction. Like information will be stored on the blockchain ledger through the zero-knowledge proof system, while curation information will be permanently stored in a storage system similar to Arweave.

Double Circular Economic System

< p>EyesFi believes that in the NFT field, there should not be only artists and collectors, nor should there be only sellers and buyers. Curators and appreciators are equally valuable. The project built a platform for them to show their own value, and added their own value to the original art works through curating and liking behaviors.

Similar to the design of other dual-currency models, EyesFi will also build a dual-cycle economic system, The system has two cycles.

In the first cycle, the utility token EYE is used, and the total amount of EYE has no upper limit. The team integrated the functions of GameFi into EyesFi. Players need to wear NFT glasses, and get EYE by curating valuable NFTs or giving thumbs up to valuable NFTs. "Curating" in this project refers to the behavior of users performing on-chain transactions such as minting, purchasing, staking, and arbitrage with NFTs screened by EyesFi on Ethereum, and interpreting these information by themselves.

Earned EYE can be used to renew glasses, mint new glasses or sell them outright. Of course, the assets obtained from the sale can continue to be used to purchase new glasses. Since then, the first cycle of the Like to Earn system has completed the closed loop.

at In the second cycle, the governance token SPX is used. The total amount of SPX is 1 billion, which is mainly used for the SocialFi system. The closure of P2E.

Currently many P2E projects deploy closed and verifiable systems. The income of the company is basically internal income and does not generate external value. The collapse of Luna also shows that closed systems are not sustainable and cannot replace externalities as a measure of project health, regardless of economic size. EyesFi tries to improve the original economic system, establish an open and verifiable system, and try to provide external value and obtain external income.

Specifically, EyesFi's core system uses a feed streaming system similar to Tiktok, and the content users see will depend on the user's NFT preferences, At the same time, the probability that the content published by the user will be pushed to other users is also different. At this time, players can consume SPX to increase the probability of their content being presented.

More than that, advertisers usually judge the value of advertising based on the popularity and traffic of the platform (Weibo or WeChat, etc.). It is also possible to discover value and attract advertisers by observing user participation.

EyesFi also pointed out some potential SPX consumption scenarios, such as: implantation consumption by external project parties, internal KOL placement consumption, high-end player display consumption, And one-time prop consumption, etc...

Later , the system may also add other governance token consumption scenarios. In EyesFi's planning, the information flow system will eventually lead to the trading system. EyesFi plans to start with the creation of an art trading platform and gradually access more vertical transactions. The network effect of SocialFi will continue to bring value to the outside world, promote the inflow of external funds, and make the external inflow of funds greater than the internal consumption, thereby building a sustainable economic system.

Delayed Reward Mechanism

EyesFi’s Dual Cycle System In one cycle, only the utility token EYE is used instead of the governance token SPX, which means that even if the price of SPX fluctuates in the secondary market, the purchasing power of the utility token EYE in internal circulation remains unchanged, and users do not need to rely on the secondary Enter the market at the right time according to the market price.

In order to allow EYE to be distributed fairly to all players, EyesFi has designed a unique "delayed reward mechanism".

EyesFi believes that "although predicting the future is difficult, it is extremely simple to determine whether today's predictions are correct in the future." After the exhibition is completed, players can immediately obtain a certain percentage of EYE. If the average on-chain transaction price, total transaction volume, and number of NFT collection holders of the NFT increase in the next 24 hours, 48 hours and 72 hours, the player will receive a large amount of EYE. EYE rewards, as well as potential rare gems, badges, achievements and leaderboard rewards.

Not only that, the likes of other players also affect the curator's EYE revenue, the better the curated NFT data , the more likes, the more EYE drops. This encourages curators to give priority to curating NFTs that they think have good data performance and high quality in a short period of time in the future. If the curation is successful enough, it will also affect the intimacy between players, and the increase in intimacy will bring huge numerical bonuses.

For users who like the content they like, they can also get EYE rewards, which is similar to the above mechanism. Users can immediately get a certain Token. If the NFT they like is of high quality, they will get an extra EYE reward the next day. This also encourages users to truthfully recommend the most valuable NFT assets in their minds.

EyesFi uses glasses as the core NFT. Super equipped. The early glasses were obtained through Discord community activities, etc., and later generated by the player mint. In addition, different glasses have different appearances, functions, and qualities, and glasses with higher attributes will bring higher benefits to users. In the later stage, there will be upgrade systems, synthesis systems, treasure chests and batteries, etc., which will affect the user's income.

The information flow generated by curator users and like users will bring value to other people who watch the information flow, and the entire information flow system will generate such as live broadcast This is the unique idea of EyesFi.

Project background and roadmap

Recently, EyesFi announced Completed a $2 million round of financing led by Multicoin Capital, with participation from Puzzle Ventures and Delta Blockchain Fund.

As shown in its roadmap, The team started It will be established in Q2 of 2021. In Q3 and Q4, the web-based NFT value discovery and asset management system will be launched, and the NFT dynamic analysis function will be launched. In the first half of this year, the concept of Like to Earn was born, the project economic system was designed around it, Android and IOS applications for mobile phones were developed, and communities were built.

In the third quarter of this year, the Alpha test will start in early July, and it is expected to be officially launched in September. More functions such as other task systems, attention, comments, etc. will be launched in the future.

In the specific implementation process of this project in, There are upper limits for daily energy and daily Token. Of course, players can also increase the upper limit of energy by obtaining more glasses, and increase the upper limit of daily EYE by upgrading the level of glasses. This also encourages users to put their curation or likes on the NFT that they think has the highest value, so as to bring more benefits to themselves.

EyesFi has established a complete value evaluation system in the market, adding the attributes of GameFi and SocialFi to promote more High-quality Web3 content generation. Ordinary NFT analysis platforms only organize and present historical data, and on this basis, EyesFi brings curators and appreciators together and adds participant value. Not only improves playability and sociality, but also enables more users to discover valuable NFTs faster and more efficiently.

Most Crypto projects are still trapped in exploring "positive externalities", and this project Introducing the external economy into the system from the perspective of advertising is undoubtedly a bold attempt on the right path.

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