Over the past year, there has been increased adoption of nonfungible tokens (NFT), units of data stored on a blockchain that are dramatically changing the definition of value in the new-age digital economy, which was invented with the inception of Bitcoin. With billions of dollars in revenue being generated and committed to developing social and economic experiences on Web3, builders and innovators worldwide are attempting to capitalize on the world’s most prolific financial and social trends with the hopes of redefining our future.
OpenStarter, a subsidiary of the already-established Starter.xyz launchpad, incubator and investor network, is set to make a major impact in its entry into the quickly growing NFT asset space. While a lot of focus has been on alternative marketplaces due to the NFT community’s concerns with OpenSea, OpenStarter is focused on solving an entirely different problem in the market. It is leveraging its team’s long history and expertise in initial DEX offerings (IDO) by developing a new platform focused on providing incubation, marketing and funding support for established and emerging artists via initial NFT offerings (INO).
Starter.xyz boasts a large portfolio of trusted partners and has raised more than $35 million for over 50 decentralized finance and GameFi startup projects via its launchpad. Its multifaceted and versatile ethos remains through the development of new initiatives, all while facilitating IDOs of viable, interesting and innovative proposals, which are continuously put forward to its community. Starter also boasts its vast multichain support, operating natively on Ethereum, Binance Smart Chain, Polygon, Fantom and Avalanche, with support for PulseChain and others underway. This is an undoubtable factor as to why it has established itself as an intrinsically sustainable and appealing prospect, and likely an explanation as to how it has attracted major market investors and developers alike to the platform. These advantageous accolades position OpenStarter favorably when it comes to the experience and connections needed to support an NFT-focused launchpad and incubator.
OpenStarter provides native support for OpenDAO, its SOS token and Starter’s START token for governing the launchpad’s internal mechanics. SOS was launched on Dec. 24, 2021, and exploded to nearly 200,000 holders within the first three days, now holding steady with a market capitalization of over $300 million. This currency will be featured on OpenStarter and will complement the platform’s launch, with expectations for the SOS token to be a preferred currency for governance and minting or trading NFTs.
A key part of OpenDAO’s mission statement is to connect the real-world economy with blockchain through intricate measures and by helping to support initiatives that are in sync with its core purpose. The success of its launch and its mission and values coupled with a desire in the community for an experienced incubator has already proven a significant alignment with OpenStarter. OpenStarter’s mission is to empower established and emerging artists who may be under-equipped in skills or knowledge and/or underrated or underfunded despite producing high-quality work. Additional uses for the platform will transpire for investors looking to identify new opportunities by utilizing it as a prospectus for up-and-coming projects.
In an AMA held in the OpenDAO Discord on Jan. 15, 2022, OpenDAO founder 9x9x9 confirmed this cooperation for OpenStarter in tandem with its own internally developed tool for assisting artists with minting.
INOs are the next step for the NFT space, where for the first time in digital history, tools like OpenStarter are able to offer dedicated decentralized project’s requiring principal capital investment the chance at attaining the much-needed support they’re seeking, as well as spotlighting them to an audience specifically pursuing access to whitelists that benefit all parties involved.
Some of OpenStarter’s features will include:
- Creating whitelisted, public and lottery INOs
- Minting exciting drops using SOS tokens
- Governing the project’s future by staking SOS tokens
- Introducing deflation for SOS via small unstaking burns
- Supporting synchronicity with the evolution of OpenDAO.
To conclude, OpenStarter is setting out to nurture and promote those who have undeniable talent, those who’ve created truly worthy digital assets, experiences and products, who deserve an illustrious and trustworthy launchpad to highlight and crowdfund their ideas. A primary goal is to aid in showcasing their hard work and allowing them to reap the rewards of their value, while simultaneously attaining the renowned status they set out for when they began to produce their work. While embodying the working ethos of both Starter.xyz and its large base of supporters, the OpenDAO community and its SOS token will bring the crypto and real-world creator economies one step closer together.
To learn more about OpenStarter, visit our website.