IOTA debuts Genesis NFTs on newly-launched Shimmer network to reward early adopters
The launch of a new token ecosystem rewards those the most that dare to be early and take on the risk of capturing new opportunities. Shimmer was founded for people that want to be early and be part of a journey that is as challenging as it is rewarding: building an entire token economy from the ground up.
We officially unveiled Shimmer just days ago, and we’ve only just scratched the surface of its limitless potential. Now we want to work together with the community to accelerate its development and provide unique opportunities for those early risk takers. Fortune favors the brave.
Today we are happy to announce the launch of the limited edition Shimmer Jersey and 11,111 Genesis NFTs that come with a set of exclusive perks and a roadmap to accelerate the creation of an entire ecosystem.
Shimmer Genesis NFTs are for the early risk adopters in our ecosystem willing to explore the unique ways in which NFTs will empower the community. The NFTs will be tiered into Gold, Silver and Bronze, priced at different levels and limited amounts. Unlike your standard jpeg, Shimmer Genesis NFTs carry a potential staking boost. HODL Genesis NFT + stake Shimmer tokens = More staking rewards.
Each NFT gives a potential right to staking rewards, both to the NFT holder and to the Shimmer Treasury (more on that later). Crucially, however, this increased staking reward will only be unlocked after a governance vote by the Shimmer community. The Shimmer community will ultimately decide on the exact distributions.
What does this mean in practical terms? Let's go with a hypothetical scenario. If the community votes to give Genesis Gold NFTs a 15% staking boost, your Shimmer staking rewards will increase by 15%. If you hold two Gold NFTs, your rewards will increase by 30% and so on. You can simply stack NFTs to increase your staking rewards for securing the Shimmer network. For every staking boost, the equivalent amount in staking rewards will be minted for the Community DAO, supplying the community with long-term funding for the ecosystem.
Considering that there is a lot to build for Shimmer and IOTA, all earnings from the NFT sale will go straight into the development of DAOs within the IOTA and Shimmer ecosystem and for future NFT campaigns, offering a major boost to accelerate the development and growth of the Shimmer community. If you buy an NFT, you’re investing directly in the ecosystem and the ultimate success of the project.
Summary of NFT Perks
Shimmer Genesis Jersey. Get your limited edition Shimmer jersey that you can wear with genesis pride wherever you go.
Staking boost, to be voted by the community. Stack your Shimmer NFT and earn more staking rewards for securing the network. This perk will only be unlocked after a successful governance vote by the Shimmer community.
DAO membership of Genesis NFT holders. Nothing says exclusive membership like being part of your own DAO. The Genesis NFT holders will form a DAO in the Shimmer network and will be able to govern and allocate funding to community projects.
Shimmer Genesis NFT. The NFTs will be minted into the genesis transaction of the Shimmer network. An early version of your NFT will be available on the IOTA Smart Contracts beta network.
Access to future airdrops and exclusive offerings. This will be a USP of the Shimmer Genesis NFT. As an NFT holder, the Genesis NFT will be your access key to future token airdrops and NFTs that are exclusively launched for holders. One NFT will HODL many NFTs in the future.
You can learn more about Genesis NFTs in IOTA’s blog post here: https://blog.shimmer.network/p/d83c4015-223c-4a65-91dd-eb1aede315b4/
About IOTA
The IOTA Foundation is a global non-profit foundation that develops next-generation decentralized technologies for a new digital economy in a connected world. It redesigns the way people and devices connect to share information and value, removing middlemen. The Foundation collaborates with a global ecosystem and partners to research and develop technologies that deliver sustainable, real-world impact. Together, they are shaping a new digital economy, removing unnecessary friction and unlocking human potential.
About Shimmer
Shimmer is the official L1 staging and validation network of IOTA’s distributed ledger technology (DLT). It is a rapid innovation playground with short development cycles, allowing developers to build applications and use features that are not yet available on the IOTA mainnet.
Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized, directed acyclic graph (DAG), guaranteeing higher scalability than conventional Blockchains, and it provides the core building blocks for a scalable, modular multi-chain architecture.
Shimmer ensures interoperability and composability of L2 smart contract chains and is capable of connecting any type or flavor of L2 smart contract chain anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for minting and transfer of native assets without middlemen or crippling gas fees.
$SMR is the native token of the Shimmer network and serves as the network’s economic backbone, facilitating value transactions and interactions within the Shimmer ecosystem. Users of Shimmer use the $SMR token to launch new DeFi applications, DEXs, NFTs, DAOs, and other dApps.
